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Site update: January 14 2022, at 18:15 PKST
Stock update: January 14 2022.

Recent Financial News in the 'company-news' category

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Tuesday, January 04 2022

Flying Cement starts operations of 12MW captive power plant
Flying Cement Company Limited has successfully started commercial operations of a captive power plant of 12 MW at its site in district Khushab, the company’s filing on PSX showed on Monday. This is a significant milestone achieved by the company in line with its strategic objectives of cost rationalization and optimization resulting in lower dependency on WAPDA’s power supply. “By virtue of this, the company is contemplating saving in energy cost up to 30% when compared to WAPDA’s surging tariff, which would positively reflect on the overall financial performance and profitability of the company,” the notification added.
Related news categories: business cement company-news economic-indicators misc psx stock-exchanges
Related symbols: flyng (news stock)

TPL properties acquires 40 acres land through 100% owned SPV
TPL properties has completed the acquisition of 40 Acres of land, located in Korangi Cantonment, adjacent to the Korangi Creek in Karachi through a 100% owned SPV, company’s filing on bourse showed today. “The company will be developing a world class mixed-use real estate development, backed by modern IT and related infrastructure, with the support of a leading international firm SSH. It is being designed within an environmental sustainability framework, aligned to the company’s focus of delivering on UN Sustainability Development Goals (SDGs),” the notice said. To recall, in November 2021, TPL Properties Limited (TPLP) had signed a Memorandum of Understanding (MoU) with Bahria Foundation, a trust that is engaged in industrial, commercial and developmental activities in Pakistan to utilize its expertise to design, develop, construct and market real estate, including potential tourist beach resorts. “We shall keep our shareholders updated with respect to any further updates by making further announcements as and when the project progresses,” the notice added.
Related news categories: business company-news economic-indicators misc psx stock-exchanges
Related symbols: tplp (news stock)

Thursday, December 23 2021

Summit Bank shifted to “Normal Counter” from defaulters’ segment
Summit Bank Limited (SMBL) has been shifted to the “Normal Counter” of the exchange with effect from Thursday, December 23, 2021, a notice issued by Pakistan Stock Exchange (PSX) said on Wednesday. In this regard, PSX has informed that SMBL has convened all the overdue Annual General Meeting (AGM) and submitted the Annual Audited Accounts. In view thereof, the non-compliances of SMBL under PSX Regulations 5.11.1. (c) & (d) stands rectified. To note, the National Clearing Company of Pakistan Limited (NCCPL) had placed SMBL in the defaulter’s segment with effect from Friday, January 17, 2020, as it failed to hold its AGM and submit its Annual Audited Accounts. SMBL has been advised to abide by all applicable rules and regulations of this exchange and observe due care in the future with respect to compliance requirements so that the interest of minority shareholders remains protected at all times, the notice added.
Related news categories: business comm-banks company-news economic-indicators misc psx stock-exchanges
Related symbols: smbl (news stock) helpline: +92-42-3631-4186 (10:30am to 5:30pm)