VIS Credit Rating Company assigns rating to proposed Islamic Commercial Paper of K-Electric Limited

Karachi, February 03, 2021 (PPI-OT): VIS Credit Rating Company Limited (VIS) has assigned preliminary rating of A-1+ (Single A One Plus) to K-Electric Limited’s (KE) proposed Islamic Commercial Paper (ICP-14) issue of up to Rs. 4.5 billion. The ICP-14 will have bullet repayment at maturity and will have a tenor of 6 months. The proceeds of the issue will be utilized for KE’s working capital requirements.
VIS has Read More…

PTCL Supports Islamabad Traffic Police Frontline Officers

Islamabad, February 03, 2021 (PPI-OT): Pakistan Telecommunication Company Limited (PTCL), as part of its coronavirus support program, has handed over face masks and hand-sanitizers for the Islamabad Traffic Police frontline officers during a ceremony held at the Deputy Inspector General (DIG) Security Office in Islamabad.
The ceremony was attended by Group Chief Marketing Officer, PTCL and Ufone, DIG Security DivisioRead More…

Bank Alfalah maintained operating profit at Rs. 25.5 billion

Karachi, February 03, 2021 (PPI-OT): The Board of Directors of Bank Alfalah Limited in its meeting held on February 3, 2021, approved the Bank’s audited financial statements for the year ended December 31, 2020. The Bank reported an operating profit of Rs. 25.468 billion, marginally higher than last year, despite lockdown in the country and the 625 bps drop in policy rate during the year. Subjective provisioning anRead More…

Mayor Islamabad endorses ICCI stand for reduction in property tax

Islamabad, February 03, 2021 (PPI-OT): Pir Adil Shah Gillani, Mayor Islamabad said that he was a public representative and protecting the interests of the public was his key responsibility while the making 300 percent hike in property tax by MCI in one go was not in favour of the citizens of Islamabad. Therefore, he fully endorsed the demand of the Islamabad Chamber of Commerce and Industry (ICC) for withdrawal of thRead More…

IMF preparing for an attack on masses, price fall claims unfounded: Mian Zahid Hussain

Karachi, February 03, 2021 (PPI-OT): Chairman of National Business Group of FPCCI, President Pakistan Businessmen and Intellectuals Forum and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Wednesday said the price of food and other essential items and services have seen an average increase of 31 percent during the last two and a half years.
The new high prices are stabilising buRead More…

Pakistan no longer an agricultural economy

Islamabad, February 03, 2021 (PPI-OT): Former President ICCI Shahid Rasheed Butt on Wednesday said Pakistan is no more an economy based on agriculture while it has also failed to move from agriculture to industry like dozens of developed nations. The country spent over one and a half billion dollars on import of wheat, sugar, cotton and other food items during the last six months despite the fact that livelihoods of Read More…

Citibank Appoints New Country Head for Pakistan

Karachi, February 03, 2021 (PPI-OT): Ahmed Bozai has been appointed as the new Citi Country Officer (CCO) for its business in Pakistan. He will be replacing Nadeem Lodhi, who retired from the bank last year. As CCO, Ahmed will assume overall responsibility for managing Citi’s business in the country and report to Elissar Farah Antonios, who was recently appointed as the Head of Citi’s Middle East and North AfricaRead More…

PACRA Maintains Rating of WAPDA – PPTFC – May-17

Lahore, February 03, 2021 (PPI-OT): The Water and Power Development Authority of Pakistan (WAPDA) is in the process of the construction of the DASU hydropower project (Dasu). Dasu, once completed would become the second-largest hydel project in Pakistan. Dasu stage 1 (2,160 MW) is expected to complete by 2023 with a cost of PKR 510.980bln (USD ~3.179bln). For partial financing of the project, WAPDA is issuing debt inRead More…

PACRA Maintains Rating of WAPDA – PPTFC – Sep-13

Lahore, February 03, 2021 (PPI-OT): The rating of PPTFCs reflects an unconditional and irrevocable guarantee by the Government of Pakistan (GoP). The guarantee covers the payment of total outstanding amount of the PPTFCs and related profit component. GoP would pay the entire called amount immediately upon receiving a demand notice from the trustee. Additionally, WHE is maintaining a debt payment account (DPA) under tRead More…

PACRA Maintains Rating of WAPDA – Sukuk – May-17

Lahore, February 03, 2021 (PPI-OT): The Water and Power Development Authority of Pakistan (WAPDA) is in the process of the construction of the DASU hydropower project (Dasu). Dasu, once completed would become the second-largest hydel project in Pakistan. Dasu stage 1 (2,160 MW) is expected to complete by 2023 with a cost of PKR 510.980bln (USD ~3.179bln). For partial financing of the project, WAPDA is issuing debt inRead More…