Latest news with #CompaniesOrdinance
Business Recorder
a day ago
- Business
- Business Recorder
Askari Insurance, ADHL finalise Rs432mn real estate deal
Askari General Insurance Company Limited (AGIC) has purchased commercial property worth over Rs432 million from Askari Development and Holdings (Private) Limited (ADHL), an associated company. The listed insurance company disclosed the development in its notice to the Pakistan Stock Exchange (PSX) on Tuesday. As per the notice, AGIC has entered into a related party transaction with ADHL, to acquire a commercial property located on the second floor of Askari Corporate Tower in Lahore. The transaction, valued at approximately Rs432.4 million (excluding transaction costs), involves the purchase of a 12,011 square foot commercial floor. Giving rationale behind the said transaction, AGIC said that 'the transaction is intended to secure long-term capital appreciation and enhance asset diversification of the company'. 'No director or executive of Askari General Insurance Company Limited has any direct or indirect personal interest in the subject transaction,' read the notice to the stakeholders. The company shared that Army Welfare Trust (AWT) holds approximately 59.25% of the issued share capital of Askari General Insurance Company Limited and also exercises control over ADHL. At the time of filing this report, the share price of AGIC was hovering at Rs51, an increase of Re0.47 or 0.93%. AGIC was incorporated under the Companies Ordinance, 1984 (repealed with the enactment of the Companies Act, 2017 on May 30,2017) as a public limited company on 12 April 1995. The company is engaged in non-life insurance business comprising of fire, marine, motor, health and miscellaneous. The Company is a subsidiary of Army Welfare Trust.
HKFP
5 days ago
- Business
- HKFP
Official data show record-high company registration figures in Hong Kong
Hong Kong has logged record-high company registration figures, with close to 1.5 million local firms registered in the city as of June, according to the latest official data. The number of non-Hong Kong companies registered under the Companies Ordinance and opening offices in the city had also reached an all-time high of 15,509 by the end of June, the Companies Registry (CR) said on Friday. In the first half of this year, Hong Kong saw 84,293 newly registered local firms and 761 overseas companies set up a place of business in the city, the latest CR figures show. Close to 50,000 local companies deregistered, and 378 non-Hong Kong firms ceased to operate in the city over the same period, according to an HKFP tally based on the figures. The CR attributed the increase in company registrations to two amendments made to the Companies Ordinance in the first half of this year, which the government says aim at facilitating local business and attracting overseas enterprises and investments. The first amendment, effective April 17, has facilitated listed companies incorporated in Hong Kong to hold or sell the shares they have bought back from the market. The second amendment, effective May 23, has offered non-Hong Kong corporations a streamlined route to re-domicile in the city. Hong Kong has launched a drive to attract international business amid global trade uncertainty triggered by US President Donald Trump's tariff wars. Last month, Chief Executive John Lee likened the city's economic outreach efforts to 'chasing a girl.' Southeast Asian and Middle Eastern countries are Hong Kong's priority for deepening trade ties as the city is attempting to reduce its reliance on the US market, he said in the interview with the South China Morning Post. The CR did not provide a breakdown of the origins of the non-Hong Kong companies that have set up shop in the city. Unemployment figures Meanwhile, the Census and Statistics Department (C&SD) said on Thursday that Hong Kong's latest unemployment rate stood at 3.5 per cent in the April to June period, while the underemployment rate also remained unchanged at 1.4 per cent. The number of unemployed persons was 136,200 in the April to June period, up 400 from the March to May period. Increases in the unemployment rate were mainly seen in the construction sector and the food and beverage sector, the C&SD said in a press release. The construction sector logged a 6.8 per cent unemployment rate in April to June – up 0.5 per cent from the March to May period. The latest figure for the food and beverage sector was 6 per cent – up 0.3 per cent from the previous period. Secretary for Labour and Welfare Chris Sun said that 'various industries in Hong Kong are undergoing transition,' but 'the continued expansion of the Hong Kong economy should provide support to the labour market.'
