Latest news with #RuleBook
Business Recorder
6 days ago
- Business
- Business Recorder
Fauji Fertilizer keen in acquiring stake in PIA
KARACHI: In a significant development for Pakistan's corporate and aviation sectors, Fauji Fertilizer Company Limited (FFC) has formally announced its intention to explore a potential acquisition of stakes in Pakistan International Airlines Corporation Limited (PIACL), the country's national flag carrier. In a disclosure to the Pakistan Stock Exchange (PSX), FFC revealed that its Board of Directors, during their recent meeting, approved the submission of an Expression of Interest (EOI) and prequalification documents to the Privatization Commission of Pakistan. This strategic move signals FFC's growing interest in participating in the ongoing privatization process of state-owned enterprises, particularly the financially troubled national airline. The board also sanctioned a comprehensive due diligence exercise to thoroughly assess PIACL's financial, operational, and legal standing before any final investment decision. The official disclosure was signed by Brig Khurram Shahzada (Retd), Company Secretary of FFC, and filed in accordance with Sections 96 and 131 of the Securities Act, 2015, and Clause 5.6.1 of the PSX Rule Book. Pakistan's Fauji Fertilizer seeks entry into aviation, eyes PIA acquisition Industry analysts view this cross-sector interest as a bold diversification strategy for one of Pakistan's leading fertilizer manufacturers. If it proceeds, it would mark a rare entry of an agro-sector giant into the aviation industry, potentially setting a precedent for other corporates to explore similar opportunities. This development comes as the federal government accelerates efforts to privatize loss-making state-owned enterprises under its broader economic reform agenda. PIACL, burdened by mounting debts, operational inefficiencies, and persistent financial losses, has remained on the privatization list for several years. A previous privatization attempt in late 2024 collapsed after receiving only one bid of Rs?10 billion, far below the government's reserve price of Rs?85 billion. Investor confidence was undermined by PIACL's heavy debt burden, an 18 percent sales tax on new aircraft, and a lack of clear financial safeguards. The failed effort cost the exchequer $4.3 million in advisory fees and forced the government to reassess its strategy before re-launching the process in early 2025. As part of its renewed privatization push, the federal budget for 2025–26 introduced a major incentive, granting GST exemptions on aircraft imports and leases, effective retroactively from March 19, 2015. The waiver covers complete aircraft (purchased or leased), spare parts, maintenance kits, simulators, engines, and key Maintenance, Repair, and Overhaul (MRO) equipment. This broad tax relief aims to ease PIACL's financial burden, improve operational capacity, and enhance its appeal to private investors. Market observers believe that FFC's interest could inject much-needed momentum into the privatization drive and encourage other institutional investors. In its commentary, AKD Securities noted that this follows the government's major restructuring of the national carrier, carving out net liabilities of PKR 654 billion and non-core assets into PIA Holding Company Ltd. (Holdco) — effectively transforming PIACL into a debt-light entity. Notably, the airline was EBITDA-positive in CY24, with a reported equity value of PKR 3.6 billion as of December 2024. With PKR 147 billion in cash and short-term investments on a standalone basis as of March 2025, FFC possesses the financial strength to pursue such a transaction, analysts added. The government's decision to privatize PIACL arises from years of financial losses, mismanagement, overstaffing, an aging fleet, and persistent operational challenges. Copyright Business Recorder, 2025
Business Recorder
6 days ago
- Business
- Business Recorder
FFC keen in acquiring stake in PIA
KARACHI: In a significant development for Pakistan's corporate and aviation sectors, Fauji Fertilizer Company Limited (FFC) has formally announced its intention to explore a potential acquisition of stakes in Pakistan International Airlines Corporation Limited (PIACL), the country's national flag carrier. In a disclosure to the Pakistan Stock Exchange (PSX), FFC revealed that its Board of Directors, during their recent meeting, approved the submission of an Expression of Interest (EOI) and prequalification documents to the Privatization Commission of Pakistan. This strategic move signals FFC's growing interest in participating in the ongoing privatization process of state-owned enterprises, particularly the financially troubled national airline. The board also sanctioned a comprehensive due diligence exercise to thoroughly assess PIACL's financial, operational, and legal standing before any final investment decision. The official disclosure was signed by Brig Khurram Shahzada (Retd), Company Secretary of FFC, and filed in accordance with Sections 96 and 131 of the Securities Act, 2015, and Clause 5.6.1 of the PSX Rule Book. Pakistan's Fauji Fertilizer seeks entry into aviation, eyes PIA acquisition Industry analysts view this cross-sector interest as a bold diversification strategy for one of Pakistan's leading fertilizer manufacturers. If it proceeds, it would mark a rare entry of an agro-sector giant into the aviation industry, potentially setting a precedent for other corporates to explore similar opportunities. This development comes as the federal government accelerates efforts to privatize loss-making state-owned enterprises under its broader economic reform agenda. PIACL, burdened by mounting debts, operational inefficiencies, and persistent financial losses, has remained on the privatization list for several years. A previous privatization attempt in late 2024 collapsed after receiving only one bid of Rs?10 billion, far below the government's reserve price of Rs?85 billion. Investor confidence was undermined by PIACL's heavy debt burden, an 18 percent sales tax on new aircraft, and a lack of clear financial safeguards. The failed effort cost the exchequer $4.3 million in advisory fees and forced the government to reassess its strategy before re-launching the process in early 2025. As part of its renewed privatization push, the federal budget for 2025–26 introduced a major incentive, granting GST exemptions on aircraft imports and leases, effective retroactively from March 