KARACHI: VIS Credit Rating Company Ltd. (VIS) has assigned initial entity ratings of ‘A+/A-1’ (Single A plus/Single A-One) to Interloop Limited (ILP). Outlook on the assigned ratings is ‘Stable’. Long term rating of ‘A+’ signifies good credit quality with adequate protection factors. Risk may varyslightly from time to time because of economic conditions. Short Term…
Category: PSX
Corporate announcements on Pakistan Stock Exchange (PSX)
Primerica Inc. to acquire TRG Pakistan Limited in a $600 million deal
KARACHI: Primerica Inc, a Delaware Corporation has entered into a share purchase agreement with E-Telequote Limited to acquire 80% of the shareholding at an enterprise value of US$600mn. The remaining 20% stake will be acquired by Primerica over next four years. The deal is expected to be not before Jul 01, 2021, as per notices…
High-Tech Lubricants ventures into plastic packaging industry
KARACHI: Management of High-Tech Lubricants (HTL) has decided to enter new business opportunities in the plastic packaging industry by venturing into the production of plastic products for external customers and third parties. “This business will be pursued through the existing plant site of Hi-Tech Blending (Pvt.) Ltd. (HTBL), a wholly owned subsidiary of HTL,” a…
Service Global Footwear Limited raises Rs2.175 billion in over-subscribed IPO
KARACHI: Service Global Footwear Limited (SGFL) successfully raised Rs. 2.175 billion through a two-day book building which saw a broad-based participation from institutional and high net-worth investors. The book building was over-subscribed by 5.8 times with price closing at the Rs. 53.2 per share. The book building saw a total demand of Rs. 8.946 billion…
K-Electric’s installs entire power train of first unit of its RLNG based 900MW flagship power plant
KARACHI: K-Electric’s flagship 900 MW power plant, BQPS-III is progressing on fast track basis as the entire power train of first unit consisting of gas turbine, steam turbine, generator and heat recovery boiler have arrived and installed at the power utility’s Bin Qasim Power Complex. All relevant civil structural work is completed and associated auxiliaries…
HBL to acquire Silkbank’s consumer portfolio
KARACHI: Silkbank Limited has accorded in-principle approval to Habib Bank Limited (HBL) to conduct due diligence of the consumer portfolio of Silkbank, a bourse filing said. HBL had approached Silk Bank Limited seeking concurrence to HBL to apply to State Bank of Pakistan (SBP) to proceed with the due diligence of the consumer portfolio of…
The Organic Meat Company to export heat treated meat to China
KARACHI, PAKISTANI: Pakistan Stock Exchange (PSX) listed The Organic Meat Company Limited (TOML) has received approvals and has been granted registration by Chinese Customs authorities for export of heat treated beef to China, a news release said on Friday. The company has pioneered the heat treatment process whereby Foot and Mouth Disease (FMD) virus can…
Pakistan Stock Exchange signs agreement with 1LINK 1BILL to launch E-IPO system
KARACHI: An agreement was signed between Pakistan Stock Exchange (PSX) and 1LINK to launch the new payment and registration system by PSX. This new payment and registration system will support in digitally transforming the Initial Public Offering (IPO) process through an E-IPO system. The E-IPO system will electronically connect investors, share registrars with brokers /…
Searle Company to manufacture Livzon Mapharm’s Covid vaccine in Pakistan
KARACHI: The Searle Company Limited has concluded an agreement with China’s Livzon Mapharm Inc. for the manufacturing of novel coronavirus vaccine (V-01) in Pakistan. “The Searle Company has concluded an exclusive licensing and supply agreement with Livzon Mapharm Inc. for the recombinant novel coronavirus vaccine (V-01). The licensing agreement also covers the manufacturing transition of…
Pakistan LNG Limited finalizes bidders for supply of eight LNG cargoes
KARACHI: Pakistan LNG Limited (PLL) has finalized lowest bids ranging $6.7/mmbtu to $6.925/mmbtu for eight LNG cargoes to be delivered during April to June 2021. It was the first time PLL invited bids on fixed dollar rates instead of percentage of Brent, as was the practice. PLL received a total of 42 bids for the…
Pakistan National Shipping Corporation to acquire used AFRAMAX tanker
KARACHI: Pakistan National Shipping Corporation (PNSC) has planned to acquire a used AFRAMAX tanker, with a deadweight of 10,5000 tons, to expand its customer base in the tanker segment. PNSC has already invited bids from international suppliers in this regard, and the corporation expects the delivery by the third quarter of 2021-22. Due to their…
InstaMall, an online marketing platform, gets seed investment from Arif Habib
KARACHI: Arif Habib, Chairman Arif Habib Group, has made the seed investment in InstaMall, which is building a trustworthy, customer-centric and tech-enabled platform. “Pakistan is now in the early stages of its e-commerce life cycle and has a growing middle class who is seeking a trustworthy online marketplace that provides a seamless customer experience. InstaMall…