Business Recorder
7 days ago
- Business
- Business Recorder
JSCL announces merger of Quality Energy Solutions and Energy Infrastructure Holding
Jahangir Siddiqui and Company Limited (JSCL) announced on Wednesday the merger between Quality Energy Solutions (Private) Limited and Energy Infrastructure Holding (Private) Limited. The development was shared in a notice to the Pakistan Stock Exchange (PSX) today. JSCL said that the Securities and Exchange Commission of Pakistan (SECP) has 'approved the merger effect from May 31, 2025.' Jahangir Siddiqui & Co was incorporated under the repealed Companies Ordinance, 1984, on May 04, 1991, as a public unquoted company. The principal activities of the company are managing strategic investments, trading of securities, consultancy services, etc.
Business Recorder
11-07-2025
- Business
- Business Recorder
Ideal Spinning Mills shuts spinning unit amid unfavourable conditions & rising costs
In a setback for the country's key textile sector, Ideal Spinning Mills Limited has decided to shut down its spinning operations, citing unfavourable market conditions and rising costs. The textile mill disclosed the development in its notice to the Pakistan Stock Exchange (PSX) on Friday. 'The Board of Directors of Ideal Spinning Mills Limited in its meeting held today, i.e. 11 July 2025, has accorded approval for sale/disposal of the company's spinning segment's major portion of plant and machinery,' read the notice. The company said the decision has been taken given prevailing unfavourable conditions for spinning,g especially demand for yarn and costs of operations. 'Hence, the company will discontinue its spinning operations but continue with its weaving and socks units,' it informed. The Board of Directors have decided to convene an Extraordinary General Meeting (EoGM) to seek the stakeholders' approval in this regard. Ideal Spinning Mills Ltd is a public limited company incorporated in Pakistan on 8 June 1989 under the Companies Ordinance, 1984. The principal activity of the Company is the manufacturing and sale of yarn, cloth and hosiery products. Days ago, the textile export industry urged the government to immediately address unresolved budget anomalies, as continued inaction could disrupt exports and weaken exporters' confidence. Pakistan stands at a crossroads, and with the right policy support, exporters can generate growth, employment, and economic stability, said Chairman Pakistan Textile Exporters Association Sohail Pasha. He pointed out that Pakistan's value-added textile sector is currently facing severe setbacks due to taxation measures introduced in the Finance Act 2024, which replaced the simplified Final Tax Regime (FTR) with the more burdensome Normal Tax Regime (NTR). He said export proceeds are subject to the deduction of 1% Advance tax under Section 154 as minimum tax. Simultaneously, an advance tax @1% has been levied through the insertion of sub-section (6C) in section 147; however, contrary to this, local supplies are liable to payment of 1% advance tax.
Business Recorder
07-07-2025
- Business
- Business Recorder
Pakistani companies with market cap of over $2bn at PSX
The Pakistan Stock Exchange (PSX) has hit record highs in recent weeks with its benchmark KSE-100 Index sitting pretty at over 130,000. It hit an all-time high of 131,949.07 on Friday, with analysts attributing the market's record-breaking trajectory to aggressive institutional buying, strong earnings expectations, and positive macroeconomic indicators. With the growth of the KSE-100 – widely seen as a benchmark for market performance – Business Recorder is listing companies with the highest market capitalisation with the figure of $2 billion used as a qualification criterion. As of July 7, 2025, a total of five companies listed at the PSX have a market capitalisation of $2 billion or more. OGDC currently leads the list with a market cap of $3.46 billion. Oil and Gas Development Company Limited (OGDC) ($3.46 billion) Oil and Gas Development Company Limited (PSX:OGDC) is the largest exploration and production (E&P) company in Pakistan with operations including exploration, drilling operation services, production, reservoir management, and engineering support. The company has the most extensive exploration acreage in Pakistan, covering over 40% of the country's total acreage awarded with net hydrocarbons of oil and gas. With over 67%, the Government of Pakistan is the largest shareholder in OGDC, followed by the OGDC Employee