49% shares of Meezan Bank to be sold; include more updates – Summit Research
By: Hassan Amin,
+9221-111-226-100 – Ext 702
Summit Capital (Pvt.) Limited
About 49.1 per cent shares of Meezan Bank Limited (MEBL) will be sold for $190 million, but the Bank said there would be change in the management. Details about the possible deal after approval of the State Bank were revealed by the Noor Financial Investment Company Kuwait to the shareholders on Wednesday.
Gas supply to industry to facilitate 3m workers (Nation)
At least three million industry workers will continue to work during next three months due to federal government’s decision of supplying 100MMCFD gas to textile industry in Punjab. Traditionally, the Punjab-based textile industry had no option but to lay off these workers during three months of winter due to non-availability of gas supply to the mills in previous years. This decision of the federal government will discard the sense of deprivation among workers of the Punjab-based textile mills.
SNGPL decides to supply gas to textile sector (Nation)
The SNGPL has decided to supply gas to textile industry of Punjab. According to the latest decision of Sui Northern Gas Pipelines Limited, the gas would be provided to textile sector processing units on 30 per cent load basis while spinning sector would be run seven hours a day. The remaining industry and CNG sector of the province would remain closed.
Govt seeks $600m from Etisalat (Nation)
Pakistan on Wednesday reportedly sought $600 million from Etisalat as $800 million have been held up by the company for a long time due to non-transfer of some properties of Pakistan Telecommunication Company Limited (PTCL). Finance Minister Senator Ishaq Dar on Wednesday met with a delegation of Etisalat led by Ahmad AK Juffar, CEO Etisalat. Finance Minister has asked the Etisalat delegation to immediately release $600 million to Pakistan, as more than 60 properties have either been transferred or in the final stages of transfer to PTCL.
Govt didn’t print notes to settle circular debt (Nation)
The Finance Ministry on Wednesday said that government did not print notes to clear the circular debt worth of Rs 480 billion, as it generated amount from issuing Pakistan Investment Bonds, massive expenditures cut and other sources. According to the details released by Finance Ministry, the government has settled the power sector circular debt in two phases, as in first phase Rs 342 billion were cleared on 28th June 2013.