KARACHI: Agha Steel Industries, a leading Steel rebar manufacturing company has signed a contract with Renewable Power Pvt. Ltd. for installing a 2.25 Megawatt solar power project at its production facility located at Port Qasim Karachi. Meezan Bank has been nominated as the lead Islamic banking arranger for the project. This would be among one of…
Category: PSX
Corporate announcements on Pakistan Stock Exchange (PSX)
OGDCL reports hydrocarbon discovery in Sindh
ISLAMABAD: Oil and Gas Development Company Limited (OGDCL) as operator (95%) and Government Holdings (Pvt) Limited (5%) has discovered gas & condensate from its exploratory well Sial-1, which is located in district Hyderabad, Sindh Province. The structure of Sial-1 was drilled and tested using OGDCL’s in house expertise. The well was drilled down to the…
PSX holds Ceremony for onboarding of Meezan Bank as market maker
KARACHI: A Gong Ceremony was held at Pakistan Stock Exchange (PSX) to welcome Meezan Bank Limited on-board as a Market Maker for Shariah-compliant debt securities on PSX. An agreement was signed between PSX and Meezan Bank today at PSX Trading Hall whereby Meezan Bank becomes the first Islamic bank to be recognized as Market Maker…
Bank Alfalah and Beaconhouse Group sign MoU for personal loan financing solutions
LAHORE: Bank Alfalah and The Beaconhouse Group – one of Pakistan’s largest private school networks – have signed a memorandum of understanding (MoU) to facilitate personal loan financing solutions for the employees of the Beaconhouse School System. The agreement was developed to make Bank Alfalah’s diverse range of quick and affordable financing solutions available to…
Waves Singer Pakistan to acquire 96.6% stake in Heavy Electrical Complex
KARACHI: The Board of Directors of Waves Singer Pakistan Limited (WSPL) have approved submission of an Expression of Interest (EOI) for the acquisition of 96.6 percent shares in Heavy Electrical Complex (Private) Limited (HEC) from the Government of Pakistan by way of privatization process. The EoI will be followed by a detailed due diligence process…
Pakistan State Oil (PSO) issues tender for supply of LNG, motor gasoline cargoes
KARACHI: Pakistan State Oil (PSO) has invited bids for the supply of one cargo of liquefied natural gas (LNG) to be delivered on April 15-16, and three consignments of motor gasoline for the month of March amid higher anticipated demand o fuel products in summers. Analysts anticipate higher demand of fuel products owing to increasing…
Agreement signed for onboarding of MRA Securities as market maker of ETFs
KARACHI: In a very positive development for Pakistan’s capital market, an agreement has been signed between Pakistan Stock Exchange (PSX) and MRA Securities Limited (MRA) for on-boarding of MRA as Market Maker for Exchange Traded Funds (ETFs) listed on PSX. Addition of MRA Securities as Market Maker for ETFs will add further depth and liquidity…
Panther Tyres Limited raises Rs2.63 billion in an over-subscribed bookbuilding
KARACHI: Panther Tyres Limited successfully raised Rs2.632 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 4.4 times with price closing at the Rs. 65.80 per share; an increase of 40% from the floor price of Rs. 47.0 per…
PSX lists first shelf registered instrument issued by Bank Alfalah
KARACHI: In a very encouraging development for the debt market of Pakistan, an innovative, new debt instrument has been issued and listed on Pakistan Stock Exchange (PSX) by Bank Alfalah (BAFL), a news release said. Bank Alfalah has issued Medium Term Note in the form of Term Finance Certificates (Tranche Series-A) of PKR 11,000 million…
Fauji Foundation conducts due diligence for the acquisition of Silkbank Limited
KARACHI: Silkbank Limited has agreed to allow Fauji foundation to conduct due diligence and evaluate the bank, as the Fauji Foundation intends to acquire Silkbank Limited. “We would like to inform that Fauji Foundation (FF) have expressed an interest in acquiring the majority stake in Silkbank Limited. As part of the process, Silkbank has been…
Mari Petroleum announces provisional award of 4 exploration blocks
KARACHI: Directorate General of Petroleum Concessions (DGPC) has provisionally awarded four new exploration blocks to Mari Petroleum Company Limited (MPCL) in the latest block bidding round, the company announced. Mari Petroleum Company Limited (MPCL) has been awarded two blocks as an operator and two as joint venture partner with other local companies. The blocks have…
PLL gets considerably lower LNG supply offers retendered for March
KARACHI: Pakistan LNG Limited (PLL) received considerably lower bids for three LNG cargoes for March in the range of 12.7 percent to 13.6 percent of Brent against the tender that closed on January 26, market sources informed. With Brent trading at $54/bbl; cargo for March 11-12 and March 18-19 deliveries are priced at $7.34/mmbtu (13.6…