The (Passed) Winds of Change – Part 2

Again, here’s my take on the news. I think the three more important ones, that directly pertain, hence affect, the Karachi stock exchange, are:

1. The release that Prime Minister Shaukat Aziz is to postpone the decision to levy Capital Gain Tax for the next year.
2. The Sindh Government’s decision to discontinue stamp duty on electronic transfer of shares. [This proposal was in the last budget (June 2006). The duty was Rs. 0.01 per share.]
3. The opposition and disfavor of the Public Accounts Committee toward the privatization of Pakistan State Oil (PSO).

Bosicor gets Rs2.6bn financing

A consortium of banks has arranged a syndicated term finance facility (TFC) of Rs2.6 billion for several expansion projects of an oil refinery Bosicor Pakistan Limited (BPL).

In this regard, a deal was signed between the banks and BPL to mark the financial close here on Tuesday.

United Bank Limited (UBL) and Allied Bank Limited (ABL) are the lead advisor and arranger to the syndicated TFC while Bank Alfalah Ltd and Faysal Bank Ltd Saudi Pak Commercial Bank, KASB Bank Limited, Pak Oman Investment Company Limited, Soneri Bank Limited, Pak Libya Holding Company Limited and Habib Metropolitan Bank Limited are other partners of the syndicate.