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Site update: January 18 2017, at 17:45 PKST
Stock update: January 18 2017.

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Wednesday, January 18 2017

Maple Leaf places $80m plant order
KARACHI: Maple Leaf Cement Factory Ltd has given an order to Danish firm FLSmidth for engineering, procurement and supply of equipment for a complete cement production line with a daily capacity of 7,300 tonnes. The plant will be located in Iskanderabad, Mianwali. In a statutory filing at the Pakistan Stock Exchange (PSX) on Tuesday, the company said it had signed a contract on Monday with the Danish company for supply of equipment for the new clinker line-3. “The project is expected to begin trial production in February 2019,” the MLCF company secretary said in the statement. Insight Securities said the production line-3 would cost more than $80 million and the total cost of the entire expansion project is estimated at $200m.
Related news categories: business cement company-news economic-indicators misc
Related symbols: mlcf (news stock)

PIA seeks increase in GOP guarantee limit
Pakistan International Airlines (PIA) has approached the Finance Ministry for an increase in GoP guarantee limit by Rs 10.5 billion to Rs 161.5 billion from Rs 151 billion on the plea that its financial woes have increased after the crash of PK-661, sources close to Finance Minister told Business Recorder. The Economic Co-ordination Committee of the Cabinet will consider PIA's request in its meeting on Wednesday (today), the sources added. The liquidity crises of PIACL, sources said, have been continuing for several years and 2016 was not much different. The addition of aircraft has improved the flight regularity and operational efficiency of the airline but revenue could not be augmented due to low yields and excess capacity. Despite these limitations, PIACL pulled along in 2016 with the support of the Government. According to sources, recent crash incident of PK-661 has drastically impacted the airline both in financial and operational terms. The shake down inspections of the fleet required support on an urgent basis and hampered revenue. The situation is getting worse as PIACL has not been able to pay to the lessors which may result in grounding of aircraft or lead to default. Similarly, PSO receivables have ballooned and fuel supplies have been refused. Saudi Arabia Civil Aviation Authority (GACA) has also threatened to stop PIA's operations in case of further non-payment.
Related news categories: business company-news economic-indicators misc transport
Related symbols: piaa (news stock)

OGDCL awards contract to Chinese company
Oil and Gas Development Company Limited (OGDCL) has awarded a contract to BSS Petrochemical Equipment Company China through local partner Gas Tech International for designing, manufacturing, supplying and commissioning of Hot Oil Package for its Uch-II Development project. The cost of the project is around $12 million. The production package comprises of four units of heaters along with hot oil circulation pumps, skids, sump and expansion vessel etc. The package includes complete instrumentation with PLC-based logic control. The system has already been installed and commissioned in December 2016 by the commissioning engineers of BSS along with OGDCL team. This is one of the largest Hot oil package plan ever commissioned in Pakistan's oil and gas plants and also the project come across with many challenges during its execution but in the end it was commissioned very effectively and it was great effort and achievement of the milestone from the manufacturer - BSS with the help of Gas Tech International to complete this massive process plant.
Related news categories: business company-news economic-indicators misc oilgas-exploration oilgas-marketing
Related symbols: ogdc (news stock)

Tuesday, January 17 2017

Processing, export: Fauji Meat officially begins commercial operations
KARACHI: Fauji Meat Limited – a subsidiary of Fauji Fertilizer Bin Qasim Limited (FFBL) – officially commenced commercial operations of its meat processing and export business on Monday. FFBL Group GM Finance/CEO Syed Aamir Ahsan said the firm kick-started the operations in April 2016 and booked sales revenue close to an estimate of Rs1 billion in the first nine months (April-December 2016). “The revenue would touch Rs16-20 billion in the next 1-2 years,” Ahsan told The Express Tribune on the sidelines of inaugural ceremony of the abattoir in Bin Qasim, Karachi. This is one of the world’s largest meat processing and exporting plant established at a cost of $75 million. The abattoir and meat processing facility has a daily production capacity of 100 tons of meat (85 tons of beef and 15 tons of mutton) in frozen and chilled categories for worldwide export.
Related news categories: chemical company-news fertilizers misc
Related symbols: ffbl (news stock)

December 2016: Backed by Engro transaction, FDI up massive 328%
KARACHI: After remaining subdued for five successive months, the foreign direct investment (FDI) in Pakistan turned positive year-on-year in December 2016 with inflows of $595 million, up 328% from $139 million in the same month of the previous year, according to data released by the State Bank of Pakistan (SBP) on Monday. However, the majority portion of the December increase was due to a one-off investment transaction conducted by a Dutch company for the acquisition of Engro Foods. Pakistan has recorded low levels of foreign investment in recent years. Many foreign investors have pulled out because of security threats, persistent energy crisis and poor governance.
Related news categories: business company-news misc personal-care
Related symbols: efoods (news stock) helpline: +92-042-3631-4186 (10:30am to 5:30pm)