KARACHI, PAKISTAN: Finnfund, a major development financier and impact investor in Finland, investing in responsible and profitable businesses in developing countries, has invested by acquiring 17.59% shareholding in TPL Insurance Limited. The acquisition follows TPL Insurance Limited’s earlier disclosure, dated April 15, 2022, to the Pakistan Stock Exchange concerning the execution of the Share Subscription…
Category: PSX
Corporate announcements on Pakistan Stock Exchange (PSX)
Morinaga Milk Japan to acquire ICI Pakistan’s NutriCo Morinaga for $56.6mn
KARACHI, PAKISTAN: ICI Pakistan Limited has received a conditional offer from Morinaga Milk Industry Co. Ltd, Japan to acquire an aggregate of approximately 33.3% of the issued and paid up share capital of NutriCo Morinaga (Pvt) Limited, a subsidiary of ICI Pakistan, from NutriCo Morinaga’s existing shareholders at an aggregate price of USD 56.6mn translating into PKR 430.48/share. The…
PSX welcomes US Ambassador visit with a Gong Ceremony
KARACHI, PAKISTAN: A Gong Ceremony was held at Pakistan Stock Exchange (PSX) on the visit of the Ambassador of the United States of America to Pakistan, Mr. Donald Blome, to PSX. The US Ambassador, accompanied by the US Consul General in Karachi, Mr. Mark Stroh, and his team, were welcomed at the Exchange by the…
Pakistan government to impose Rs80bn additional taxes on banking companies
KARACHI: The rate of tax applicable to the taxable income of banking companies is proposed to be enhanced to 45 per cent from 35 per cent for tax year 2023 and onwards. Also, the Finance Bill 2022 proposes to abolish super tax currently applicable on banking companies at the rate of 4 per cent from…
Pakistan’s central bank warns against forex trading on offshore platforms
KARACHI, PAKISTAN: Pakistan’s banking regulator has issued an advisory against Illegal offshore forex trading websites, mobile applications and platforms. “Buying products and services being offered by platforms including OctaFX, Easy Forex, etc. by any person resident in Pakistan is prohibited and against the laws of the land. State Bank of Pakistan (SBP) has noticed that…
Bank Alfalah partners with Paymob to drive digital payment acceptance in Pakistan
LAHORE, PAKISTAN: Bank Alfalah in Pakistan has partnered with Paymob, MENA’s market-leading digital payments provider. The two organizations have collaborated to activate and support merchant acquisition and integration services across Pakistan. The partnership will empower over 100,000 merchants across Pakistan and launch new innovative services in e-commerce acceptance for online merchants. This partnership records Paymob’s…
Finnfund Equity Stake in TPL Insurance
KARACHI, PAKISTAN: : TPL Insurance Limited, a subsidiary of TPL Corp Limited, has entered into a Share Subscription Agreement and a Shareholders Agreement with Finnfund, a major development financier and impact investor, investing in responsible and profitable businesses in the developing countries. The acquisition follows TPL Insurance’s earlier disclosure, dated October 26, 2021 to the…
Car prices increase by an average 9.4% in March
KARACHI: In a fresh round of car prices increase, the automobile assemblers in Pakistan, across the board have hiked the prices by an average 9.4% in March 2022 to pass-on the cost pressures emanating from the continuous PKR devaluation against USD. To note, this is the third time prices have increased post annual budget. The…
Coworking space startup, Colabs, secures $3 million in seed funding
LAHORE, PAKISTAN: Coworking space startup, Colabs, has secured $3 million in seed funding in a round led by Indus Valley Capital, Zayn Capital and Fatima Gobi Ventures. Colabs co-founder and CEO Omar Shah, a former investment banker, told TechCrunch, ‘We realized that people setting up operations in Pakistan need other services; they need help to set up companies,…
Lucky Cement commissioned 660MW super critical coal-fired plant in Karachi
KARACHI, PAKISTAN: Lucky Electric Power Company Limited (LEPCL), a wholly owned subsidiary of Lucky Cement, has successfully commissioned its 660 MW super critical, lignite coal-based power plant at Deh Ghangiaro, Bin Qasim, Karachi. “The power plant was synchronized with the national grid towards the end of CY 2021 and since then has been involved in…
Lucky Motors launches locally assembled Peugeot SUVs in Pakistan
KARACHI, Pakistan: European automotive manufacturer, PEUGEOT, on Saturday has officially launched operations in Pakistan with Peugeot New 2008 SUVs with its exclusive partner Lucky Motor Corporation. The 1.2L Peugeot New 2008 Active costs Rs5.25 million while 1.2L Peugeot New 2008 costs Rs5.85 million. The partnership commenced with the opening of eight 3S dealerships in six…
Fatima Group inks $1 billion deals with global agriculture giants at Expo Dubai
LAHORE, PAKISTAN: Fatima Group, one of the fastest-growing industrial conglomerates in Pakistan, has signed two MoUs of over USD1 billion with two key global agriculture stakeholders – China Machinery Engineering Company (CMEC) from China and Sarh Attaqnia Co. (SAC) from the Kingdom of Saudi Arabia. A formal signing of the business partnership was held at…