KARACHI: The State Bank of Pakistan and all offices of the SBP Banking Services Corporation including the Public Debt Offices will remain closed on Monday, Nov 09. The day has been declared a public holiday by the government to mark the Iqbal Day, a press release of the State Bank said here on Friday.
Nishat power plant to start working today
ISLAMABAD: A 200-megawatt Nishat Power Plant will start functioning from November 7. Work on the $234 million Nishat Power Project kicked off in 2007. The Private Power Infrastructure Board (PPIB) and the Mansha Group had signed financial closure documents for commissioning of 400MW power projects worth $408 million on Jan 4, 2008. The financial closure was achieved for Nishat Power Project and Nishat Chunian Power Project of 200MW each and the projects are being set up at Kasur district. The sponsors of Nishat Power Project are Nishat Mills Ltd and those of Nishat Chunian Power Project are Nishat Chunian Ltd.
Naveed Ismail appointed KES MD
By our correspondent
KARACHI: KES Power, the parent company of Karachi Electric Supply Company, on Friday announced the appointment of Naveed Ismail as its managing director. Ismail was previously chief executive officer of KESC and his new role takes him to the holding company, responsible for strategic affairs, government relations and regional partnerships, said a press release issued here. Abraaj Capital, Al Jomaih Group and NIG of Kuwait are majority shareholders in KES. Ismail joined the KESC in September 2008 and will be based in Islamabad and Dubai in his new role.
SBP approves merger
KARACHI: The State Bank of Pakistan (SBP) has sanctioned the scheme of amalgamation of KASB Capital Ltd (KCL), Network Leasing Ltd (NLCL) with and into KASB Bank Ltd. According to information reaching the Karachi Stock Exchange on Friday, shares of KASB Bank have been issued to the shareholders of KCL and NLCL. It may be noted that the board of directors of KASB Bank had already approved the scheme of amalgamation. The merger is intended to increase the paid-up capital of KASB Bank to Rs12 billion while the number of branches will be enhanced to about 110. A senior executive of KASB Bank said the bank will raise the capital to Rs23 billion by 2011. “We have different options including direct investment injection and issue of right shares to raise the paid-up capital,” he added.
Govt asked to stop import of cotton, yarn
ISLAMABAD: Chairman of Pakistan Apparel Forum Muhammad Javed Bilwani on Friday asked the government to stop the import of cotton and cotton yarn. He said if the import of raw cotton is not stopped the value added industry would suffer. He suggested that the government should impose regular duty on the import of cotton and cotton yarn as it would help the value added industry to survive. He said it is the only sector which comprises small and medium industries. The value added industry is helping in earning foreign exchange and providing jobs to millions.
JSCL increases stake in PICT
KARACHI: Jahangir Siddiqui & Company Ltd (JSCL) has acquired 19.73 per cent ordinary shares of Pakistan International Container Terminal Ltd (PICT). According to information sent to the KSE on Friday, JSCL said that they already had 21.491 million ordinary shares or 19.69 per cent of the ordinary share capital of PICT.JSCL also purchased 41,008 ordinary shares of PICT on October 4, enhancing the total holding to 21.532 million ordinary shares