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…
Category: PSX
Corporate announcements on Pakistan Stock Exchange (PSX)
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…
Pakistan’s overall urea sales grow 5pc to 2.87 million tons
KARACHI: Urea sales grew five percent year-on-year to 2.87 million tons in the last six months as buyers rushed to pile up stocks ahead of price hike and rainfalls boosted its demand for summer crops, a brokerage reported on Thursday. Urea sales stood at 2.72 million tons in the corresponding period a year earlier. Analyst…
OGDC makes oil and gas discovery in Sindh
KARACHI, PAKISTAN: Oil & Gas Development Company Limited (OGDCL), operator of Bitrism Block has announced oil and gas discovery from its exploratory well Pandhi # 01, which is located in District Sagnhar, Sindh. The well has tested 9.12 Million Cubic Feet per Day (MMCFD) of gas and 520 Barrels per day of oil through choke…
Pak Suzuki posts loss in 2Q 2019
KARACHI: Pak Suzuki Motor Company (PSMC) announced its 2QCY19 ended June 30, 2019 financial results wherein the company booked net loss of Rs545 million translating into loss per share (LPS) of Rs6.62 versus profit after tax of Rs394 million and earning per share (EPS) of Rs4.78 registered during the same quarter last year. Earnings arrived better…
Habib bank posts 78% decline in profits
KARACHI: Habib Bank Limited (HBL) unveiled its 2QCY19 ended June 30, 2019 consolidated net earnings at Rs750 million translating into earning per share (EPS) of Rs0.44 versus Rs3.44 billion EPS Rs2.29 recorded during the corresponding quarter of last year, depicting a significant fall of 78% YoY in profitability. The earnings arrived well below market expectations…
Abraaj Group’s K-Electric seeks 150 mmcfd RLNG for its power plants
KARACHI: Abraaj Group’s K-Electric Limited (KE) is considering the procurement of 150 mmcfd of re-gasified liquefied natural gas (RLNG), in the initial phase, to meet the fuel requirements of its two combined cycle gas turbine power plants at the Port Qasim complex. “We have initiated the bidding process, which will determine the preferred bidder and…