Daily Archives: July 26, 2018

Board of directors meeting of Synthetic Products Enterprises Limited

Karachi, Synthetic Products Enterprises Limitedinformed Pakistan Stock Exchange that board of directors meeting of the company will be held on August02, 2018 at Lahore. The agenda of the meeting will to consider the Annual Accounts for the period ended June 30, 2018.

Further, the company has declared the closed period from July 26, 2018 to August02, 2018.

Synthetic Products Enterprises Limited (SPEL) is a part of SPEL Group which provides one stop shopping to customers for plastic products.

With its three plants, one in Kotlakhpat two in Pandoki, Lahore, it is organized in the product lines of Molds and Dies Manufacturing, Automotive Parts, Food Packaging, Plastic Crates and Off Road Vehicle Parts.

SPEL now has a portfolio of varied products with a large client base. Supplies are made to assemblers and manufacturers of cars, tractors, motor cycles, electronic equipment, road construction equipment etc. We also provide Plastic Packaging for Food, Hair Care, Skin Care and Pharmaceutical products.

The symbol “SPEL” is being used by the stock exchange for the shares of Synthetic Products Enterprises Limited.

Board of directors meeting of EngroPowergenQadirpur Limited

Karachi, EngroPowergenQadirpur Limitedinformed Pakistan Stock Exchange that board of directors meeting of the company will be held on August08, 2018 at Karachi. The agenda of the meeting will to consider the Quarterly Accounts for the period ended June 30, 2018.

Further, the company has declared the closed period from July 31, 2018 to August08, 2018.

EngroPowergen is incorporated in 2008 as a subsidiary to develop power projects in Pakistan. It is Engro Corp’s first initiative into the country’s power sector. Our aim is to ease the burden on the nation’s energy sector by developing projects exploring cleaner, more efficient and economically viable sources of power generation including wind, hydro and solar energy. EngroPowergen Limited owns and operates EngroPowergenQadirpur Limited, a 217 megawatt power plant and the group’s first initiative in the power sector of Pakistan. EngroPowergenQadirpur Limited was listed on the Karachi Stock Exchange in October 2014 where 25% of the shares were offered. As of now EngroPowergenQadirpur Limited is 69% owned by Engro Corp via EngroPowergen whereas the remainder is owned by the International Finance Corporation (IFC) and employees.

This project is very unique in a way that it utilizes high sulfur gas which was being flared through Qadirpur Gas Field for almost a decade. This energy conservation idea showed the waste gas a right path to burn. This is a one + 1 + one configuration dual fuel fired combined cycle power plant with a 123 MW Gas T Turbine, 400 tons/hour Heat Recovery Steam Generator and 110 MW Steam Turbine.

The symbol “EPQL” is being used by the stock exchanges for the shares EngroPowergenQadirpur Limited.

Board of directors meeting of AGP Limited

Karachi, AGP Limitedinformed Pakistan Stock Exchange that board of directors meeting of the company will be held on August02, 2018 at Karachi. The agenda of the meeting will to consider the Half Yearly Accounts for the period ended June 30, 2018.

Further, the company has declared the closed period from July 26, 2018 to August02, 2018.

AGP Limited (AGP) began its commercial operations in 1989 as an independent pharmaceutical manufacturing company in Karachi, Pakistan. It has steadily grown through manufacturing and marketing products under licensing arrangements with many companies of international repute and also through manufacturing and marketing its own brands. Today, it is one of the largest pharmaceutical companies in Pakistan, providing a broad range of pharmaceutical products. The determination to upgrade the pharmaceutical resources of Pakistan and improvement of the quality of life of a common man was the key motivating factors in the inception of AGP.

The operations of AGP include manufacturing, marketing and sales of pharmaceuticals and healthcare products in the domestic and export market. The delivery of AGP’s products, across the country, is managed by one of the largest and state of art pharmaceutical distribution set ups in Pakistan.

BMG leadership, KCCI Office Bearers cheer PTI’s victory in General Election

Karachi, July 26, 2018 (PPI-OT): The leadership of Businessmen Group (BMG) and Office Bearers of the Karachi Chamber of Commerce and Industry (KCCI) have extended hearty congratulations to Chairman Pakistan Tehreek-e-Insaf Imran Khan on his party’s overwhelming victory in the General Election 2018.

In a statement issued, Chairman BMG and Former President KCCI Siraj Kassam Teli, Vice Chairmen BMG and Former Presidents Tahir Khaliq, Zubair Motiwala, Haroon Farooki and Anjum Nisar, President KCCI Muffasar Atta Malik, Senior Vice President Abdul Basit Abdul Razzak and Vice President Rehan Hanif hoped that upon assuming charge of the country’s state of affairs, Imran Khan would prioritize some of the urgent economic issues being faced by the country and pay special attention to the problems being suffered by the business and industrial community of Karachi since long.

Chairman BMG and Former President KCCI Siraj Kassam Teli, while complimenting Chairman PTI on his party’s victory in majority of the seats of National Assembly Election, said that the business and industrial community of Karachi Chamber was fairly optimistic about PTI’s victory and the same was conveyed to Imran Khan during his recent meeting with KCCI leadership and Office Bearers on July 22, 2018 when a reception was hosted in a local hotel by KCCI in honour of Chairman PTI just a couple of days before the election.

He hoped that Chairman PTI would fulfill all his commitments made to the business community of KCCI, particularly his pledge towards improving the infrastructure of Karachi and resolving the issues being faced by the business and industrial community of this city which continues to contribute a mammoth share of more than 65 percent revenue to the national exchequer despite all odds.

