8058
August 12, 2009
Dividends : Pakistan’s Hub Power Co Ltd (Hubco) reported a net profit of 3.78 billion rupees ($45.7 million) for 2008/09, a jump of 45.4 percent from the previous year. Hubco, the country’s second-largest private power producer, earned net profit of 2.6 billion rupees in 2007/08…The firm also announced a final cash dividend of 2.0 rupees per share…Source : Aaj News
Pakistan State Oil, the nation’s biggest fuel retailer, posted a full-year loss as declining prices eroded the value of its inventory. The net loss in the year ended June 30 was 6.69 billion rupees ($80.8 million), or 39.05 rupees a share, compared with a net profit of 14.1 billion rupees, or 81.94 rupees, a year earlier,… Sales rose to 719.3 billion rupees, from 583.2 billion rupees…Pakistan State Oil also recorded a loss because of higher financial costs, Khan said. The fuel retailer borrowed more from banks to bridge a shortfall caused by 56 billion rupees in delayed payments for fuel purchases by state-run power producers, he said.The company’s loan costs rose to 6.23 billion rupees in the year ended June 30, from 1.37 billion rupees a year earlier… Bloomberg
News : Oil and Gas Development Company (OGDC) has discovered new reserves of natural gas in Ghotki city of Sindh province…. the new reserves were discovered at Gadu Block-1 in Ghotki. Daily supply of 282,000 cf gas is expected to come from this source after completion of the preliminary research…Source : The News
MCB Bank Ltd., Pakistan’s biggest lender by market value, agreed to acquire Royal Bank of Scotland Group Plc’s Pakistan unit for about $87 million to increase branches and its expertise in financial transactions.MCB Bank will buy 1.7 billion shares, or a 99.4 percent stake, at 4.22 rupees apiece before making an offer for the remainder,…Bank of America Corp.’s Merrill Lynch and KASB Securities Ltd. advised MCB on the transaction. Morgan Stanley advised RBS….The purchase of RBS Pakistan, which has 75 branches in 24 cities, will expand MCB’s network of outlets to 1,139, according to the statement. RBS had assets worth 108 billion rupees ($1.3 billion) as of Dec., 31, 2008… Bloomberg
Market Low : 8,044.11 High : 8,135.36
Market Close : 8,058.46 — 13.96 points up
