Pakistan remained in the grip of the foreign exchange crisis in 2022. Now, at the beginning of 2023, the situation has deepened further. On January 6, forex reserves held by the State Bank of Pakistan (SBP) plunged to $4.343 billion, enough to cover just three weeks of imports, after the country repaid $1bn commercial loans of two UAE-based banks. Despite such a massive decline in the forex res
JS Global Capital Ltd, a securities broker, announced on Tuesday its intention to buy a majority shareholding and control in EFG Hermes Pakistan Ltd, another brokerage house listed on the Pakistan Stock Exchange. JS Bank Ltd holds 92.9 per cent shares in the potential acquirer. The regulatory filing offered few details about the expected price or the exact shareholding that the company is lo
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