ISLAMABAD: Minority shareholders in an offshore holding company that owns most of K-Electric have been ordered to withdraw their petition in the Sindh High Court (SHC) that blocked main shareholder IGCF from joining the board, IGCF said on Friday. Infrastructure and Growth Capital Fund SPV21 (IGCF) told Reuters it had filed a case against the petition in a court in the Cayman…
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Circular Debt Settlement: Several news articles have recently addressed the issue of circular debt settlement. We would like to clarify that, as of this date, we have not received any formal communication from the relevant authorities. Thus, any information in circulation about a settlement plan might be speculative. We encourage stakeholders and the public to rely exclusively on official communications…
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August 2023
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KARACHI: The Board of Directors of Shell Pakistan Limited (SPL) announced half year results for the company on August 16. The company posted a profit after tax of Rs 3.5 billion compared to the profit after tax of Rs 7.5 billion made in the same period last year. On June 14th, 2023, Shell Petroleum Company Limited, a subsidiary of Shell…
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Experts suggest taking measures to address impacts of rising temperatures LAHORE – Climate change-induced heat stress has negatively impacted Pakistan’s economy, especially the energy sector. As per the experts, the consequences of temperature increase on different factors like labour productivity, household consumption habits, and living standards were contingent on whether the temperature moves closer to or deviates further from the…
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KARACHI: A subsidiary of IT firm Supernet Ltd has acquired majority shares in Hallmark Company Ltd as part of a reverse merger to attain the listing status. The reverse merger allows a private entity — Super Infrastructure Solutions Ltd in this case — to become a publicly traded firm simply by purchasing controlling shares in a listed entity. In other…
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ISLAMABAD: The prices of petrol and diesel hit a record high on Tuesday, as the newly installed caretaker government raised fuel prices by up to Rs20 per litre, another second massive hike in a fortnight that is likely to further stoke inflation, which had cooled over the past two months. The new petrol price will be Rs290.45 per litre from…
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ISLAMABAD: Caretaker Prime Minister Anwaar-ul-Haq Kakar has directed the concerned authorities to work on the ongoing projects on priority and to prepare and present a briefing on the proposed projects. The caretaker premier was given a briefing on the important issues of various ministries. The meeting was informed in detail about the ongoing work on the Panjra Bridge on the…
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ISLAMABAD: The federal government seeks to impose Rs1.52 per unit surcharge on K-Electric (KE) to recover Rs24.5 billion. As soon as the public hearing regarding the motion of the federal government with respect to the recommendation of consumer end tariff for K-Electric started at National Electric Power Regulatory Authority (Nepra), some members expressed reservations about the performance of the Power…
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Fuel prices in Pakistan are likely to see an upward revision starting August 16 as the caretaker government is all set to announce an increase of up to Rs. 20. Pakistan is celebrating its 77th Independence Day today, but the news of another massive increase in prices of fuel is set to break the spirits of average Pakistanis. Petrol prices…
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