KARACHI: Cherat Cement Company and Shirazi Investments Pvt. Ltd. have jointly announced their intention to acquire a controlling stake of up to 75.69% in Rafhan Maize Products Company Ltd., signaling a significant transaction in Pakistan’s corporate sector. Under the proposed acquisition plan, each firm seeks to obtain 37.845% of Rafhan Maize’s shares. The company, currently…
Category: PSX
Corporate announcements on Pakistan Stock Exchange (PSX)
Pakistan urged to establish dedicated cryptocurrency regulatory unit, develop digital currency
The Institute of Cost & Management Accountants of Pakistan (ICMAP) has recommended the creation of a dedicated regulatory unit within the Securities & Exchange Commission of Pakistan (SECP) or the State Bank of Pakistan (SBP), in collaboration with the Federal Board of Revenue (FBR), to oversee cryptocurrency regulations. The proposal aims to ensure inclusive and…
Competition regulator targets deceptive practices in online marketplaces
The Competition Commission of Pakistan (CCP) held talks with leading digital marketplaces, PakWheels and OLX Pakistan, to address concerns over anti-competitive practices and deceptive marketing in the country’s growing online economy. The discussions focused on ensuring fair competition and consumer protection in digital marketplaces. Representatives from both platforms met with regulators to outline compliance measures and…
Pakistan’s Green Sukuk Framework: Investing in a Sustainable Future
Pakistan’s federal cabinet has approved the Sustainable Investment (SI) Sukuk Framework, marking a significant step toward financing climate-resilient and socially impactful projects through Islamic bonds. The framework, introduced by the Ministry of Finance, enables the issuance of Green Sukuk, Social Sukuk, and Sustainability Sukuk, collectively known as SI Sukuk, to mobilize domestic capital for environmentally and socially beneficial…
Honda plans to launch hybrid electric vehicles (HEVs) in Pakistan
KARACHI: Honda Atlas Cars has announced its intention to introduce Hybrid Electric Vehicle (HEV) models in Pakistan in the near future. The company formally disclosed this development in a notification submitted to the Pakistan Stock Exchange (PSX) on Friday. According to company officials, this initiative aligns with Honda’s global commitment to innovation, environmental sustainability, and providing advanced…
Pakistan moves to resolve power sector circular debt, aims to reduce electricity bills
ISLAMABAD: Pakistan’s government is taking steps to resolve the power sector’s circular debt, which has reached 2.4 trillion Pakistani rupees (PKR), and is working to reduce electricity tariffs for consumers, according to recent reports and analysis. The government plans to address the circular debt, which includes PKR 1.7 trillion owed to power generation companies and…
Payoneer partners with Meezan Bank to enhance cross-border payments for Pakistani businesses
Payoneer (NASDAQ: PAYO), the financial technology company empowering the world’s small and medium-sized businesses (SMBs) to transact, do business, and grow globally, has partnered with Meezan Bank, Pakistan’s leading Islamic bank, to enhance cross-border payments for Pakistani SMBs, entrepreneurs, and freelancers. The signing ceremony took place at Meezan Bank’s Head Office, attended by Syed Amir Ali,…
Pakistan’s banking sector contributes heavily to national development, faces challenges
Pakistan’s banking sector remains a cornerstone of the nation’s economic development, contributing significantly to tax revenues, employment, and financial inclusion, according to a recent address by Zafar Masud, Chairman of the Pakistan Banks Association (PBA). However, the sector faces challenges as it navigates a rapidly changing global economic landscape and addresses domestic criticisms. Tax Contributions and…
IFC commits $20 billion investment in Pakistan over next decade
The International Finance Corporation (IFC), an arm of the World Bank, announced plans to invest $2 billion annually in Pakistan over the next ten years. This $20 billion investment will focus on water-related projects, infrastructure development, energy, and ports. IFC Chief Makhtar Diop met with Finance Minister Muhammad Aurangzeb to discuss the expansion of investments…
Barkat Frisian Agro announces IPO on Pakistan Stock Exchange
Barkat Frisian Agro Limited (BFAL) has announced a PKR 880.5 million ($3.1 million) Initial Public Offering (IPO) as the company plans to expand pasteurized egg product output by 70% to 29,000 metric tons. Arif Habib Limited (AHL) has been appointed by BFAL as the lead manager and book runner for raising funds through an offering. The proceeds…
Over the past decade, net FDI in Pakistan averaged $2 billion annually
While Foreign Direct Investment (FDI) has been seen as a key driver of economic growth, infrastructure development, and job creation, the Pakistan Business Council (PBC) has criticized Pakistan’s approach as unfocused and overly reliant on FDI aimed at exploiting local markets rather than enhancing exports. Historically, Pakistan has attracted market-seeking FDI, primarily serving its domestic…
Pakistan lifts minimum export price on rice amid global market shifts
Pakistan has removed the minimum export price (MEP) on all rice varieties. This decision follows India’s recent move to lift its MEP on rice, signaling a potential shift in the global rice market dynamics. The removal of the MEP is expected to sustain the volumetric growth of Pakistan’s rice exports into FY25, although earnings from…