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Site update: January 16 2017, at 14:00 PKST
Stock update: January 13 2017.

Recent Financial News in the 'company-news' category

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Monday, January 16 2017

Hubco raises stake in coal power project
LAHORE - As per a notice issued by Hub Power Company (HUBC) at the Pakistan Stock Exchange (PSX), the company has increased its holding in China Power Hub Power Generation Company (Pvt.) Ltd (CPHGC) from 26 percent previously to 47.5 percent through its wholly owned subsidiary Hub Power Holding Ltd. This development increases company’s Target Price from Rs120 to Rs133, as value contribution from the coal plant increases from Rs19/share to Rs33/share. Experts maintain 'Hold' rating on the stock, however highlight that this latest development will garner investor interest.
Related news categories: business company-news economic-indicators misc power-gen-dist
Related symbols: hubc (news stock)

Friday, January 13 2017

SNGPL shuts down CNG stations in Rawalpindi
RAWALPINDI - All CNG stations in the city have been closed to improve gas pressure, a top official of SNGPL said here on Thursday. SNGPL Chief Engineer Javed Khan told APP that owing to the recent cold wave the demand for gas has increased drastically. He said teams have been set up to disconnect gas supply of those using gas compressors. He warned that beside disconnection, their gadgets will also be confiscated for using illegal means. He urged domestic consumers to avoid using gas heaters and geysers in morning/evening hours.
Related news categories: business company-news economic-indicators misc oilgas-exploration oilgas-marketing
Related symbols: sngp (news stock)

MoF urged to compel PIA to make payment to PSO
Pakistan State Oil (PSO) has requested the Ministry of Finance to compel Pakistan International Airline (PIA) to clear the outstanding dues of Rs 14.5 billion, saying if payments are not made as per plans, the PSO might not ensure uninterrupted jet fuel supply to PIA. In a letter written to Secretary Ministry of Finance, a copy of which is available with Business Recorder, the PSO has asked for payment of dues from PIA that have alarmingly swelled to Rs 14.454 billion as Pakistan State Oil is being financially constrained to stop paying to refineries for the jet fuel being supplied to the national flag carrier and in case of any stoppage of jet fuel to PSO by refineries, the PIA will solely be responsible for such breakdown in supply chain. The letter says, "Outstanding receivables of PIA against jet fuel supplies have accumulated to an alarming level of Rs 14,454 million. Despite our various meetings & letters and assurances by PIA, we have yet to receive any viable payment plan from them to clear the outstanding." The PIA is repeatedly defaulting on its payment obligations. Though repeated commitments have been made by PIA to reduce the outstanding dues, still they are failing to maintain daily upliftment payments. "As you know, PSO is also confronted with a serious liquidity crunch and non-payment by PIA is aggravating the situation. It is getting difficult for PSO to maintain supply chain throughout the country for uninterrupted PIA operations," says the letter.
Related news categories: business company-news economic-indicators misc oilgas-marketing transport
Related symbols: piaa (news stock) pso (news stock)

Thursday, January 12 2017

Joint venture: HUBCO increases stake to 47.5% in imported coal-fired project
KARACHI: The Hub Power Company Limited (Hubco) has increased stake to 47.5% from 26% in the joint venture of setting up a 1,320 megawatts (MW) power project on imported coal at an estimated cost of over $2 billion at Hub, Balochistan, according to a bourse filing on Wednesday. The increased stake is estimated to help the firm earn higher revenues from the two projects of 660MW each (combined 1,320MW), which are to come online by December 2018 and August 2019, respectively. “The Hub Power Company Limited in its board meeting has decided to exercise the option to increase its shareholding in China Power Hub Power Generation Company (Private) Limited (GPHGC), formed to set-up 2x660MW imported coal based plant at Hub, through its wholly owned subsidiary, Hub Power Holdings Limited, from 26% to 47.5%,” said Hubco Company Secretary Shamsul Islam, in a notification to the Pakistan Stock Exchange.
Related news categories: business company-news economic-indicators misc power-gen-dist
Related symbols: hubc (news stock)

FBR reopens KE’s sales tax claims worth Rs1.19bn
ISLAMABAD: The Federal Board of Revenue (FBR) informed the Public Accounts Committee (PAC) on Wednesday that it has reopened an input adjustment of sales tax claims worth Rs1.19 billion against K-Electric. The committee was informed that a reference of Rs1.19bn was sent to the FBR against KE. According to Rule 20(2c) of the Sales Tax Special Procedure Rules 2007, gas transmission and distribution companies shall charge sales tax at the rate of 25 per cent of the value of supply of natural gas to CNG stations. Similarly, according to Rule 58(h), electric supply companies shall charge and pay sales tax at the rate of Rs6 per unit of electricity consumed by steel-melters, re-rollers and composite units. Audit officials pointed out that two field offices of the FBR did not realise the amount of sales tax relating to CNG stations and steel-melters collected by three registered companies, which was adjusted against their input liability, depriving the government of its revenue amounting to Rs4.1bn for the years 2010-11 and 2011-12.
Related news categories: business company-news economic-indicators misc power-gen-dist
Related symbols: kel (news stock)

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