Skip to main content

PQFTL’s stake in Crescent Steel increases to 10.03pc

The Crescent Steel and Allied Product has disclosed that the shareholding of Pak Qatar Family Takaful Limited PQFTL in Crescent Steel and Allied Products Limited increased to 10.03 percent said the company in a statement to the Pakistan Stock Exchange on Friday. “By virtue of acquiring 130,000 ordinary shares, the Pak Qatar Family Takaful Limited shareholding in the company increased to 7,790,550 shares which is equivalent to 10.03% of the total issued shares of the Company,” the statement added.
Labels:

Comments

Post a Comment

Popular posts from this blog

State Bank of Pakistan issued new instructions over the Interest Rates and Deposit Rates

Post a Comment
Read more

SECP Links Short Selling With Uptick Rule in Futures Market

In the wake of COVID-19 and its unprecedented effect on global stock markets, the Securities and Exchange Commission of Pakistan  in consultation with market stakeholders and market infrastructure institutions, has decided that for the April 2020 contract, a short sale in 36 specific shares of the futures market shall be subject to an uptick rule. This will ensure the provision of a required prior notice period to the market and retain liquidity in the rollover week. The uptick rule means that the shares of that relevant scrip have to be sold at a price higher than the last trade not lower. Further, to support the mutual fund industry, the maximum period of borrowing by mutual funds for redemption purposes will be extended from existing 90 days to 360 days. Moreover, the commission has allowed relaxing deposit requirements against the base minimum capital of TREC holders. The requirement to perform biometric verification at the time of opening of the account is eased and ...
Post a Comment
Read more

(FFC) Urea price differential may lead to higher offtake for FFC

A 3pc YoY decline in urea offtake has neutralised the impact of higher urea prices (Rs260 per bag over 2019 vs. gas price hike impact of Rs180 per bag), keeping the gross profit flattish.  Results remained below their expectations due to one-off. Naeem shared that Fauji Fertilizer Company FFC posted 19pc YoY higher profit after tax of Rs17.1 billion (EPS: Rs13.45). Higher other income, up 85pc YoY, led by interest earned on cash reserves (GIDC accumulation) was the major earnings growth driver during CY19 while major drags included (i) 51pc YoY higher finance cost and, (ii) 62pc YoY higher other expenses, led by Rs1.1bn of impairment of FFL recorded (-ve EPS impact: Rs0.61/share) during 4QCY19. HIGHER OFFTAKE She recalled that the ECC had approved the removal of Gas Infrastructure Development Cess on feed/fuel gas supply for the fertilizer sector on January 20, in a move to make urea prices more affordable. Following the GIDC waiver, FFC announced Rs300/bag urea price...
Post a Comment
Read more