Islamabad, Sep 11: BF Biosciences Limited plans to issue 28.3 percent additional shares through an Initial Public Offering (IPO) on September 25–26 in an effort to raise between Rs. 1.38 billion and Rs. 1.93 billion. Osman Khalid Waheed, Director of BF Biosciences, stated during the pre-IPO investor roadshow in Karachi that the company is seeking to raise between Rs. 1.38 and 1.93 billion in order to expand its main product lines and secure export certifications. BF Biosciences is a prominent player in the Pakistani biotech pharmaceuticals industry. Since the company has already completed a brownfield expansion, this strategic endeavor is…
Author: Mawadat Fatima
Islamabad, Sep 11: The Pakistani rupee (PKR) rose second day in a row against the US Dollar (USD) today after opening trade at 278 in the interbank market. It closed the green against the greenback after remaining steady all day. During today’s session, it recorded gains against the majority of the other major currencies. The interbank rate closed at 278/$, where it had spent the majority of the day. Today’s open market rates were rigidly set at the 278 level across a number of currency exchanges. The Pakistani Rupee gained seven paisas versus the US dollar today, and it appreciated…
Islamabad, Sep 11: Car Sales Increase August 2024 saw a strong 15% year-over-year (YoY) growth in car sales as Pakistan’s auto industry continued to grow. New model releases combined with a smaller base effect from the prior year drove this growth. The Pakistan Automotive Manufacturers Association (PAMA) has released figures showing that overall car sales in August increased to 8,699 units from 7,579 units in the same month the previous year. As a result, there was a notable 36% YoY rise in sales for the first eight months of the fiscal year (2MFY25), totaling 17,288 units. The research states that…
Islamabad, Sep 11: In the Sharjah Airport International Free Zone, Habib Rice Product Limited (PSX: HRPL) has established a fully owned subsidiary, Habib Rice Products (FZE). In a notice to the Pakistan Stock Exchange (PSX) on Wednesday, the company stated, “We are pleased to inform you that Habib Rice Products Ltd (HRPL) has incorporated a 100% wholly owned subsidiary Company Habib Rice Products (FZE) in Sharjah Airport International Free Zone (SAIF – Zone) and got license thereof.” According to the corporation, the subsidiary would support its efforts to win export contracts. Protein, sugar, and starch derived from rice are produced…
Islamabad, Sep 11: on Wednesday, Punjab Government to Give Tablets to School Teachers the Punjab Human Capital Investment Project has announced intentions to provide 3,718 tablets to elementary school teachers in 11 districts of Punjab. The Program Monitoring and Implementation Unit has already sent out a notification regarding the delivery of these tablets. Teachers in Early Childhood Education (ECE) will be in charge of the tablets, and they will utilize them to log attendance online. Additionally, these tablets will help enhance the monitoring system in schools across the 11 districts of Punjab.
Islamabad, Sep 11: Trade-Based Money Laundering in Pakistan the Financial Monitoring Unit (FMU) of Pakistan has determined that solar panels, textiles, chemicals, grains, and industrial equipment are among the commodities that are frequently connected to dubious trade. In its most recent report, “Transforming the fight against trade-based money laundering: New Data and Partnerships,” the Asian Development Bank (ADB) noted that based on pilot data, the FMU observed how criminals use “under-invoicing” to avoid paying taxes and customs duties while paying any outstanding balances through accounts kept overseas. The ADB Trade and Supply Chain Finance Program’s Trade-Based Money Laundering in Pakistan…
Islamabad, Sep 11: Pakistan beat Japan 2-1 to secure their first win at the Asian Champions Trophy 2024. Following the victory, Pakistan moved to the second position at the points table. Pakistan started their third match aggressively in contrast to their first two games where they started very defensively. Ahmad Nadeem opened the scoring for Pakistan in the ninth minute after finding Shahid Hannan and sending the ball to the back of the net. Pakistan with the help of Ahmed Nadeem secured first goal in the 9th minute of first quarter. Pakistan dominated the game as they struck one more goal in…
Islamabad, Sep 11: Avanceon FZE, a wholly owned subsidiary of the Avanceon Limited (PSX: AVN), has secured a multi-million-dollar project to deliver state of the art energy solutions and services. Avanceon stated in a notice to the Pakistan Stock Exchange (PSX) that the project’s acquisition highlights its dedication to providing the oil and gas industry in the Middle East and beyond with top-notch automation and control solutions. The notification further stated that this initiative provides a path for a favorable impact on the group’s operations and value for its shareholders.
Islamabad, Sep 11: Next week, the Punjab Excise Department will launch a new vanity number plate program that will let car owners add unique names and numbers to their plates. Muhammad Asif, Director of Excise, described the three categories available: corporate, platinum, and gold. The price of the platinum plates is Rs. 50 million, and that of the gold plates is Rs. 500,000. The most expensive category, targeted at corporations, is the corporate one, which would cost Rs. 100 million. Asif declared that he will always be the owner of these vanity plates. The agency will keep a database of…
Islamabad, Sep 11: The Lahore College for Women University (LCWU) hosted the launch of the Punjab government’s “Lifesavers Initiative” on Tuesday. Cardiopulmonary resuscitation (CPR) and hemorrhage management are two vital life-saving skills that this curriculum aims to teach university and college students. The goal of the campaign, which was launched in conjunction with World First Aid Week, is to motivate Punjab’s schoolchildren to learn life-saving skills. The Emergency Services Department Secretary, Dr. Rizwan Naseer, highlighted the program’s objective of equipping every home with a trained first aider in order to create a nation of lifesavers. Vice Chancellor of LCWU Uzma…
