Meezan together with KAPCO and HUBCO launches short-term Sukuk

Two renowned power companies Kot Addu Power Company (KAPCO) and Hub Power Company (HUBCO) together with Meezan Bank are issuing six-month Sukuk.

Earlier, KAPCO sold Rs 1.5 billion on June 25 while HUBCO about to sell Rs 2 billion in Sukuk.

Both the short term sukuk arranged by Meezan Bank and together constitute the first such move in the Pakistani market.

From: Halal Tamweel

Global share float depends on investor confidence

The government’s plan to list shares of Pakistani companies on the London Stock Exchange depends on the success or failure of the upcoming exchangeable bonds of the Oil and Gas Development Company (OGDCL), which will test the interest of international investors in Pakistani companies.

The Privatisation Commission intends to float Global Depository Receipts (GDRs) – a term used for listing of companies’ shares outside the country – of Habib Bank Limited (HBL), National Bank of Pakistan (NBP) and Kot Addu Power Company (Kapco) in the London market.

From: Tribune

KAPCO announces 30pc dividend

Kot Addu Power Company (KAPCO) managed to announce an interim cash dividend of Rs3 per share (i.e. 30 per cent) for the first half of fiscal year 2007 ending on December 31, 2006, on Friday, despite of a decline the Company registered in its net income.

Net income of the company posted a decline of 42 per cent to Rs2.3 billion (EPS Rs2.6) from that of Rs4.0 billion (EPS Rs4.6) for the period mentioned above.

Decline in earnings mainly ensued from application of corporate taxation and falling debt profile leading to lower principal repayment, Faraz Farooq of JS Research said.

Only five IPOs at stock market in 2006

Despite the continuation of investor-friendly policies and a decent growth in corporate earnings, the local capital market remained slow in terms of attracting new listings compared with the previous year.

The calendar year 2006 was a depressing year in terms of Initial Public Offerings (IPOs). While the performance of the market is primarily examined by the index change, the growth of capital market can be determined by looking at the fresh issues brought into the market through IPOs.

With 2006 approaching its end, we are presenting an analysis of the stock offerings that took place during 2006.

CFS Eligible Scrips

1. ACBL
2. BAFL
3. BOP
4. DGKC
5. DSFL
6. ENGRO
7. FABL
8. FCCL
9. FFBL
10. FFC
11. HUBC
12. KAPCO
13. KESC
14. LUCK
15. MCB
16. MLCF
17. NBP
18. NML
19. OGDC
20. PIAA
21. PICB
22. PICIC
23. POL
24. PPL
25. PPTA
26. PSO
27. PTC
28. SNGP
29. SSGC
30. TELE
31. AICL
32. CTTL
33. BOSI
34. NCL
35. ANL
36. PCCL
37. JOVC
38. DCL
39. TRG
40. WTL
41. SNBL
42. KOHC
43. PRCBL
44. STPL
45. SPCB
46. JSIB
47. NETRSOL
48. CHBL
49. Attock Refinery
50. Attock cement
51. AHSL
52. INDU
53. ICI
54. PRL
55. Cherat cement
56. Packages
57. PSMC
58. ABL
59. FNEL
60. Pak Electron
61. Bank Al habib
62. Millat Tractor
63. Pakistan Cable
64. KSE
65. BOC
66. THALL
67. SECURITY PAPER
68. APL
69. Ferzoz sons

Governmentt plans foreign share listings

Pakistan is considering four more firms, including three banks, for foreign listings through the issuance of global depository receipts in the current fiscal year ending June 30 2007, a senior government official said on Thursday.

The government has already announced plans to list the Oil and Gas Development Co. Ltd. (OGDCL) on the London Stock Exchange by December.

Last week private MCB Bank Ltd, the country’s second largest listed bank, also announced it was planning a GDR sale in London worth up to $150 million. The pricing of the issue is expected on October 9.

Kapco posts Rs3,687m profit in six months

PC asked to allot 10 percent kapco shares for Wapda workers

The Water and Power Development Authority (Wapda) has asked the Privatisation Commission (PC) to allocate 10 percent shares of Kot Addu Power Company ( kapco ) for Wapda employees through suitable amendment in the offer for sale document, sources in PC told Business Recorder. They said that Wapda Chairman Tariq Hamid has written a letter, the second in three weeks, to Privatisation Ministry Secretary, inviting his attention towards concerns of Wapda and Collective Bargaining Agent (CBA) union of employees regarding non-allocation of quota of kapco public shares to be offloaded to Wapda employees.

Kapco posts Rs3,687m profit in six months

The Privatization story of Kot Addu Power Company Limited (Kapco) has finally begun to unfold as the company disclosed financial results for the half year ended December 31, 2004.

In an announcement released through the Karachi Stock Exchange on Saturday, the company posted after tax profit of Rs3,687 million for the six months, July-December 2004. That translated into earning per share (eps) of Rs4.19 on 880 million outstanding shares.

KAPCO IPO Subscription from Feb 7

Pakistan will hold an initial public offering of up to 20 per cent of shares in regional power firm Kot Addu Power Co (KAPCO) next month at a price of Rs30 per share, the Privatisation Commission (PC) said on Monday.

The government will offer 88.025 million shares, or 10 per cent of the total, with a green shoe option of another 10 per cent, in lots of 500 from Feb 7, the Commission said in a statement.

It plans to raise as much as Rs5.28 billion ($88.8 million) from the sale. The IPO has been delayed twice. It was initially planned for October, then pushed back to the end of December.