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THE RUPEE: steadier trend
May 24, 2013
Steadier trend was witnessed on the money market on Thursday in process of rising demand for the greenback, dealers said. Positive developments on the political front, giving a boost to the national currency Read More . .

THE RUPEE: steadier trend

May 24, 2013


Steadier trend was witnessed on the money market on Thursday in process of rising demand for the greenback, dealers said. Positive developments on the political front, giving a boost to the national currency and probably the rupee may not fluctuate versus the dollar in the coming days.
INTERBANK MARKET RATES: The rupee picked up three paisa against the dollar for buying at 98.46 and it also picked up five paisa for selling at 98.48, they said.
OPEN MARKET RATES: While, the rupee managed to hold overnight levels for buying and for selling at Rs 99.75 and Rs 99.95, they said. The national currency appreciated by 60 paisa in terms of the euro for buying and selling at Rs 128.00 and Rs 128.25, they said.
In the fourth Asian trade, the yen gained across the board, bouncing sharply off a 4-1/2-year low against the dollar and notching up a two-week high against the euro after a whiplash move in stocks prompted investors to scramble for safety in Japanese bonds.
The yen was squeezed 1.5 percent up to 101.62 yen after investors took weak Chinese factory data as an excuse to topple the Nikkei from a 5-1/2-year high, sending it plummeting 7.3 percent and prompting a rush for Japanese debt. The dollar was trading against the Indian rupee at Rs 55.46, the greenback was at 3.0325 in relation to the Malaysian ringgit and the US currency was at 6.1352 in terms of the Chinese yuan.

SECP registers 327 new limited liability firms
May 17, 2013
The Securities and Exchange Commission of Pakistan (SECP) has registered 327 new limited liability companies during April 2013, raising the corporate portfolio to 62,203 companies. Read More . .

SECP registers 327 new limited liability firms

May 17, 2013


:The Securities and Exchange Commission of Pakistan (SECP) has registered 327 new limited liability companies during April 2013, raising the corporate portfolio to 62,203 companies.
The SECP in its continued efforts to promote corporatization in the country is holding seminars with all stakeholders, conducting awareness campaigns, and extending facilities. Out of the 327 new companies registered during April 2013, around 92% companies registered as private limited companies, 5% companies registered as single-member companies, while the remaining 3% registered as public limited companies.
A number of foreign investors showed interest in investing in Pakistan as confirmed by investment in 12 new companies involved in diverse business areas. The Sectors include, trading, telecommunications, power generation, lodging, tourism, fuel and energy, import/export, automobiles and IT sectors.
These companies have foreign investors from Canada, China, Panama, South Korea, the United States, the UAE and Ukraine. The interest of foreign investors is also a reflection of the SECP’s facilitative regime for foreign investors including, fast track provisional registration of companies having foreign directorship.
Overall, the services sector has taken the lead in new registrations with 50 new companies, followed by tourism with 45 companies, trading with 38, I.T. with 30, and the remainder in broadcast media, construction, communications, food and beverages, finance and banking.
Out of the 327 companies registered, 103 companies were registered at the Company Registration Office (CRO) in Lahore, while the CROs in Islamabad and Karachi registered 94, and 74 companies respectively. During April 2013, returns for increase in the authorized capital of 84 companies were accepted, resulting in total authorized capital increment of Rs. 32.11 billion. In addition, 96 companies filed returns for increase in their paid-up capital with the total increase amounting to Rs. 9.04 billion.

SECP takes actions against noncompliant market participants
May 10, 2013
The Securities and Exchange Commission of Pakistan (SECP) has endeavored to continue its efforts for the development of a transparent and efficient stock market by ensuring investors' protection and strengthening the enforcement procedures. Read More . .

