KARACHI, PAKISTAN: Shell Pakistan Limited collaborated with Uber and Muawin by Cashew Financial Services, to deliver a fuel management solution with unparalleled features to Uber partner drivers. Through this collaboration, Uber partner drivers will get access to fuel financing from Muawin by Cashew Financial Services, to fulfill their mobility needs at Shell. By means of tech-enabled…
Category: PSX
Corporate announcements on Pakistan Stock Exchange (PSX)
Mari Petroleum acquires working interest in Margala Block
KARACHI, PAKISTAN: Mari Petroleum Company Limited (MPCL) has executed a farm-out agreement with MOL Pakistan Oil and Gas Co. B.V. over Margala Block with an area of 1,847 sq. km to collaborate their resources and efforts to jointly perform exploration activities. The Block is situated in the Potwar Basin in the vicinity of Islamabad. MPCL…
Samsung and Lucky Motor sign Samsung mobile manufacturing agreement
KARACHI, PAKISTAN: Samsung Gulf Electronics and Lucky Motor Corporation, subsidiary of Lucky Cement Limited, have signed an agreement for production of Samsung branded mobile devices in Pakistan. The mobile device production plant is anticipated to be completed by end of December 2021. The amount contemplated to be invested in the production facility and the capacity thereof has not…
Shell and K-Electric inaugurate first electric vehicle charging station in Karachi
KARACHI: Shell Pakistan Limited (SPL) and K-Electric (KE) inaugurated the first ‘Rapid Charger’ station with a capacity of 50 kWh for Electric Vehicles at the Shell Askari-4 forecourt located at Rashid Minhas Road in Karachi. This initiative follows the signing of a Memorandum of Understanding (MoU) between both companies earlier this year; pursuant to which, Shell…
Meezan Bank and NCCPL collaborate to develop new shariah-compliant products for capital markets
KARACHI: Meezan Bank has collaborated with National Clearing Company of Pakistan Limited (NCCPL) for developing new Shariah-compliant products for the country’s capital market. Through this collaboration, Meezan Bank will extend its support in introducing Murabaha Share Financing System (‘MSF’), a new Shariah-compliant product, implemented by NCCPL, that will help in extending Shariah-compliant stock financing facilities to…
Kamran Kamal appointed CEO of HUBCO
KARACHI: Hub Power Company (Hubco) has announced the appointment of Kamran Kamal as its new CEO. Kamran has succeeded Khalid Mansoor who led the company for eight years. Kamran has already been a part of Hubco for the past 6 years as the CEO of Laraib Energy Limited, a hydel subsidiary of the Company. Previously, he held…
Bestway Cement commissions 14.3 MW solar plant at it’s Farooqia facility
KARACHI, PAKISTAN: Bestway Cement and Reon Energy Limited today energized 14.3 MW captive solar power project at Farooqia, Khyber Pakhtunkhwa. The plant is part of around 50 MW project deal dispersed across Bestway’s four locations i.e., Farooqia, Chakwal, Kallar Kahar and Hattar. The deal between Bestway and Reon is the largest distributed energy project in…
PTCL signs Huawei for transformation of its IP Edge & Optical Transport Network
KARACHI: Pakistan Telecommunication Company Limited (PTCL), has signed strategic contracts with Huawei Technologies Pakistan for the transformation of its IP Edge and Optical Transport Network (OTN). Nadeem Khan, Acting CEO & Group CFO, PTCL & Ufone and Mark Meng, CEO, Huawei Technologies Pakistan, signed the contract during a ceremony held at PTCL HQ, Islamabad. Jafar…
Morgan Stanley Capital proposes to reclassify Pakistan into MSCI Frontier Markets
KARACHI, Pakistan: In a recent development, Morgan Stanley Capital International (MSCI) has proposed to reclassify Pakistan into MSCI Frontier Markets (MSCIFM) from MSCI Emerging Markets (MSCIEM). “MSCI has been artificially maintaining Pakistan’s stature in Emerging markets since the country has been no longer meeting EM standards for size & liquidity criteria for last 19 months,”…
Octopus Digital selling its 20% shares for Rs793.15 million through IPO
KARACHI, PAKISTAN: Octopus Digital Limited will sell 20% shares at a floor price of Rs29/share translating into Rs793.15 million, a news release said. Pakistan Stock Exchange (PSX) has invited the public comments on the draft prospectus of Octopus Digital, a software development and IT solutions subsidiary of Avanceon Limited, which plans to sell 27.35 million…
Pakistan LNG Limited invites bids for eight LNG cargoes
KARACHI: State-owned Pakistan LNG Limited (PLL) has floated a tender seeking delivery of eight cargoes of the liquefied natural gas (LNG) to be delivered in September and October this year. The bids will be opened on July 0521. According to the tender document, five cargoes up to 140,000 cubic meters in capacity each are spread…
Image Pakistan becomes country’s 1st approved seller on Amazon
KARACHI: Image Pakistan Limited, country’s first approved seller on Amazon, plans to create a wholly owned subsidiary titled Image Tech Limited to avail the recently announced incentives by the government for technology companies including digital electronics and internet related services such as e-commerce services. Such companies have been allowed a 100 percent tax credit against…