Board Meeting in Progress of Bata Pakistan Limited

Karachi, Bata Pakistan Limited informed Pakistan Stock Exchange that a meeting of the Board of Directors of the Company scheduled to be held on December 30, 2020 at Lahore to consider and approve the budget and business plan for the financial year ending December 31, 2021.

Bata Pakistan Limited has been rendering its services in Pakistan since 1942. The company was incorporated in Pakistan in 1951 by the name of Bata Shoe Company Pakistan Limited. Later, the company went public in 1979 and was renamed to Bata Pakistan Limited. The principle activity of the company is manufacturing and sale of footwear products of all kinds along with sale of accessories and hosiery items. The registered office of the company is located in Batapur, Lahore. The shares of the company are quoted on Karachi and Lahore Stock Exchanges of Pakistan

The parent company of Bata is Bafin B.V. Netherlands, whereas the ultimate parent is Compass Limited, Bermuda. The company is a multinational operating in the local and international footwear market industry. Its retail network comprises of more than 400 retail outlets, 467 registered wholesale dealers, 13 wholesale depots, 28 wholesale distributors and 41 DSP wholesale franchises across the country. It employs more than 10,000 direct and indirect employees.

The symbol “BATA” is being used by the stock exchanges for the shares of Bata Pakistan Limited.

Board Meeting other than Financial Result of Saudi Pak Leasing Company Limited

Karachi, Saudi Pak Leasing Company Limited informed Pakistan Stock Exchange that board of directors meeting of the company will be held on December 21, 2020.

Saudi Pak Leasing Company Limited was incorporated in January 1991. In October 1997, Saudi Pak Industrial & Agricultural Investment Company acquired the entire 30% shareholding of Standard Chartered Bank. SAPICO is the second largest of the three investment companies set up by the Government of Pakistan as joint venture with other sovereigns. The Saudi Arabian government holds 50% equity stake in SAPICO with the other 50% held by Pakistan. The Company has a seven member board of which three, including the CEO, represent SAPICO, two, the Piracha Group, and one each, the Premier Mercantile Services and NIT. SPLC is one of the largest leasing companies in Pakistan in terms of asset size. The registered office of the company is located in Karachi. The company is listed on all the three stock exchanges in Pakistan which are namely Karachi, Lahore and Islamabad stock exchanges.

SPLCs main activity is writing full payout financial leases for establishing corporate entities. The preferred assets for leasing are machinery, computers, vehicles etc. The focus of the company is on the blue chip segment, which includes multinational companies and established local companies such as small and medium sector enterprise. The products of the company are for sole proprietorship, partnership concerns or even private limited companies. Its financial services are offered in various categories such as business and office equipment, manufacturing machinery, heavy machinery, medical equipment, automobiles and generators.

The symbol “SPLC” is being used by the stock exchange for the shares of Saudi Pak Leasing Company Limited.

Board Meeting in Progress of Pakistan International Airlines Corporation Limited

Karachi, Pakistan International Airlines Corporation Limited informed Pakistan Stock Exchange that a meeting of the Board of Directors of the Company scheduled to be held on December 30, 2020 at Karachi to consider First Quarter Financial Statements for the period ended March 31, 2018 and 2019 and Third Quarter Financial Statements for the period ended September 30, 2018 and 2019 is in progress.

Pakistan International Airlines Corporation (PIAC) has been converted via Pakistan International Airlines Corporation (Conversion) Act, 2016 (Act No. XV of 2016), dated 19 April 2016 from a statutory corporation to a company governed by the Companies Ordinance, 1984. The new entity is called Pakistan International Airlines Corporation Limited (PIACL).

Through the PIAC (Conversion) Act, 2016, PIACL has succeeded to all the assets, liabilities, duties and obligations of PIAC. Similarly, PIACL is now entitled to the benefits of all notifications, licenses, permissions, sanctions, authorizations, concessions, decrees, international air service authorizations, agreements, orders and benefits issued or granted in favour of PIAC.

All employees of every grade and category of PIAC is hereby assured that they stand transferred by the PIAC (Conversion) Act, 2016 to PIACL with the same designation and on the same terms and conditions as they held in PIAC.

All lenders (foreign and local, fleet and non-fleet) and other creditors of PIAC shall continue to enjoy from PIACL, the same contractual benefits and protections that they enjoyed from PIAC. All guarantees given by the Federal Government to secure PIAC’s obligations will now continue so as to secure the obligations of PIACL.

The shareholders of PIACL shall be deemed without any fresh issuance of shares to own and hold the same number of shares with the same rights and privileges (including as to class, kind, and face value) as they owned and held in PIAC immediately prior to the conversion.

All proceedings of every description and nature whatsoever by or against or relating to PIAC pending on the date of Conversion, in any court, tribunal, or other authority shall be continued, defended, prosecuted and enforced by or against or relating to PIACL in the same manner and to the same extent as they would have been continued, defended, prosecuted and enforced by or against or relating to PIAC, and the same shall not abate, be discontinued, prejudiced or otherwise affected by the conversion.

