News Update
February 20, 2007The Sui Southern Gas Company (SSGC) has declined payments of billions of rupees to three public sector exploration and production (E&P) companies - the Oil and Gas Development Company (OGDC), Pakistan Petroleum Limited (PPL), and Government Holding (Pvt) Limited (GHPL)…SSGC owes over Rs 9 billion to the public sector oil and gas sector entities, with over Rs 4 billion major share to go to OGDC. Next comes PPL with Rs 2 billion. Similarly, GHPL is also facing financial crunch due to non-payment of outstanding amount of Rs over Rs 2 billion from SSGC…. Business Recorder
The price of fertiliser has been increased throughout the country by Rs 10 to the level of Rs 545 per bag… Daily Times
Shareholders of Crescent Commercial Bank Ltd (CCBL) have approved the issuance of 600 million ordinary shares at Rs 10 per share to Samba Financial Group (SFG) of Saudi Arabia….On completion of the deal, the bank’s issued and paid up capital will increase to Rs 8.8 billion, one of the highest in Pakistan’s banking sector.Samba, which is a premier financial group of Saudi Arabia with a market capitalisation of $ 22.5 billion and shareholder’s equity of $ 3.9 billion will have 68% stake in CCBL’s equity…. Aaj News
