Briefs

Fossil Energy to acquire Clover Pakistan

By our correspondent

KARACHI: Fossil Energy Pvt Ltd has expressed intention to acquire 51 percent shareholding along with the management control of Clover Pakistan Limited, a bourse filing said on Wednesday.

Fossil Energy Pvt Ltd through their manager AKD Securities Limited has expressed intention to acquire at least 4.811 million ordinary shares of Clover Pakistan Limited. Saleem Butt owns 90 percent stakes in Fossil Energy and is also a director on the board of Hascol Petroleum, as Fossil Energy owns 10.45 percent shareholding in Hascol Petroleum, it added.

According to Clover Pakistan’s annual report for 2015, the company’s wrist watch business is continuously suffering losses due to competition from smuggled products and replica products.  Therefore, the company decided to discontinue this activity and parked its excess cash in market funds and government securities, it said.

NBP, PPAF sign MoU

By our correspondent

KARACHI: The National Bank of Pakistan (NBP) and the Pakistan Poverty Alleviation Fund (PPAF) signed a memorandum of understanding (MoU) to offer graduates business loans, a statement said on Wednesday.

The graduates of the Prime Minister’s Interest Free Loan Scheme have been given an opportunity to get business loans from Rs100,000 to Rs2 million under the Prime Minister Youth Business Loan Scheme for enhancing their business operations, it added.

Prime Minister’s Youth Programme chairperson Leila Khan and Benazir Income Support Programme chairperson Marvi Memon witnessed the signing ceremony. The NBP continues its lead role in bringing about a positive change in the lives of the common people through the Prime Minister Youth Business Loan Scheme, it added.

With the objective to improve the financial circumstances of the masses and create more job opportunities for the youth of the country, the bank is striving hard to focus on reaching out to the true beneficiaries of the PMYBL scheme.

JS Bank wins award

News Desk

KARACHI: JS Bank has been awarded with “Clean Energy Branches Award” at the sixth Energy Awards, organised by the Pak Energy Review, a statement said on Wednesday.

Mustafa Brohi, senior vice president, marketing and brand management of JS Bank, received the award on behalf of the bank, it added.  The award recognises the positive impact JS Bank has had through its successful conversion of branches to solar power, which includes all computers, servers; ATM and teller stations, paving the way to help overcome energy crisis in Pakistan.

Over the years, JS Bank had always strived to benefit the country and its citizen through various green initiatives, leading to an environmentally sustainable planet, converting its branches to solar, indulging in various philanthropic activities through its charitable arm, Mahvash & Jahangir Siddiqui Foundation to support tree plantations, it added. 

UBL Funds launches investment centres

By our correspondent

KARACHI: UBL Fund Managers Limited (UBL Funds) announced expansion of its network with the launch of six new investment centres across Pakistan during the course of May and June 2017, a statement said on Wednesday.

Aiming at increasing its reach and customer base, UBL Funds will inaugurate investment centres in Jhelum, Rawalpindi, Peshawar, and Gujranwala, along with relocation in Hyderabad.

In addition, investment centres in Faisalabad and Islamabad will be added to the portfolio exclusively for investors of Al-Ameen Funds – UBL Fund Managers Islamic product portfolio, it added.  These investment centres aimed at providing convenience and ease of access to potential investors and will further contribute to the growth of the mutual funds industry in Pakistan.

Aramco signs deals to build shipyard

AL KHOBAR: Saudi Aramco plans to build the Gulf´s largest shipyard through a joint venture with three companies that it announced on Wednesday, a $5.2 billion project aimed at helping reduce the economy´s reliance on oil.

Low oil prices have drastically slowed Saudi Arabia´s economy so it is trying to create manufacturing jobs and produce goods and services which traditionally it has imported. Its strategy is to use large amounts of government money and the procurement budgets of big state-run enterprises, such as national oil firm Aramco, to attract foreign expertise to develop strategic industries. 

Aramco said it had signed a shareholder agreement with National Shipping Co of Saudi Arabia (Bahri), a state-controlled firm which ships oil for Aramco, London-listed United Arab Emirates engineering firm Lamprell Plc, and South Korea´s Hyundai Heavy Industries Co.

The 4.3 square kilometre (1.7 square mile) shipyard will be located at Ras Al Khair on Saudi Arabia´s east coast. "The directors expect that the Maritime Yard will be the largest in the Arabian Gulf in terms of production capacity and scale," Lamprell said in a statement.  Major production is expected to start in 2019 with the yard hitting full capacity by 2022.It will be able to work on four offshore rigs and over 40 vessels a year including three very large crude carriers (VLCCs), Aramco said.