The Nishat Group said on Monday it has increased its shareholding in MCB Bank by purchasing more than 65 million shares from one of the bank’s foreign shareholders, Bugis Investments Ltd. MCB Bank’s seven existing shareholders — three companies and four individuals — have acquired the shares from Bugis, a wholly owned subsidiary of Fullerton Financial Holdings Ltd. The foreign investor sold
A UAE-based investor leading the consortium set up to acquire the majority stake in Summit Bank Ltd proposed on Monday that the share subscription agreement be changed to reflect a reduced amount of fresh equity injection. Nasser Abdulla Hussain Lootah said he’ll now subscribe to 3.98 billion new shares of the bank at the previously agreed rate of Rs2.51 apiece. The transaction will generate Rs
Despite a 36 per cent month-on-month improvement in demand for cars, jeeps and pickups in November, the overall automobile sales plunged by 39pc year-on-year in the first five months of the current fiscal year. Total auto sales in November stood at 18,391 units as compared to 13,502 units in October while 66,458 units were sold in 5MFY23 compared to 108,635 units in the corresponding period l
The Overall Consumer Confidence Index of Pakistanis in the fourth quarter of the current year has gone up by three points compared to the same period last year. The survey, conducted by market research company Ipsos, shows that an upward trend can be seen in Pakistanis’ optimism about the country’s direction. Moreover, male members of the society, the middle-aged and rural dwellers are more opt
While Sindh, particularly Karachi, has been experiencing either hour-long gas loadshedding or low pressure for the past many weeks, the Sui Southern Gas Company (SSGC) on Monday officially announced that domestic consumers would get gas only for total eight hours in a day — morning, afternoon and evening — during “meal timing”. “As per the prime minister’s directives, SSGC is ensuring gas suppl