Infighting among the ultimate owners of K-Electric Ltd led one group of investors to announce on Wednesday that it wants to wind up a Cayman Islands-based company to establish a direct shareholding in Karachi’s only power utility. In a densely worded statement, IGCF SPV21 Ltd said it had filed a petition in the Grand Court of the Cayman Islands for a “just and equitable winding up” of the holdi
The benchmark index for the top 100 shares listed on the Pakistan Stock Exchange crossed the psychological barrier of 45,000 points on Tuesday, thanks to the ongoing bull run that commenced after the country signed up for a $3 billion Stand-By Arrangement with the International Monetary Fund during the Eid break. Topline Securities said the upward trend began right after the opening bell and ca
Finance Minister Ishaq Dar said on Tuesday that the State Bank of Pakistan (SBP) has received $2 billion from Saudi Arabia, in yet another boost for the ailing economy following the $3 billion Stand-by Agreement with the International Monetary Fund (IMF). “This inflow has increased the forex reserves held by SBP and will accordingly be reflected in the forex reserves for the week ending July 14
An inquiry committee of the Competition Commission of Pakistan (CCP) on Tuesday found urea manufacturers guilty of price fixing. The committee recommended to the CCP initiate proceedings against urea manufacturers and the Fertilisers Manufacturers of Pakistan Advisory Council (FMPAC) under Section 30 of the Competition Act 2010. This recommendation was based on a prima facie violation of Sec
Federal and Punjab authorities discuss measures to ensure that cotton growers get the support price as the country secures the first white lint export orders for the new crop. Federal Finance Minister Ishaq Dar and caretaker Punjab Chief Minister Mohsin Naqvi chaired a meeting on Tuesday to deliberate on measures to ensure that growers receive the fixed support price of Rs8,500 per maund for th