Politics The Supreme Court of Pakistan has decided to hear petition that seeks disqualification of Prime Minister Nawaz Sharif under the Articles 62 and 63 of Constitution. Hearing of the petition will commence from today. (BR) Economy The weekly numbers of SPI released by Pakistan Bureau of Statistics (PBS) depicts an increase of 0.13% for the week ended Sep 25’14 versus an increase of 0.18% for the previous week. SPI for lowest income group rose by 0.18% against reported increase of 0.20% in the previous week. (Shajar Research) The International Monetary Fund (IMF) has confirmed the delay in the finalization of fourth review and is unwilling to give any specific date for the release of next tranche worth US$555mn under the EFF program. (BR) The Privatization Commission is scheduled to kick-start a road show on Oct 2’14 in London for Global Depository Shares (GDSs) and Secondary Public Offering (SPO) of ordinary shares in OGDC. The international market road shows will also be held in Hong Kong, Singapore, UAE, Frankfurt, Stockholm, New York, Boston and Chicago. (BR) The Privatization Commission has invited submission of technical and financial proposal for appointment as Lead Manager and Book Runner (LM&BR) for divestment of Government of Pakistan’s ~10% shareholding in Allied Bank Limited (ABL). Last date for the submission of technical and financial proposals is Oct 28’14. Chemical On a summary seeking permission to import 600k tons of urea, the ECC approved imports of 185k tons of urea to meet the needs of Rabi crops and also directed to improve gas availability to fertilizer sector. It also directed that a detailed proposal to meet the remaining requirement of 415k tons may be submitted to the next ECC meeting. However, floods has affected a crop area of around 2mn acre which may dampen the demand of urea by 200k tons. Furthermore, the committee has also turned down a proposal to give PkR5 bn in subsidy for 5 years to Tuwairqi Steel Mills by providing gas at a concessionary rate. (ET) Market The book building of Saif Power Limited is scheduled to commence on Sep 30’14 from 9:00AM to 5:00PM. Out of total offer size of 48.30mn shares, the book building portion comprises of 36.23mn shares (75% of total offer), while general public portion comprises of residual 12.07mn shares (25% of total offer). The price band for book building has been set as PkR18/share to PkR30/share. Our report on this development is expected to release (Today). Cement According to the APCMA, illegal cement is being imported from Iran with 50% tax evasion which is being detrimental to the domestic industry and the national exchequer. (Dawn) Regards, Shajar Research
Posted on: Mon, 29 Sep 2014 06:37:55 +0000