SECP takes actions against noncompliant market participants

May 10, 2013


The Securities and Exchange Commission of Pakistan (SECP) has endeavored to continue its efforts for the development of a transparent and efficient stock market by ensuring investors' protection and strengthening the enforcement procedures.
"Adopting an aggressive approach for the prevalence of a fair market, the Securities Market Division (SMD) has been practicing vigilant supervision and stringent oversight of the securities market", says a statement issued by the Commission here today.
In this regard, during the month of April 2013, the SMD have issued 10 Orders, 34 Show Cause Notices, and 12 Warning Letters to various companies, and individuals for contravening the various provisions of the Securities and Corporate Laws.
Order was passed against the Chief Executive Officer of CYAN Ltd, who was also a director in Dawood Hercules Corporation Ltd, an associated listed concern, for indulging in a scheme of insider trading, and a penalty of Rs. 1 million was imposed.
Further, in the same context, an order was passed against CYAN Ltd for insider trading in the scrip of Dawood Hercules, and a penalty of Rs. 2 million was imposed; moreover, an order was issued against CYAN Ltd for trading in the shares of its associated concern in the closed period.
Based on the findings of on-site inspection of the Karachi Stock Exchange (KSE) Brokers conducted by SECP, orders were issued against Axis Global Ltd, Al-Hoqani Securities, Shajar Capital Ltd, First Equity Modaraba, Muniff Ziauddin Junaidy & Co, Nasir Javaid Maqsood Imran Ashfaq Chartered Accountants and Riaz Ahmad Saqib Gohar & Company Chartered Accountants.
During the month of April 2013, five Show Cause Notices have been served for insider trading to various entities and individuals; moreover, three Show Cause Notices have been issued to listed companies for violation of the Listing Regulations; a further six Show Cause Notices were issued to KSE, Brokers and their Auditors for violation of the Securities and Exchange Ordinance, 1969.
In addition, sixteen Show Cause Notices were issued to Directors and Beneficial Owners of listed companies for late filing of the returns of beneficial ownership, and four Show Cause Notices were issued to Beneficial Owners and Issuers of the listed securities for recovery of the tenderable gain under Section 224 of the Companies Ordinance, 1984.
In the month of April 2013, Warning Letters were issued to Ashfaq Textile Mills, KSB Pumps Company, and Prudential Capital Management for not abiding by the Listing Regulations of the KSE; moreover, nine Warning Letters were issued to the Beneficial Owners of Bank of Khyber, Murree Brewery Ltd and Pak Gum & Chemical Ltd for late filing of returns of beneficial ownership.

SECP makes Online Filing of returns mandatory
May 8, 2013
The Securities and Exchange Commission of Pakistan (SECP) has made it mandatory for all listed companies and companies in other categories to file documents, returns, accounts and applications, through SECP’s eServices online filing facility. Read More . .

SECP makes Online Filing of returns mandatory

May 8, 2013


:The Securities and Exchange Commission of Pakistan (SECP) has made it mandatory for all listed companies and companies in other categories to file documents, returns, accounts and applications, through SECP’s eServices online filing facility.
The SECP had issued a notification in this regard on March 13, 2013, wherein, May 13, 2013 was given as an effective date, for the mandatory online filing.
Requirement of mandatory filing is applicable to all listed companies; Companies which had filed last document return accounts or any application through eServices or will file any document, return, accounts or application through eServices from May 13, 2013 onward. Earlier, this requirement was made applicable only to companies, which had been incorporated through eServices online filing facility. This online mandatory filing requirement will be applicable to the filing of documents, returns, accounts and applications for which eServices online submission mode is available.
This facility has been provided in line with overall objective of the SECP i.e. moving towards an automated regime and providing services with efficiency and in minimum possible time. This eServices filing facility is an easy and hassle-free mode of submission for companies to make statutory filing, along with an added feature of lesser fees as compared to manual/physical filing.

Pakistan spends US$ 4.377bn on telecom imports in five years
April 29, 2013
Pakistan has imported around US $ 4.377 billion mobile phone handsets and other telecom apparatus during last five years with telecom imports of US $ 1.331 billion only in 2007-08, the most promising year for the sector. Read More . .