Empowerment Trust and Privatisation Commission of Pakistan. Its profile on the PSX says the company was incorporated on October 23, 1997 under the Companies Ordinance, 1984 (now the Companies Act, 2017). The company was established to undertake exploration and development of oil and gas resources, including production and sale of oil and gas and related activities formerly carried on by Oil and Gas Development Corporation, which was established in 1961. The market capitalisation of OGDC at the PSX stands at $3.46 billion. **United Bank Limited (UBL) ($2.98bn) Founded in 1959, United Bank Limited (UBL) is a banking company incorporated in Pakistan and is engaged in commercial banking and related services. The bank is a subsidiary of Bestway International Holdings Limited which is a wholly owned subsidiary of Bestway Group Limited. UBL operates one of the largest branch networks in Pakistan with over 1765+ branches and 1750+ ATMs along-with the bank's branchless banking proposition, UBL Omni spread all over the country, according to the information available on its website. Bestway Group is a diversified multinational family-owned business with annualised turnover in excess of £4.5 billion. Starting off as a chain of retail convenience stores, the group has grown to become a diversified multinational business with interests across the wholesale, pharmacy, real estate, cement and banking sectors. The market capitalisation of UBL at the PSX stands at $2.98 billion. Mari Petroleum Company Limited (MARI) ($2.73 billion) By operating the country's largest gas reservoir at Mari Gas Field, Daharki, Sindh, Mari Petroleum Company Limited (PSX: MARI) is the second largest producer of natural gas. A public limited company incorporated in Pakistan in 1984, Mari Petroleum is an integrated oil and gas exploration and production company and around 70% exploration success rate, which is much higher than industry averages of around 33% national and 14% international. Mari's key customers include fertiliser manufacturers, power generation companies, gas distribution companies; and refineries. The market capitalisation of MARI at the PSX stands at $2.73 billion. Meezan Bank Limited (MEBL) ($2.29 billion) Meezan Bank Limited (PSX:MEBL), Pakistan's first and largest Islamic bank, is a public limited company incorporated in the country in 1997. The bank formally commenced its operations in 2002 after being issued the first-ever Islamic commercial banking licence by the State Bank of Pakistan. Currently, the bank is engaged in corporate, commercial, consumer, investment and retail banking activities. As per data available on the MEBL's website, it has a retail banking network of more than 1,000 branches across the country. MEBL's branch network is supported by banking services that include over 950 ATMs, VISA and MasterCard Debit cards, a call center, internet banking, mobile application and SMS banking facility. The market capitalisation of MEBL at the PSX stands at $2.29 billion. **Fertilizer Company Limited (FFC) ($2.05 billion) Fauji Fertilizer Company Limited is incorporated in Pakistan as a public limited company. The company is engaged in the manufacturing, purchasing and marketing of fertilisers and chemicals. The company also undertakes investment in other fertiliser, chemicals, cement, food processing, energy generation and banking operations. As of December 31, 2024, FFC has a total of 1,423.109 million shares outstanding which are held by 29,400 shareholders. Associated companies, undertakings and related parties (Committee of Admin Fauji Foundation) have the majority stake of 43.51% in FFC followed by local general public holding 25.06% shares. Public sector companies and corporation account for 9.62% shares of FFC while banks, DFIs, NBFIs, Insurance, Pension Funds, Takaful and Modarabas collectively hold 9.02% shares. Around 2.39% of FFC's shares are held by foreign companies. The remaining shares are held by other categories of shareholders. The market capitalisation of FFC at the PSX stands at $2.05 billion. Among other listed companies at the PSX several stocks boast market capitalisations exceeding $1 billion, including Lucky Cement (LUCK), Pakistan Petroleum Limited (PPL), and MCB Bank Limited (MCB), Colgate-Palmolive Pakistan (COLG), and Nestle Pakistan (NESTLE). Market capitalisation for each company was calculated on Monday, July 7, 2025 (10am). For the purpose of this calculation, the exchange rate was used at Rs283 to 1 US dollar.