19, 2015. The waiver covers complete aircraft (purchased or leased), spare parts, maintenance kits, simulators, engines, and key Maintenance, Repair, and Overhaul (MRO) equipment. This broad tax relief aims to ease PIACL's financial burden, improve operational capacity, and enhance its appeal to private investors. Market observers believe that FFC's interest could inject much-needed momentum into the privatization drive and encourage other institutional investors. In its commentary, AKD Securities noted that this follows the government's major restructuring of the national carrier, carving out net liabilities of PKR 654 billion and non-core assets into PIA Holding Company Ltd. (Holdco) — effectively transforming PIACL into a debt-light entity. Notably, the airline was EBITDA-positive in CY24, with a reported equity value of PKR 3.6 billion as of December 2024. With PKR 147 billion in cash and short-term investments on a standalone basis as of March 2025, FFC possesses the financial strength to pursue such a transaction, analysts added. The government's decision to privatize PIACL arises from years of financial losses, mismanagement, overstaffing, an aging fleet, and persistent operational challenges. Copyright Business Recorder, 2025
Business Recorder
7 days ago
- Business
- Business Recorder
Pakgen Power rejects reports of unusual share price increase
Pakgen Power Limited (PKGP) dismissed on Monday reports of increase in the prices of the shares of the company. 'We wish to state that we are not aware of any such matter or development that may have led to unusual movements and increase in price of the shares of the Company,' the company said in a notice to the Pakistan Stock Exchange (PSX) today. 'We assure you that the Company is fully cognizant of all applicable legal requirements with regard to dissemination of material information and if and when there will be any material information relating to the Company's affairs the same will be disseminated in accordance with the applicable requirements of the Securities Act, 2015 and Rule Book of Pakistan Stock Exchange Limited,' the notice added. Pakgen Power Limited (PKGP) was incorporated in Pakistan in 1995 with the registered head office company in Lahore. The principal activities of the power company are to own, operate and maintain an oil fired power station having gross capacity of 365 MW in Mehmood Kot, Muzaffargarh, Punjab, Pakistan.
Newsweek
29-04-2025
- Automotive
- Newsweek
Two Xfinity Teams Slammed With Major Penalties as NASCAR Drops the Hammer
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. NASCAR has confirmed two L1-level penalties for two NASCAR Xfinity teams: No. 87 Jordan Anderson Racing Chevrolet and the No. 99 Viking Motorsports Chevrolet. This follows the pre-race inspection at Talladega Superspeedway last weekend, where both cars violated regulations to their rear bumper covers. Sections 14.4.A and 14.4.11.C&D in the NASCAR Rule Book were specifically violated. With this, both teams have been fined $25,000 and deducted 20 driver and owner points, as well as 5 playoff points. Austin Green, driver of the Chevrolet, therefore drops to 48th position in the drivers' standings. Matt DiBenedetto, coming off a successful weekend at Talladega, stays in 24th place in the standings. Christian Eckes, driver of the #16 LeafFilter Gutter Protection Chevrolet, Austin Hill, driver of the #21 Bennett Transportation Chevrolet, Jeb Burton, driver of the #27 Golden Corral Chevrolet, Sammy Smith, driver of the #8 Pilot... Christian Eckes, driver of the #16 LeafFilter Gutter Protection Chevrolet, Austin Hill, driver of the #21 Bennett Transportation Chevrolet, Jeb Burton, driver of the #27 Golden Corral Chevrolet, Sammy Smith, driver of the #8 Pilot Chevrolet, and Justin Allgaier, driver of the #7 Hellmann's Chevrolet, race during the NASCAR Xfinity Series Ag-Pro 300 at Talladega Superspeedway on April 26, 2025 in Talladega, Alabama. MoreThe Rule Book states: "Unless otherwise specified, all body components must be used as supplied from the manufacturer without modifications." According to the violations confirmed by NASCAR, Sections 14.4.11.C&D specifically require teams to use the rear bumper cover Superspeedway extension, Five Star part #15001-45212, and also ensure that this extension must conform to NASCAR's specifications. The rear bumper cover extensions have a specific design to match the high speeds of superspeedway racing and how drafting creates unique aerodynamic demands for each car.
Business Recorder
23-04-2025
- Business
- Business Recorder
Barkat Frisian says to set up Rs500mn dried egg powder plant
Barkat Frisian Agro Limited (BFAGRO) said on Wednesday it would set up a dried egg powder production facility with an amount of Rs500 million financed through a debt facility and the company resources. The company shared the development in a notice to the Pakistan Stock Exchange (PSX). 'In accordance with Sections 96 and 131 of the Securities Act, 2015, and Clause 5.6.1(a) of the Rule Book of the Pakistan Stock Exchange, we are pleased to announce that the Board of Directors of Barkat Frisian Agro Limited (the 'company') has approved a new capital investment project. '…To incur a capital expenditure of approximately PKR 500 million in setting up a dried egg powder production facility, marking its expansion into a new product segment,' the notice read. Barkat Frisian Agro shares surge 10% on PSX debut, hit upper limit at Rs20.02 The project would be financed through a debt facility and the company resources, while the plant is expected to have an annual production capacity of 720–1,080 metric tons per annum, it added. 'This strategic expansion is expected to significantly contribute to the company's revenue growth and diversify its income streams. We are confident that this new product segment will unlock new market opportunities and create value for our shareholders,' the company said. Barkat Frisian Agro Limited – a joint venture of Frisian Egg Group of Netherlands and Pakistan's Buksh Group – hit the maximum price limit on the first day of the Dutch auction on February 17, 2025, raising equity worth totalling at Rs1.23 billion through selling 67.74 million shares at the PSX. Established in 2017, Barkat Frisian specialises in pasteurised egg products, including whole eggs, yolks, whites, and derivatives, catering to the HoReCa (hotel, restaurant, and cafe) sector, sauces, and mayonnaise industry, as well as the baking and confectionery market.