Transaction of 6,000 shares of Artistic Denim Mills Limited

Karachi, Artistic Denim Mills Limited informed Pakistan Stock Exchange about transaction of shares of the company. 6,000 shares @ Rs. 123.00 per share were sold in the market on December 29, 2020 through CDC.

Artistic Denim Mills Limited is a company incorporated in Pakistan on May 18, 1992. It is a public limited company which started its production in 1993. The foundations of the company are laid under the Companies Ordinance, 1984. The principal activity of the company is to manufacture and sell rope dyed denim fabric, yarn and value added textile products. The stocks of the company are quoted on the Karachi stock Exchange of Pakistan. The registered office of the company is located in Karachi.

The company is a complete vertical unit converting cotton to finished garments. The company is equipped with rope dyeing machines with a capacity of 140,000 meters.

The symbol “ADMM” is being used by the stock exchanges for the shares of Artistic Denim Mills Limited.

Credit of Interim Cash Dividend of Kot Addu Power Company Limited

Karachi, Kot Addu Power Company Limited informed Pakistan Stock Exchange that the interim cash dividend @ Rs. 1.50 per share i.e. 15% for the year ending June 30, 2021 has been credited electronically into the designated bank accounts of the shareholders of the Company on December 30, 2020.

Kot Addu Power Plant was built by the Pakistan Water and Power Development Authority in five phases between 1985 and 1996. It is located in Kot Addu, district Muzaffargarh, Punjab. In April 1996, Kot Addu Power Company Limited was incorporated as a public limited company under the Companies Ordinance, 1984 with the objective of acquiring the Power Plant from WAPDA. The principal activities of KAPCO include the ownership, operation and maintenance of the power plant. Successful completion of the offer for sale by the privatization commission on behalf of WAPDA in February 2005, 18% of KAPCO’s shareholding is now held by the general public. KAPCO is listed on the Karachi, Islamabad and Lahore Stock Exchanges of Pakistan.

KAPCO is an independent power producer with a capacity of 1600 MW. It comprises of ten multi fuel fired gas turbines and five steam turbines which are divided into three energy blocks with each block having a combination of gas and steam turbines. The power plant operates using combined cycle technology which enables it to use the waste heat from the gas turbine exhaust to produce steam in the heat recovery steam generator. It is a multi fuel gas turbine power plant with the capability of using natural gas, low sulphur furnace oil and high speed diesel to generate electricity.

The symbol “KAPCO” is being used by the stock exchange for the shares of Kot Addu Power Company Limited.

Guangxi Bolsters the Robust Development of Sports Economy and Culture through Deep Integration of Sports with Tourism

FANGCHENGGANG, China, Dec. 31, 2020 /Xinhua-AsiaNet/–The 2020 Hundred Health and Sports Companies’ Trip to Guangxi and the China-ASEAN Sports Tourism Carnival, co-hosted by the Guangxi Zhuang Autonomous Region Sports Bureau and Fangchenggang Municipal Government, was unveiled in Fangchenggang from December 19 to 21. The event witnessed a series of new projects and plans that has tapped the potential of Guangxi’s sports industry.

At the opening ceremony, the organizers introduced a batch of sports tourism boutique routes, sports complexes, sports tourism demonstration bases, mountain sports camps, aviation sports bases and sports industry demonstration projects in the region. Honorary plaques were awarded to five cities of Nanning, Guilin, Liuzhou, Beihai and Fangchenggang, which were selected as the first batch of sports tourism demonstration cities in Guangxi, and eight demonstration counties (districts), i.e. Yangshuo County and Xiufeng District of Guilin, Qingxiu District, Xingning District and Mashan County of Nanning, Lingyun County of Baise, Shangsi County of Fangchenggang, and Wuxuan County of Laibin, boosting the local sports tourism development.

Foster new economic growth points

At the end of 2018, Guangxi was approved by the General Administration of Sport of China to support the creation of a national sports tourism demonstration zone. Remarkable results have been made over the past few years. Currently there are eight boutique routes, 12 boutique attractions, and two destinations dedicated to national sports tourism, as well as one demonstration base, three demonstration projects, and one demonstration organization propping up the growth of national sports industry. Statistics showed that during the National Day Golden Week Holiday in 2019, Guangxi garnered 2.4782 million visits and a tourism revenue of 670 million yuan through its national and regional-level sports tourism boutique projects.

Guangxi has held the China-ASEAN Sports Tourism Carnival for two consecutive years from 2019 to 2020 (“Tourism Carnival”) to deepen the integration between sports and tourism, enhance the tourism quality, tap the potential of the sports sector, and create new growth points for the regional economy. From the unrivaled landscape in Guilin to picturesque sea views in Fangchenggang, Guangxi Zhuang Autonomous Region Sports Bureau has envisioned a bright prospect for its sports industry by bolstering domestic demand extensively and amassing industrial development momentum.

Lead the development of sports culture

A series of interesting activities were held during the tourism carnival to attract more tourists from the region and beyond.

