Weekly Corporate Buzz

March 9, 2024

March 09, 2024 (MLN): MG's Weekly Corporate Buzz provides the reader with a concise recap of the latest corporate news. Here's a snapshot of the top headlines from the past week:

Otsuka Pakistan Limited (OTSU) temporarily closed its IV Solutions manufacturing for renovation and upgradation, aiming to enhance product quality.
Cnergyico Pk Limited (CNERGY) announced plans to invest over $1 billion in upgrading its refineries to produce Euro V standards-compliant gasoline and diesel.
Pakistan Refinery Limited (PRL) resumed refinery operations after a 37-day suspension for maintenance and inspection turnaround.
Pakistan Stock Exchange (PSX) introduced the Mahaana Islamic Index (MII30) to measure the performance of the top 30 Shariah-compliant companies, starting from March 11th.
Engro Fertilizers Limited (EFERT) emphasized the need for removing discriminatory gas pricing among fertilizer manufacturers to facilitate new investments and ensure sufficient urea availability for farmers.
Jazz partnered with TenX to revolutionize data management through Enterprise Feature Store (EFS) and Predictive AI Models, showcasing Pakistan's tech prowess at LEAP 2024 in Riyadh.
Sazgar Engineering Works Limited (SAZEW) witnessed a decline in auto rickshaw sales in February, reflecting market fluctuations.
Sui Northern Gas Pipelines Limited (SNGP) approved supplying a blend of indigenous gas and RLNG to the entire industrial sector to meet energy needs effectively.
Frontier Works Organization (FWO) and Pakistan Petroleum Limited (PPL) signed an agreement for mineral exploration in the Chagai area of Balochistan, marking a significant development in the mineral sector.
First Dawood Investment Bank Limited (FDIBL) changed its name to First Dawood Properties Limited, following shareholder approval.
Shell Pakistan Limited (SHEL) reported a significant profit increase in 2023, marking a turnaround from the previous year's loss.
Unilever Pakistan Foods Limited (UPFL) recorded a substantial profit increase in 2023, with directors recommending a final cash dividend.
Hub Power Co Ltd (HUBCO) expects a decline in power consumption in Pakistan due to higher tariffs and tepid industrial activity.
Indus Motor Company Limited (INDU) temporarily closed its production plant due to low inventory levels and supply chain challenges.
Cnergyico PK Limited (CYNERGY) shareholders will discuss the separation of the company into six segments during an Extraordinary General Meeting.
JDW Sugar Mills Limited (JDWS) received a short-term Sukuk rating of ‘A-1’ from VIS, reflecting high certainty of timely payment.
Ghani Global Holdings Limited (GGL) increased its authorized share capital to Rs4.2bn, aiming to support future growth initiatives.
Ghani Chemical Industries Limited (GCIL) shareholders decided to reallocate funds for ongoing projects, withdrawing an equity investment resolution.
D.G. Khan Cement Company Limited (DGKC) maintained stable entity ratings by PACRA, reflecting its enduring presence and financial strength in the cement sector.
The Securities and Exchange Commission of Pakistan (SECP) notified amendments to the Corporate Restructuring Companies Rules, 2019.