General

Statistics revealed that the number of demolitions and confiscations by Israel in the West Bank and East Jerusalem in 2016 have increased by 450% in comparison to 2015, signaling a covert attempt to establish a state for Israeli settlers in the Palesti...

Karachi, K-Electric Limited informed Pakistan Stock Exchange about transaction of shares of the company. 5,000 shares @ Rs. 8.10 per share were bought from the market on June 27, 2016 through CDC. K-Electric Limited formerly Karachi Electric Supply Company Limited was incorporated as a limited liability company on September 13, 1913. The foundations of the business were laid using the repealed Indian Companies Act, 1882 which is now referred to as the Companies Ordinance, 1984. The company is engaged in the business of generation, transmission and distribution of electric energy to industrial and other consumers under the Electricity Act, 1910 and Nepra Act, 1997. The registered office of the company is located in Karachi. The stocks of the company are quoted on the Karachi, Lahore and Islamabad Stock Exchanges of Pakistan. The company is at present a vertically-integrated power utility in Pakistan that manages the generation, transmission and distribution of electricity to the city. The Company covers an area of over 6,500 square kilometers and supplies electricity to all the industrial, commercial, agricultural and residential areas that come under its network, comprising over 2.2 million customers in Karachi and in the nearby towns of Dhabeji and Gharo in Sindh and Hub, Uthal, Vindar and Bela in Balochistan. The workforce employed by the company is more than 11,000 people. The entity was nationalized in 1952 but re-privatized on November 29, 2005. KESC came under new management in September, 2008 and was renamed as the Karachi Electric Supply Company which has now been rebranded as K-Electric. The symbol “KEL” is being used by the stock exchanges for the shares of K-Electric Limited.

Karachi, Pakistan Tobacco Company Limited informed Pakistan Stock Exchange about appointment of Syed Javed Iqbal as Chief Executive of the company in place of Mr. Graeme Douglas Amey with effect from July 01, 2016. Pakistan Tobacco Company Limited is a public listed company incorporated in Pakistan on November 18, 1947. The foundations of the company are formed under the Companies Act, 1913 now the Companies Ordinance, 1984. The company is engaged in the manufacture and sale of cigarettes. The shares of the company are the Karachi, Lahore and Islamabad stock exchanges of Pakistan. The registered office of the company is situated in Islamabad. The company is a subsidiary of British American Tobacco Investments Limited, United Kingdom. The ultimate parent company is British American Tobacco Plc. United Kingdom. The business was formed in 1902 with over 300 brands in the portfolio in over more than 180 countries. The brands which the company has include Dunhill, Benson and Hedges, John Player Gold Leaf, Capstan, Gold Flake and Embassy cigarettes. The symbol “PAKT” is being used by the stock exchange for the shares of Pakistan Tobacco Company Limited.

Karachi, Shadab Textile Mills Limited informed Pakistan Stock Exchange about transaction of shares of the company. 375,000 shares @ Rs. 59.75 per share were sold in the market on June 30, 2016 through CDC. Shadab Textile Mills Limited is a public limited company incorporated in Pakistan on August 19, 1979. The business of the company commenced on November 18, 1979. The foundations of the company are laid under the Companies Ordinance, 1984. The principal business activity of the company is manufacturing and sale of all types of yarn products. The spinning plant of the company is set at District Sheikhupura in the province of Punjab which went into production in February, 1982. The shares of the company are quoted on Karachi Stock Exchange of Pakistan. The registered office of the company is located at Lahore. The symbol “SHDT” is being used by the stock exchange for the shares of Shadab Textile Mills Limited.

Karachi, NBP Fullerton Asset Management Limited Funds informed Pakistan Stock Exchange that the Chief Executive Officer, under the authority granted by the Board of Directors, on June 29, 2016 has approved interim distribution out of the profit earned by the NAFA Funds. Unit Holders as at the close of business on June 28, 2016 will be entitled to the distribution. NAFA is a Non-Banking Finance Company with a license to perform Asset Management and Investment Advisory Services as per the NBFC Rules, 2003. The main sponsors of NAFA are National Bank of Pakistan and Fullerton Fund Management Group, Singapore, which in-turn is a wholly owned subsidiary of Temasek Holdings, Singapore. NAFA’s main area of business is Investment Management; more specifically floating and managing mutual funds, providing investment advisory and discretionary portfolio management services. Based on proficient management team, sound quality of systems and processes, sponsors’ strength, diverse product base and performance of funds under management, PACRA has given NAFA rating of AM2+ by PACRA (High Investment Management Standards).

Karachi, Husein Industries Limited informed Pakistan Stock Exchange that extraordinary general meeting of the company held on July 05, 2016 at Karachi. The agenda of the meeting was to approve the settlement arrived at with Habib Metropolitan Bank Limited and sale of Land, Building, Plant and Machinery in order to pay off its liabilities to Habib Metropolitan Bank Limited. Husein Industries Limited was incorporated in 1951 as a manufacturer and exporter of textile products. The company’s manufacturing activities includes spinning, weaving and processing of home textile and apparel. The products of the company range from bedding, curtains, cushions, blankets and other apparels. The registered office of the company is located in Karachi. The symbol “HUSI” is being used by the stock exchange for the shares of Husein Industries Limited.

Karachi, Atlas Asset Management Limited informed Pakistan Stock Exchange about the recommendations made by the board of directors in the meeting held at Karachi on June 11, 2016. Further, nil payment of cash dividend, bonus shares and right shares was agreed. Atlas Income Fund (AIF) was established by a Trust Deed dated February 20, 2003 between Atlas Asset Management Limited (AAML), a management company and Muslim Commercial Financial Services (Private) Limited (MCFSL)-a wholly owned subsidiary of MCB Bank as trustee. With effect from June 11, 2005, with the signing of the Deed of Change of Trustee and First Supplemental Trust Deed dated June 11, 2005, Central Depository Company of Pakistan Limited, (CDC), has been appointed as trustee in place of the retiring Trustee (MCFSL). The symbol “OEFAIF” is being used by the stock exchange for Atlas Income Fund.