Shareholders of Summit Bank Ltd passed a special resolution in an extraordinary general meeting on Tuesday to authorise the equity injection of Rs10 billion from a UAE-based investor. Nasser Abdulla Hussain Lootah will subscribe to 3.98 billion new shares of the bank at Rs2.51 apiece to gain management control as well as 51 per cent shareholding. The transaction will generate Rs10bn in equity f
The Economic Coordination Committee (ECC) of the Cabinet has approved Rs1.31 billion worth of supplementary grants for power and infrastructure projects besides allowing the import of five-year-old agriculture tractors under the Kissan Package. The meeting chaired by Finance Minister Ishaq Dar on Tuesday also approved Fauji Foundation equity investments in Daharki Power Holdings. The ECC app
IT & Telecom Minister Syed Aminul Haque on Tuesday said that the limits set for letters of credit (LCs) facility for the telecom sector were insufficient. “Without much-needed technical parts there are fears of service disruptions in many areas,” Mr Haque warned while presiding over the 44th Policy Committee meeting of the Universal Service Fund (USF). He said that limited permissions for
Concerns over the country’s financial deterioration echoed in the Senate on Tuesday, with a treasury lawmaker calling for a parliamentary probe into the causes of economic downfall over the past 10 years. The ruling Pakistan Muslim League-Nawaz (PML-N) Senator Irfan Siddiqui suggested forming a committee comprising lawmakers to review the causes of economic downfall since 2013. In a wide-ran
Large-scale manufacturing (LSM) shrank 5.49 per cent in November 2022 over the same month last year, according to data released by the Pakistan Bureau of Statistics on Tuesday. The big industry production contracted for the third consecutive month of the current fiscal year sending fears of major layoffs, especially in the textile sector. The contraction in industrial output indicates that e