KARACHI: Engro Fertilizers, a leading agricultural support company, has taken decisive steps to ensure the enforcement of urea pricing guidelines in line with the Government’s directives. The move aims to guarantee the availability of urea to farmers at officially sanctioned prices. In a series of dealer conferences held in Lahore, Multan, and Hyderabad, Engro Fertilizers…
Category: PSX
Corporate announcements on Pakistan Stock Exchange (PSX)
Acquisition of Advans Microfinance Bank by MNT – Halan Pak B.V. approved
ISLAMABAD: The Competition Commission of Pakistan (CCP) has approved the acquisition of Advans Pakistan Microfinance Bank Limited by a Dutch-based holding company, MNT–Halan Pak B.V. This transaction marks a significant development in the microfinance banking sector of Pakistan. MNT – Halan Pak B.V. is a holding company incorporated in the Netherlands, with a presence in…
How GST hike could spell doom for Pakistan’s auto industry
Pakistan’s auto industry is facing a crisis as the government plans to increase the goods and services tax (GST) on small size sedans from 17% to 25%. This move could have disastrous consequences for the economy, the consumers, and the investors, according to the Pakistan Association of Automotive Parts and Accessories Manufacturers (PAAPAM). The PAAPAM…
Pakistan’s textile exports rise by 10% in January
LAHORE: Pakistan’s textile exports have shown a remarkable growth of 10% year-on-year in January 2024, reaching US$1.45 billion, according to the latest data released by the Pakistan Bureau of Statistics (PBS). The increase in textile exports is mainly due to the low base effect of the same period last year, when the country faced a…
Descon and IFC join hands to reduce postharvest losses in Pakistan
KARACHI: Descon, a leading industrial conglomerate, and the International Finance Corporation (IFC), a member of the World Bank Group, have signed a Memorandum of Understanding (MoU) to address the postharvest losses of wheat, rice, and maize in Pakistan. The strategic alliance aims to save around USD 2 billion worth of essential grains that are lost…
Engro Corporation appoints Ahsan Zafar Syed as new CEO
KARACHI: Engro Corporation, a leading Pakistani business group, has named Ahsan Zafar Syed as its next President & CEO, effective from May 2024. He will succeed Ghias Khan, who has led the company since 2017 and achieved remarkable growth and diversification. Ahsan Zafar Syed is a veteran of Engro, having joined the company in 1991…
Pakistan automobile sales hit by multiple factors in Dec’23, PAMA reports
KARACHI: The Pakistan Automotive Manufacturers Association (PAMA) released its monthly data for Dec’23, revealing a dismal performance of the automotive industry. According to PAMA, the total sales of passenger vehicles dropped to 5.8K units, showing a 10% decrease from the previous month and a massive 66% decline from the same month last year. The first…
Pakistani banks shine in Asia-Pacific as stock market rallies to record highs
Pakistani banks dominated the list of the best-performing bank stocks in the Asia-Pacific region in the last quarter of 2023, as the Pakistan Stock Exchange (PSX) soared to new heights amid improved economic outlook and investor confidence. According to data from S&P Global Market Intelligence, 11 Pakistani banks were among the top 15 bank stocks…
Petroleum sales slump in Pakistan amid high prices and low demand
ISLAMABAD: The sales of petroleum products in Pakistan witnessed a sharp decline of 7% year-on-year (YoY) in December 2023, reaching 1.24 million tons, according to the latest data released by the Oil Companies Advisory Committee (OCAC). The main reasons for the drop in sales were the surge in price of petroleum products, the economic slowdown,…
Pakistan’s textile exports decline by 7% in November 2023
ISLAMABAD: Pakistan’s textile exports fell by 7% year-on-year in November 2023, according to the latest data released by the Pakistan Bureau of Statistics (IPBS). The total value of textile exports stood at US$1.3 billion, compared to US$1.4 billion in the same period last year. The drop was attributed to lower global prices and a challenging…
U Bank and Bank Alfalah join hands to boost microfinance in Pakistan
KARACHI: In a bid to strengthen the microfinance sector in Pakistan and promote financial inclusion, U Microfinance Bank (U Bank) and Bank Alfalah Limited have entered into a strategic partnership to collaborate on a short-term financing facility of PKR 10 billion. The facility will enable U Bank to expand its outreach and offer a range…
Pakistan’s internet shutdown sparks controversy and criticism
Country’s telecom authority, the Pakistan Telecommunication Authority (PTA), has reportedly launched an investigation into the alleged internet shutdown that occurred on Sunday, ahead of a virtual meeting of the opposition party Pakistan Tehreek-i-Insaf (PTI). Prime Minister Imran Khan, is facing corruption and immorality charges. Khan’s tenure is marred with misgovernance and inefficiency. Nonetheless, the popular…