Pakistan spends US$ 4.377bn on telecom imports in five years

April 29, 2013


Pakistan has imported around US $ 4.377 billion mobile phone handsets and other telecom apparatus during last five years with telecom imports of US $ 1.331 billion only in 2007-08, the most promising year for the sector.
Pakistan Telecommunication Authority (PTA) in its year 2012 report has revealed that the country imported mobile phone handsets with battery of US $ Dollar 1.428 billion and other telecom apparatus worth US Dollar 2.949 billion.
It said during 2012, total telecom imports in the country reached US $ 954 million, showing a sharp rise of 24.5 percent over the previous year.
This increase in total telecom imports is due to a sharp rise in imports of cellular mobile handsets in the country, which have reached US $ 465.3 million in 2012 compared to 218.2 million in 2011, registering a growth of 113 percent.
This fresh rise in the import of cell phones is due to an increasing demand for less costly Chinese mobile handsets while cellular subscribers have reached 120 million and an increasing demand for expensive smart phones in the country.
The report said this import demand is at the back of attractive mobile Internet packages and upcoming 3G services.
A huge import bill of almost half a billion dollar for cell phones is not desirable under current economic situation when country's trade deficit has reached US $ 15.4 billion and country is facing a current account deficit of US$ 4.5 billion.
The Authority is encouraging existing and new companies to initiate telecom manufacturing in the country. The government and PTA are willing to provide all possible cooperation to facilitate the process. It said to begin with, assembly lines can be established for selected telecom equipments with the help of country's close trading partners.
During year 2007-08, the country imported mobile phone handsets with battery worth US $ 445.9 million, in 2008-09 US $ 129.7 million, in 2009-10 US $ 169.23 million, in 2010-11 US $ 218.2 and during 2011-12, the country spent US $ 465.3 million on handsets import.
Similarly, on other telecom apparatus, the country spent US $ 885.1 in 2007-08, US $ 570.4 in 2008-09, US $ 556.45 in 2009-10, US $ 548.1 in 2010-11 and US $ 488.7 in 2011-12.

PSO’s after tax profit increased by 3.8 percent
April 24, 2013
The Pakistan State Oil (PSO) has posted sound financial results over the nine months from July, 2012 to March, 2013 with its earnings after tax increased by 3.8 percent. The Board of Management met at PSO House to review company's performance for the first nine months of the financial year 2013. Read More . .

PSO’s after tax profit increased by 3.8 percent

April 24, 2013


The Pakistan State Oil (PSO) has posted sound financial results over the nine months from July, 2012 to March, 2013 with its earnings after tax increased by 3.8 percent. The Board of Management met at PSO House to review company's performance for the first nine months of the financial year 2013.
The meeting was chaired by Ahsan Bashir and members in attendance were Dr. Mirza Ikhtiar Baig. Mr. Mohammad Naeem Malik, Mr. Malik Naseem Hussain Lawbar, Mr. Raja Hameed Ahmed Saleem, Mr. Muhammad Azam and Naeem Y. Mir-CEO&MD, PSO.
In the period under review, PSO's revenues rose to Rs 930 billion as compared to Rs 862 billion in the corresponding period last year, representing a growth of 7.8 %, says a press release.
After tax earnings also witnessed significant improvement and increased to Rs. 9.31 billion in the period under review in comparison to Rs. 8.97 billion during the corresponding period last year representing an increase of 3.8 %.
During this time period, industry volumes for Black Oil remained stable while White Oil grew by 1% reflecting an increase in Mogas consumption of 16%. PSO's share of the MOGAS segment also grew to 50.9% in comparison to 49.6% while the HSD market share increased to 57.6% against 54.8% last year.
At the meeting, the Board appreciated the Company management's efforts on behalf of the shareholders as well as the employees and the general public.
At the same time, the Board expressed increasing concern over the balance of receivables, including price differential claims, which stood at over Rs 142.8 billion as on March 31, 2013.
They observed that the financial costs of this debt coupled with the continuously increasing receivables from the power sector continued to hurt the overall profitability of the company and directed efforts to be made to reduce the impact of the burdening financial costs through constant pursuit for recovery of receivables from the power sector entities as well as from the Government of Pakistan.
Keeping in view the financial constraints the Board did not approve any dividends for the period under review. The Company management thanked the members of the BoM for their direction and pledged to act on their instructions for the future benefit of the shareholders.
Company also continued to hold onto the lions share of the market with its share in the White Oil segment growing to 56.0% of the overall market while its share in the Black Oil segment stood at 74.7%, thereby contributing to a total market share of 64.3%.
Living up to its role as the nation's leading Public Sector Company; PSO has inaugurated the first of its kind Fortified Medical Center at PSO House. Also during this period, PSO formally inaugurated the first street under its unique CSR Street Program in Thatta, Sindh.
Recently, in April PSO has taken further steps along the path of becoming an integrated energy company and building a self-reliant energy chain by signing various strategic agreements. This has included signing a MoU with Engro PowerGen Limited (EPL) to review the technical and economical feasibility of the Thar coal project. Additionally a second MoU has been signed with the Government of Khyber Pakhtunkhwa (GoKP) for the establishment of a state-of-the-art oil refinery with a capacity of 40,000 barrels per day in District Kohat - Khyber Pakhtunkhwa. PSO has also initiated a number of new and innovative marketing projects to project its image.
With this in mind, the Company has inaugurated the first of its kind "Diesel Square" in Karachi and plans to replicate this project in multiple cities nationwide. Another first for PSO has been the inauguration of the world's first "Community Owned Station" in Gujrat which shall help bring about a social revolution at a grass roots level by distributing the station's profit amongst local area stakeholders.

