MCB Bank, NIB Bank announce
merger:
MCB Bank and NIB Bank announced
Wednesday their merger to operate as a single entity, as the Singapore-based
majority shareholders of NIB have agreed to acquire one share of MCB in
exchange of every 140 shares held by them, according to bourse filings. The
amalgamation deal is subject to a number of regulatory approvals. “As a
consequence of the Proposed Amalgamation, 73,569,197 ordinary shares of MCB
shall be issued in aggregate in favour of the shareholders of the {NIB} Bank on
the basis of a swap ratio of 1 (one) ordinary share of MCB for every 140.043
ordinary share of the {NIB} Bank,” Ather Ali Khan, Company Secretary, NIB Bank
said in a notification to the Pakistan Stock Exchange.
Al Ghazi Tractors to invest
$4m
Al-Ghazi Tractors Ltd (AGTL) has
announced a $4 million project to improve quality of its products by
establishing a quality lab, call centres for efficient customer support and
training program for mechanics. A new modern paint shop is also part of the
project, said AGTL Chief Executive Officer Mohammad Shahid Hussain. He said
market capitalisation of the company has increased to Rs42 billion and
production to 30,000 units, from 15,000, since 1991. With 1,000 direct and
indirect employees, the company paid Rs11bn tax in the last 25 years. “AGTL has
achieved 92% localization,” he said. UAE’s Al-Futtaim Industries LLC, parent
company of AGTL, is celebrating completion of 25 years in Pakistan.
SC offers commission option to
Panama gate case parties:
Finally in Panama gate case, the
Supreme Court on Wednesday sought option from the parties to the case over its
plan to constitute a commission to ascertain facts about the ownership of the
Sharif family's Mayfair properties in London. A five-member larger bench led by
Chief Justice Anwar Zaheer Jamali observed that the court cannot announce a
verdict on the basis of insufficient material produced by Pakistan
Tehreek-e-Insaf and Prime Minister Nawaz Sharif's family so it would be
appropriate to form a commission. While addressing Prime Minister Nawaz Sharif's
counsel Salman Aslam Butt, Chief Justice Anwar Zaheer Jamali asked: Is it
possible to decide the case in summarily after hearing arguments? He further
said that the main thrust of arguments of other side's allegations is about
corruption and money trail.
Oil and gas: PPL production
goes back to historic highs:
Pakistan Petroleum Limited (PPL)
has made a recovery and gone back to its historic oil and gas production level
above one billion cubic feet equivalent per day, an increase of more than 10%
in the current year compared to the previous year. “This has been made possible
largely due to the company’s structural reorganisation to an asset-based hybrid
setup in mid-2015, enabling renewed focus on optimising reserve replacement and
production from mature assets and fields,” PPL said in a statement on
Wednesday. In the process, the company drilled a record 23 wells including 11
development wells – four each in Sui and Kandhkot, two in Adhi and one in
Gambat South.
ECC dismisses proposal for 50%
sales tax on gas supply: 17% GST maintained at Rs 400 per MMBTU for industries
The Economic Coordination
Committee (ECC) of the cabinet has turned down a proposal to increase general
sales tax by 33 percentage points on gas sales to the powerful industrial
lobby. The ECC took the decision after considering proposals of the Ministry of
Petroleum and Natural Resources in a meeting held on November 25, officials
said. The ministry suggested a reduction in the gas sale price but at the same
time advocated a higher sales tax at 50% compared to existing 17% for
industrial consumers.
Exim bank to be functional
before June 2017
The government on Wednesday
informed the parliamentary committee that the country’s Export Import (Exim)
bank would be functional before June next year amid to facilitate exporters and
importers. During the meeting, the Senate Standing Committee on Commerce was
told that the board of directors of Exim bank is now in place and a consultancy
firm will be soon hired to prepare the manual and business plan for the bank.
The State Bank of Pakistan (SBP) will license the bank after the consultancy
finishes all work required for the bank’s functioning which will be before June
next year. The post of chief executive officer will also be advertised again.
Foreign commercial loans: Tax
exemption likely on interest payments
The government may grant tax
exemption on interest payments on money borrowed under certain foreign
commercial loans as well as on interest payments accrued on these transactions
since 2013. Sources told Business Recorder here on Wednesday that the Finance
Division has prepared a summary for the federal cabinet in this regard.
According to sources, under the Rules of Business 1973, the finance division is
responsible for arranging finances to meet current and development expenditure
needs of the country. One of the ways to meet the resource gap is by raising
finances on commercial terms from international financial markets. Foreign
commercial loans are offered with the condition that taxes applicable in
Pakistan would not be borne by the lenders. The option available with the GoP
is either to bear the cost of these taxes or to grant exemption from such
taxes. Since November 2013, the finance division has signed different loan
agreements with foreign commercial banks.
PM approves appointment of
CPEC coordinator:
Prime Minister Nawaz Sharif has
approved the appointment of a new project coordinator for the $51-billion
China-Pakistan Economic Corridor (CPEC), while the Islamabad High Court has
granted a stay order against the appointment of the Chief Economist. The
premier has approved the summary for the appointment of Asim Saeed as new
project director of CPEC besides rehiring Chief Economist Dr Nadeem Javaid and
other members of the Planning Commission, said officials of the Planning
Ministry.
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