Govt urged not to shelve Pak-Iran pipeline

LAHORE (Staff Reporter): The business community has called upon the government not to shelve Pak-Iran gas pipeline project as it would not only strengthen Pakistan’s economy but would also bring down the graph of unemployment. PIAF Chairman Malik Tahir Javaid said that the business community was unable to understand that why the government was reluctant to pursue the project that was signed between the Presidents of the two countries in 2013 and likely to be commissioned in December 2014. He said that if the work on this mega project was started as per its schedule, the energy availability situation would have been quite different.

KCA calls for corrective steps to increase cotton productivity

KARACHI (APP): Karachi Cotton Association (KCA) has called for corrective emergency steps for increasing cotton production to meet the rising demand of local textile industry and have an adequate surplus for the export to ensure the presence of Pakistani cotton in the international market. Karachi Cotton Association (KCA), in a statement here on Wednesday, expressed its concern that productivity of cotton in the country has been stagnated at about 12 million bales for last many years due to different reasons. The main reason is the supply of uncertified/adulterated BT cotton seed or cotton seed to the growers for cultivation, statement added.

The KCA emphasised on multi-dimensional efforts and gearing up the government departments/organisations concerned to evolve new virus resistant cotton seed to improve the per acre yield of cotton in the country.

“Necessary arrangements be made to import virus resistant and well germinated cotton seed from any suitable cotton growing country to achieve the desired results,” it added.

100-year-old KESC changes its name to K-Electric

Karachi (Staff Reporter): Private utility company lost a hundred-year-old historical identity of Karachi Electric Supply Company as renamed K-Electric from KESC for their own interest, shareholders alleged that management of the company wants to run the affairs of the company without the interference of government authorities. While talking to The Nation General Secretary of KESC Shareholder Association Chaudhary Mazhar Ali said that the private utility company recently changes its company name as K-Electric from KESC only for their own interests. He informed that the management of the utility company has spent around Rs40 million for re-registration as K-Electric.

The company paid the fees to National Electric Power Regulatory Authority (NEPRA) fee, Security, Exchange Commission of Pakistan (SECP) and its power houses for registration and other expenditures.

He said that SECP had granted the permission for renaming the power utility company despite Nepra has yet to be allowed officially but the company officially announced its new name without adopting the formal permission from Nepra.

He said that management of the company has made K-Syndicate with K-Power and K-Energy both companies are sister organisations of K-Electric.

He pointed out that the future plan of the management is declared the status of K-Electric as multinational firm through the syndicate of K-Power and K-Energy as both the companies are operating from Dubai owned by private investors.

Chaudhary Mazhar said that as result of the status of multinational company Nepra would not fully griped the company in future.  He further said that it obligatory for the company to renew all the agreements with the governments and other firms otherwise all previous agreements will be defunct automatically. He said that KESC is a historical identity of the metropolitan city remains not changed in last 100 years and the stakeholders of the city remain tide-lip over the changing of identity. He demanded government to stop such identical changes and probe the agenda behind the word ‘K’.

Pakistan IPO Summit on 31st

LAHORE (Staff Reporter): South Asian Federation of Exchanges (SAFE) presents its fourth annual “Pakistan IPO Summit” to be conducted on 31st of Jan, 2014. The event is being organized with all the three stock exchanges as lead promoters and SECP, as Principal Patron. Minister of Privatization, Mohammad Zubair will be chief guest, along with Chairman SECP. Tahir Mehmood, and Zafar Abdullah, Commissioner SMD-SECP, have also consented to attend the event.   Lauded by market experts as an ideal venture, the Summit series started three years ago, and is designed to provide a unique platform to build cooperation amongst companies having potential for public offerings and the investment/financial services industry.

The event has acquired the status of the premier networking and information exchange meeting place linking the financial advisors/underwriters, regulators and exchange professionals with the corporate sector.

PPL books profit of Rs26.5b

LAHORE (Staff Reporter):  PPL has announced its 1HFY14 results. The company booked profit after tax of Rs26.5bn (EPS: Rs13.44) in 1HFY14 versus earnings of Rs22.3bn (EPS: Rs11.31) in 1HFY13, a growth of 19% YoY. Earnings announcement came in higher than our expectation of Rs13.02/share. Alongside results, PPL announced an interim cash dividend of Rs5/share.  In 2QFY14, net sales increased by 10%QoQ mainly on the back of higher production from Nashpa, while field expenditures remained stagnant at Rs6.8b (+1% QoQ). During 1HFY14, PPL’s topline increased by 15% to Rs58.5b as against Rs50.7b in 1HFY13 as it benefitted from higher oil production, PKR depreciation and higher net realized oil and gas prices.