Corporate upbeat rate continues: SECP
April 15, 2013
The Securities and Exchange Commission of Pakistan (SECP) registered 383 new limited liability companies in March, bringing the total corporate portfolio to 61,887 companies. According to a statement issued by the Commission Read More . .

Corporate upbeat rate continues: SECP

April 15, 2013


: The Securities and Exchange Commission of Pakistan (SECP) registered 383 new limited liability companies in March, bringing the total corporate portfolio to 61,887 companies.
According to a statement issued by the Commission here Monday, compared with preceding month, 8 percent growth in corporate registration has been witnessed.>
The growth witnessed is a result of persistent efforts put forth by the SECP in order to promote corporatization in the country, including holding of various seminars with all stakeholders, awareness campaigns and facilitation extended.
Chasing the previous trend, around 93 percent companies registered as private limited companies, while around 6 percent companies registered as single-member companies during the month. Due to the SECP's facilitatation regime for foreign investors including, fast-track provisional registration of companies having foreign directorship.
Considerable foreign investment has been witnessed by nationals from Germany, Panama, China, the UK, the Netherlands, North Korea, Russia, Syria, Turkey, Italy and Japan, in 12 new local companies. These companies are from communications, engineering, mining and quarrying, trading, construction, services and automobile parts sectors.
The tourism sector has taken the lead in new registrations with the incorporation of 54 new companies. This month, followed by trading with 52 companies, services with 44, I.T. with 28, corporate agricultural farming with 20, broadcasting and telecasting with 17, communications with 16, construction with 13, food and beverages, and transport with 11 companies each.
Historically, most companies get registered in Lahore or Karachi, however, this month 115, were registered at the Company Registration Office (CRO) in Islamabad.
It is followed by the CROs in Lahore and Karachi, registering 105 and 101 companies respectively. The Peshawar and Multan CROs registered 23 companies each, while the CRO in Faisalabad and Quetta registered 10 and 5 companies respectively.
The Sukkur CRO registered 1 company. During the month returns for increase in the authorized capital of 101 companies were accepted, with the total authorized capital increment of Rs24.55 billion. In addition, 98 companies filed returns for an increase in the paid-up capital with the total enhancement amounting to Rs10.25 billion.

SECP seeks to cut fees for late filing of returns, accounts
January 21, 2013
The Securities and Exchange Commission of Pakistan has proposed certain amendments to the 2003 Companies (Registration Offices) Regulations, whereby a substantial reduction in the additional fees for late submission of statutory returns. Read More . .

SECP seeks to cut fees for late filing of returns, accounts

January 21, 2013


:The Securities and Exchange Commission of Pakistan has proposed certain amendments to the 2003 Companies (Registration Offices) Regulations, whereby a substantial reduction in the additional fees for late submission of statutory returns, annual accounts and other documents filed by the companies has been proposed.
As per current regulations, on late filing of documents, heavy additional fee is being charged which might be a reason for non-compliance and low rate of filing of overdue statutory returns by companies. Through this amendment, SECP has proposed to reduce the burden of additional fee to be paid by companies. This is likely to increase compliance rate.
Additional fees which are required to be paid as one time additional fee for a delay of not more than 15 days, two times for a delay of not more than 45 days and three times for delay of more than 45 days, shall now be paid as one fourth times for a delay not more than one month, one half times for a delay not more than six months, equal to usual fee for a delay not more than one year, one and half times for a delay not more than two years, two times for a delay not more than three years, two and half times for a delay not more than four years and three times for a delay of more than four years.
The SECP has thus proposed that the additional filing fee may be revised by spreading the period of filing of delayed statutory returns over a period of four years in seven steps, instead of just 45 days as contained in the existing regulations.
The draft amendments have been published in the official gazette vide S.R.O. No. 23 (I)/2013 for information of all persons likely to be affected thereby. Any objections or suggestions received within 14 days shall be considered by the Commission.