Author: Admin

K-Electric Secures Rs4.4bn in Pakistan’s First Retail Sukuk IPO

Admin
K-Electric

KARACHI: K-Electric has successfully raised Rs4.4 billion through Pakistan’s first listed short-term sukuk for retail investors, more than doubling its initial target of Rs2 billion. The Initial Public Offering (IPO), which closed on Wednesday, attracted strong interest from both institutional and retail investors, with over 600 individual applicants participating. Proceeds from the sukuk will be used to meet KE’s operational needs and working capital requirements. In its statement, KE highlighted the IPO as a milestone in advancing Islamic finance and widening financial inclusion. “This offering broadens access to investment opportunities,…

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US natgas prices rise on lower daily output

Admin
Gas

NEW YORK: US natural gas futures climbed about 3 percent to a one-month high on Wednesday on a recent drop in daily output. That price increase came despite ample supplies of gas in storage, a small decline in flows to liquefied natural gas (LNG) export plants, mild weather and forecasts for lower demand next week than previously expected. Front-month gas futures for October delivery on the New York Mercantile Exchange rose 8.0 cents, or 2.7 percent, to USD3.089 per million British thermal units at 8:44 a.m. EDT (1244 GMT), putting…

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Oil falls more than 1% as OPEC+ to consider another output hike

Admin

LONDON: Oil prices fell 1.5% on Thursday, adding to their more than 2% decline the previous session, as investors awaited a weekend meeting of OPEC+ at which producers are expected to consider another increase in output targets. Brent crude fell 89 cents, or 1.3%, to $66.71 a barrel by 1301 GMT, while U.S. West Texas Intermediate crude shed 85 cents, or 1.3%, to $63.12 a barrel. Eight members of the Organization of the Petroleum Exporting Countries and allies – known together as OPEC+ – will consider further increases to production…

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Switching to renewables: Saif Textile to install 10MW solar power system

Admin
solar-power-1

Saif Textile Mills Limited, a local yarn manufacturer, has inked a deal for the installation of a 10-megawatt solar power system, a move aimed at cutting energy costs and boosting profitability. The listed company disclosed the development in its notice to the Pakistan Stock Exchange (PSX) on Thursday. “Saif Textile Mills Limited has signed a contract with SkyElectric (Private) Limited for the supply and installation of a 10MW solar power system. “Once this solar power system becomes operational, it is expected to reduce the power cost and thus have a…

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FPCCI Trade Delegation in Oman on a Landmark Visit

Admin
New-Project7

Karachi: Oman – Pakistan Business Forum has been successfully organized at Oman Chamber of Commerce & Industry (OCCI) during FPCCI trade delegation’s visit to the brotherly country – which is being led by Mr. Saquib Fayyaz Magoon, SVP FPCCI. Engr. Hamoud Bin Salem Al-Saadi, Acting Chairman of OCCI, warmly welcomed the delegates. The forum was attended by H.E. Syed Naveed Bokhari, Ambassador of Pakistan in Oman; Mr. Aman Paracha, VP FPCCI; Sheikh Nadeem Mehboob Magoon, Chairman of FPCCI’s Pakistan – Oman Business Council; Senior FPCCI members; Omani businessmen and prominent…

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