Business

KARACHI: Wyeth Pakistan Lim­ited on Monday disclosed the minimum purchase share for the buyback transactions with the minority shareholders at Rs1,284.18 per share. The pharmaceutical firm had first informed the Pakistan Stock Exchange (PSX) on May 18, 2021 that the majority shareholder in the company Wyeth LLC, USA intended to repurchase all outstanding shares presently listed at the bourse, barring …

ISLAMABAD: The government on Monday awarded five licences to the state-run Oil & Gas Development Company (OGDC) for exploration in Punjab, Khyber Pakhtunkhwa and Sindh provinces, with an investment of around $13.32 million in three years. The Petroleum Concession Agreements (PCAs) and Exploration Licences (ELs) include Block No 3372-26 (Hazro), Block No 2972-7 (Vehari), Block No 2972-8 (Sutlej), Block No …

LAHORE: Pakistan’s dollar-denominated bonds came under selling pressure on Monday as Taliban fighters overthrew the US-backed Ashraf Ghani government in Afghanistan to seize Kabul, with the prices of five, 10- and 30-year maturity papers dropping by 1.4 per cent, 1.7pc and 1.8pc, respectively. “The drop in prices shows some investors are bracing themselves for the potential Afghanistan fallout on Pakistan,” Fahad Rauf, …

ISLAMABAD: The government on Monday allowed a consortium of the country’s leading petroleum exploration and development (E&P) companies in the public sector to go for a $400 million exploration attempt in Abu Dhabi, United Arab Emirates. The decision was taken at a meeting of the Economic Coordination Committee (ECC) of the Cabinet presided over by Finance Minister Shaukat Tarin. It …

ISLAMABAD: The government on Sunday kept unchanged the prices of two major petroleum products — petrol and high speed diesel — and slightly increased those of kerosene and light diesel oil for the next 16 days i.e. till Aug 31. According to a notification issued by finance ministry, the ex-depot price of petrol was kept unchanged at Rs119.80 per litre …

Car and sport utility vehicle (SUV) assemblers are now in top gear mode. After witnessing a massive recovery of 61 per cent in production and 57pc in the sale of cars and 57pc to 227pc in jeeps and light commercial vehicles in 2020-21, they also kicked off their first month of the current fiscal year with 85pc and 104pc rise …

ISLAMABAD: Foreign excha­nge inflows from overseas Pakis­tanis through the expensive Ros­han Digital Account (RDA) cro­ss­ed the $2 billion mark in 11 months on Monday and will now require more than Rs13.1bn subsidy to maintain its growth. “Roshan Digital Account dep­o­sits cross $2billion in just 11 mon­ths,” the State Bank of Pakistan (SBP) said in a tweet. “As Pakistanis all over …

ISLAMABAD: As another major supply disruption of liquefied natural gas (LNG) looms large, the government is looking for legally safe and commercially viable alternatives to allow continuation of ‘larger replacement regasification terminal’ currently operating in Port Qasim as a fait accompli to avoid major power shortfalls and have greater gas availability during winters. Engro Elengy Terminal Limited (EETL) has told …

KARACHI: In compliance with Financial Action Task Force (FATF) recomm­endations, banks operating in Pakistan, public and private financial institutions, organisations dealing with monetary affairs and even realtors have started keeping an eye on their clientele with the help of a recently developed database that identified over 100,000 “pol­i­ti­cally exposed persons” (PEPs) in the country, officials and sources said. They said …

KARACHI: Stocks faltered once again in the outgoing week with the KSE-100 index ceding 320 points, or 0.7 per cent, to close at 47,170 points. Lack of positive triggers kept the participants on the sidelines represented by the trading volume which stood at an average daily turnover of 307m shares, 37.8pc lower than the earlier week. The dreaded lockdown by …