Among them, the China-ASEAN Sports Tourism Expo was held in Fangchenggang Garden Expo Park. Featuring the design of different sports tourism scenes, seven themed areas were set up, i.e. marine sports experience area, sporting goods display area, smart sports area, JD sports area, marine leisure and food culture area, sports lottery area, and Fangchenggang urban area. More than a hundred exhibitors provided citizens and tourists with “digital-era” sports programs including marine sports equipment, intelligent fitness systems, VR sports competitions, badminton robots, and creative fitness games, which inspired the audience to explore more novel and exciting sports, enhanced the popularity of emerging fashion sports, and promoted the sports culture in Guangxi.

Boost sports consumption in Guangxi

As the first “highlight” of the Tourism Carnival, “2020 China-ASEAN Online Sports Product Consumption Week” opened on December 10. During the event, residents in Guangxi were subsidized when paying for sporting goods, which has invigorated the sports consumer market and stimulated sports consumption in Guangxi. According to statistics, JD.com issued 2.65 million coupons in nine batches, totaling 9.87 million yuan. The transaction value of local residents in Guangxi paying with coupons recorded 104 million yuan.

During the period, Fangchenggang also held a series of events such as mini-marathons, mountain cross-country races, sailing challenges, celebrity fishing charity races, and beach music festivals. Following activities such as “Winter Tour in Guangxi” and “Green Ecological Sports in Guangxi”, more than 40 major sports events above the city level were held in the region, recording over 250,000 direct participants (person-times).

SOURCE: Guangxi Zhuang Autonomous Region Sports Bureau

Zubair Motiwala, Shariq Vohra appeal PM to ensure fulfillment of uninterrupted gas supply commitment to industries

Karachi, December 31, 2020 (PPI-OT):Chairman Businessmen Group (BMG) and Former President Karachi Chamber of Commerce and Industry (KCCI) Zubair Motiwala and President KCCI M. Shariq Vohra have appealed Prime Minister Imran Khan, Federal Minister of Energy Omar Ayub Khan and PM’s Special Assistant Nadeem Babar to ensure that the commitments made to the business community for uninterrupted gas to industries on 24/7 basis were being fulfilled in letter and spirit. In a statement issued, they stressed that all the rumors or talks about gas crises for the month of January prove to be the other way around and the government must give an assurance in this regard which would be welcomed by the business and industrial community.

While referring to a statement given by PM’s Special Assistant on Petroleum Nadeem Babar at a news conference in which the Sindh government was criticized for giving misleading figure of around 2,500-2,600MMCFD (million cubic feet a day) gas production in Sindh while as per June data, the province was producing 2025MMCFD gas, Zubair Motiwala and Shariq Vohra said that the business and industrial community was totally confused over the unnecessary differences between the federal and provincial governments on a very serious issue. It was a matter of grave concerns that the quantum of gas, which is explored from Sindh, was not being provided to the industries of Karachi, they added.

Chairman BMG Zubair Motiwala said, “We, after long debates, had an agreement with the Energy Ministry in which we agreed to increase gas tariff from Rs786 to Rs930 per MMBTU as differential of RLNG and indigenous gas but this agreement was reached when it was committed by the government that gas would be provided to industries at optimum pressure and there will be no holidays.” “And now, the announcement has come that they have suspended gas supply to captive power plants which we fail to understand as the zero rated sectors agreed to pay the entire difference whether that of general industry or textile sector and in spite of all this, the industries are not functional”, he said, adding that since last 15 days when they (the government) claimed that they were supplying more than 200mmcfd of RLNG, the shortage persisted.

He said, “We fully agitate the announcement of the Advisor that from January 2021, the induction of RLNG to Karachi would be 50 mmcf instead of 200 mmcf and the reason given is that Fauji Fertilizer is going on turnaround which will save 60 mmcf and KE would also be reduced to 70 mmcf.” “Our question is that we have agreed to pay for our smooth production, who would be responsible for the loss of production, who would be responsible for unemployment, and who would be responsible for creating a situation in which we are unable to meet the commitments made to buyers”, he asked Chairman BMG said that the business community sat with the government, agreed on certain parameters and also agreed to pay the penalty of the same and then if the commitments were not being fulfilled again and the industry suffers on the same grounds, it is rather surprising and very disturbing for the entire industry.

President KCCI Shariq Vohra pointed out that the entire zero rated sector was questioning the increase in tariff from Rs786 to Rs930 per mmbtu as they were not getting the gas and they were of the opinion that if the agreement was not being abided by the government side, is it necessary that the industrialists also continue to abide it. “At least, they (the industrialists) should be compensated in terms of time which was wasted due to unavailability of gas and those days when the gas was not available that percentage should be compensated”, he added.

For more information, contact:
Director Press/Electronic Media and Public Relations
Karachi Chamber of Commerce and Industry (KCCI)
Aiwan-e-Tijarat Road, Off Shahrah-e-Liaquat,
Karachi-74000
Phone: +92-21-99218001-09
Fax: +92-21-99218040
Email: info@kcci.com.pk, secretary@kcci.com.pk
Website: www.kcci.com.pk

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