Day: March 4, 2024

Karachi, MCB Investment Management Limited (Formerly: MCB-Arif Habib Savings and Investments Limited), the management company of Alhamra Islamic Money Market Fund (ALHIMMF), announced a daily dividend payout. The Chief Executive Officer, on behalf of the Board of Directors, has approved a dividend of Re. .0547 per unit for the unit holders registered at the close of March 1, 2024.

This financial update pertains specifically to the stakeholders of the Alhamra Islamic Money Market Fund. The record date for the dividend distribution is set for March 1, 2024, ensuring that eligible unit holders who are on the register by the close of the business day will receive their respective payouts.

Karachi, UBL Fund Managers Limited has announced an interim cash dividend for its UBL Liquidity Plus Fund. The dividend has been set at Re.0.7462 per unit, which equates to a payout of 0.75 percent.

The distribution was approved by the Chief Executive Officer, acting under the authority of the Board of Directors. This interim distribution is for the period ending March 03, 2024.

Unit holders who were registered by the close of business on March 01, 2024, will be eligible for the dividend. The company has directed that this information be communicated to the TRE Certificate Holders of the Pakistan Stock Exchange.

Karachi, Bank Makramah Limited, previously known as Summit Bank Limited, announced its financial results for the year ended December 31, 2023, in its 140th Board of Directors meeting held on March 1, 2024. The bank reported no cash dividends, bonus shares, right shares, or any other entitlements or corporate actions for the period.

The financial statements revealed a marked increase in mark-up/return/interest earned, reaching Rs. 31,700,037,000 in 2023 from Rs. 8,140,810,000 in 2022. However, the bank also experienced a significant rise in mark-up/return/interest expensed, totaling Rs. 34,286,621,000 in 2023 compared to Rs. 10,404,148,000 in the previous year, resulting in a net mark-up/interest expense of Rs. (2,586,584,000) for 2023.

Non-mark-up/interest income showed some positive aspects, with fee and commission income increasing to Rs. 692,699,000 from Rs. 474,012,000 and foreign exchange income growing to Rs. 1,078,834,000 from Rs. 804,074,000. However, the bank reported a loss on securities of Rs. (1,303,591,000) and an overall total income decline to Rs. (1,389,347,000).

Operating expenses were reported at Rs. 7,146,413,000, up from Rs. 5,843,690,000 in 2022. After accounting for provisions and write-offs, the loss before taxation stood at Rs. (7,390,830,000), and the loss after taxation was reported at Rs. (5,318,616,000), with basic and diluted loss per share at Rs. (1.00).

In the consolidated financial statements, the figures were similarly concerning, with the total loss after taxation reaching Rs. (5,326,724,000) and both basic and diluted loss per share also at Rs. (1.00).

The Annual General Meeting for Bank Makramah is scheduled for March 29, 2024, at the Serena Hotel, Islamabad. The Share Transfer Books will remain closed from March 22 to March 29, 2024, for entitlement to attend the AGM.

Lahore, A significant meeting of the Board of Directors of Gulistan Spinning Mills Limited has been scheduled for Saturday, March 9, 2024. The primary agenda of the meeting is to elect seven directors for the upcoming Extraordinary General Meeting (EOGM) set for March 31, 2024.

In accordance with the Code of Corporate Governance under Listing Regulation No. 35 of the Pakistan Stock Exchange, the company has announced a “Closed Period” from March 2, 2024, to March 9, 2024. During this time, directors, the CEO, and executives are prohibited from dealing directly or indirectly with the company’s shares.

Members of the Exchange have been advised of these developments.

Karachi, Zubair Tufail, President of United Business Group and former president of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), has emphasized the critical need for the government to reduce industrial production costs and adjust energy prices to competitive levels in order to increase exports. Tufail outlined a strategy aimed at boosting the country’s exports from the current $30 billion to $50 billion within three years, a move he considers essential for Pakistan’s economic development.

According to United Business Group, Tufail highlighted the importance of setting the price of electricity at 9 cents per kilowatt-hour to align with regional competitors and foster an environment conducive to export growth. He criticized the government’s policy of increasing petroleum product prices on the recommendation of the International Monetary Fund (IMF), labeling it as detrimental to the populace and urging for an immediate halt to these daily price hikes.

In his address, Tufail also touched upon the broader implications of high living costs, including the impact of rising food, electricity, and fuel prices on low-wage earners and the poor. With the formation of a new government under Mian Shahbaz Sharif anticipated, he advocated for a substantial increase in the minimum wage to 42,000 rupees, in response to rampant inflation. Additionally, Tufail called for increased salaries for government employees, higher pensions for retirees, and a reduction in the State Bank’s interest rates to the lowest possible level as emergency measures to alleviate the economic burdens faced by the populace.

Tufail’s remarks underscore the urgency of implementing comprehensive economic reforms to mitigate inflation and stimulate export growth, underscoring the pivotal role of the private sector’s proposed plan in achieving a more prosperous future for Pakistan.

The post Karachi Business Leader Calls for Reduction in Industrial Costs to Boost Exports appeared first on Pakistan Business News.

Islamabad, Mian Zahid Hussain, a prominent figure in Pakistan’s business community, has voiced strong support for Shahbaz Sharif’s leadership as the Prime Minister, emphasizing the expected positive impact on the country’s economy and political landscape. Hussain, who holds various key positions including Chairman of the National Business Group Pakistan and President of the Pakistan Businessmen and Intellectuals Forum, highlighted the importance of political stability and a favorable business environment under Sharif’s tenure.

According to Pakistan Businessmen and Intellectuals Forum, Hussain outlined Sharif’s track record of successful governance as Chief Minister and noted his contributions to the country’s ongoing International Monetary Fund (IMF) program. He expressed confidence in Sharif’s understanding of economic issues and his ability to garner support from influential political figures like Nawaz Sharif and Asif Ali Zardari, as well as from friendly countries.

Hussain praised Sharif for inviting all political parties to support a charter of the economy immediately after his election and for extending an offer of national reconciliation. He urged the Pakistan Tehreek-e-Insaf (PTI) party to accept this offer, stressing the need for a comprehensive strategy that prioritizes national interests and ensures continuity in economic policies to attract and retain investors.

The business leader also called for a new agreement with the IMF, with a particular focus on reducing energy costs. He criticized the repeated increases in the price of electricity, gas, and oil, which, although temporarily beneficial to the energy sector, impose significant burdens on the general populace and hinder the industrial sector’s competitiveness.

Hussain pointed out the detrimental effects of high energy costs on production, demand, and exports, and emphasized the necessity of addressing these issues to foster industrialization and investment. He highlighted the government’s practice of passing on the costs of unused electricity, theft, and inefficiencies to consumers, which exacerbates poverty and weakens the industrial base.

Moreover, Hussain advocated for a reduction in the volume of imported fuel and called for incentives to promote clean and environment-friendly energy sources. He expressed concern that the current energy policies are discouraging investment in the clean energy sector and urged the Prime Minister to take immediate action to address these challenges.

The post Sharif’s Premiership Seen as Boon for Economy and Political Stability, Business Leader Says appeared first on Pakistan Business News.