“It is not going to be an easy task, but Imran Khan will have to express the intent, stay focused and have to honour all his commitments at any cost which would help in restoring the confidence of the entire business community of Karachi”, he said, adding that if Imran Khan actually proves and exhibits that he is the ‘man of his words’, the Karachi Chamber would continue to extend full support and cooperation to him throughout his tenure.

As advised by Chairman BMG during Imran Khan’s recent interaction with KCCI, Siraj Teli reiterated that after assuming charge, Imran Khan must gather a team of economic experts and reliable and honest members of Business Community, who have absolute know-how of the issues, on top priority from different sectors of the economy including Textile, Construction and Real Estate, Financial, Services, Agriculture, Automobile, Electronics, FMCG sectors etc.

“The proposed team comprising of genuine representatives of business and industrial community would surely be able to prudently guide the government in formulating numerous policies directly or indirectly affecting the trade and industry. This step would certainly create a win-win situation and would be warmly welcomed by the entire business and industrial community of Pakistan as it is in the larger interest of the country”, he added.

Commenting on the victory of numerous political parties from National and Provincial Assemblies seats in Karachi, Siraj Teli hoped that all these political parties would set aside their differences and make collective efforts to improve the standard of living of Karachiites and develop the business climate of Karachi which has suffered terribly since so many years.

For more information, contact:
Director Press/Electronic Media and Public Relations
Karachi Chamber of Commerce and Industry (KCCI)
Aiwan-e-Tijarat Road, Off Shahrah-e-Liaquat,
Karachi-74000
Phone: +92-21-99218001-09
Fax: +92-21-99218040
Email: info@kcci.com.pk, secretary@kcci.com.pk
Website: www.kcci.com.pk

JCR-VIS Assigns Initial Entity Ratings to FFBL Power Company Limited

Karachi, July 26, 2018 (PPI-OT): JCR-VIS Credit Rating Company Limited has assigned initial entity ratings of ‘AA-/A-1’ (Double A Minus/A-One) to FFBL Power Company Limited (FPCL). Outlook on the assigned ratings is ‘Stable’.

The assigned ratings take into account moderate business risk, strong financial risk profile and sound corporate governance infrastructure of FPCL. Ratings also draw support from strong sponsor profile of the Company with FPCL being a subsidiary of Fauji Fertilizer Bin Qasim Limited (FFBL) which holds 75% shareholding in the company while the remaining 25% shares are owned by Fauji Foundation. Strong sponsor support is also evident from corporate guarantee by FFBL, against termination of K-Electric Limited (KE) Power Purchase Agreement (PPA), for timely repayment of debt raised by FPCL.

FPCL’s 118 Megawatt (MW) (Net Capacity: 103 MW) coal based power plant is amongst the first coal based projects to be operational in Pakistan and is located within the FFBL complex at Port Qasim. FPCL was incorporated to support the energy requirements of FFBL as a substitute of natural gas fuel based system. Moreover, the Company contributes a sizeable portion of its generating capacity to national grid via KE. The plant was constructed on a non-EPC basis; it commenced commercial operations on May 19, 2017. Operation and Maintenance (O and M) of the project is in house and is being managed by the FPCL team.

Business risk profile draws support from experience profile of in-house O and M team and track record of compliance with normative parameters stipulated in PPA since commencement of operations. Moreover, Fuel Supply and Price Risk is limited due to long-term supply contract and cost pass through mechanism built in the tariff. Demand Risk has been assessed to be limited due to relatively high position in KE’s merit order along with dispatch guarantees from KE and firm commitment for off-take from FFBL.

Assessment of financial risk profile incorporates strong liquidity indicators as evident from healthy cash flows and strong debt servicing ability. Favourable working capital cycle and limited exposure to circular debt (with timely repayments by both FFBL and KE) also support assessment of liquidity profile of FPCL. With repayment of outstanding debt and increasing internal capital generation, leverage indicators are projected to decline over the rating horizon. Going forward, ratings will remain dependent upon adherence to key financial benchmarks for the assigned ratings.

For more information, contact:
CFA
JCR-VIS Credit Rating Company Limited
VIS House, 128/C,
25th Lane off Khayaban-e-Ittehad,
Phase VII, DHA, Karachi
Tel: +92-21-35311861-72
Fax: +92-21-35311873
Email: sobia@jcrvis.com.pk

Pakistan’s Liquid Foreign Reserves Position

Karachi, July 26, 2018 (PPI-OT): The total liquid foreign reserves held by the country stood at US$15,728.8 million on 20 July 2018. The break-up of the foreign reserves position is as under:-

i) Foreign reserves held by the State Bank of Pakistan: US$ 9,010.7 million

ii) Net foreign reserves held by commercial banks: US$ 6,718.1 million

iii) Total liquid foreign reserves: US$ 15,728.8 million

During the week ending 20 July 2018, SBP’s reserves decreased by US$53 million to US$9,011 million, due to payments on account of external debt servicing.

For more information, contact:
Chief Spokesman,
State Bank of Pakistan (SBP)
Central Directorate
I.I. Chundrigar Road, Karachi, Pakistan
Tel: +92-21-111-727-111
Tel: +92-21-39212562
Fax: +92-21-39212433 – 39212436
Email: chief.spokesperson@sbp.org.pk
Website: www.sbp.org.pk