Board meetings and closure periods

Fauji Fertilizer Bin Qasim Ltd

KARACHI: Fauji Fertilizer Bin Qasim Ltd (FFBL) has declared the “Closed Period” from October 17, 2011 to October 25, 2011 (both days inclusive) in a notice issued to Karachi Stock Exchange on Friday.

FFBL Board of Directors meeting will be held on October 25, 2011 to approve the Third Quarter accounts for the quarter (July-September 2011).

According to Code of Corporate Governance in the Listing Regulation No.37 of the Exchange, no Director, CEO or Executive shall, directly/indirectly, deal in the shares of the Company in any manner during the Closed Period.

KMI recovers 78.98 pts over blue chip stocks buying

The Halal stocks index KMI 30 recovered 78.98 points on first day of new week to close at 19,801.92 points as against 19,722.94 points, the closing figure of the previous session.

Trading remained sluggish as only 12.879 million shares were traded.

Blue chip stocks after market correction due to security concerns in Karachi invited fresh buying at attractive valuations. However, volumes remained low due to Pre-Eid season.

Oil & Gas Development Company (OGDC) closed down in value after the news of no new discoveries lately for the biggest exploration company of Pakistan.

KESC turns to coal for power generation

The Karachi Electric Supply Company Limited (KESC) is developing a project for converting the Bin Qasim Power Station (BQPS) to the country’s first-ever coal-fired power generation from the current natural gas or furnace oil mix. The upcoming BQPS-II is expected to add 560 megawatts to KESC’s power generation fleet.

The coal conversion project would significantly lower the electricity tariff for KESC through the conversion of BQPS with either a retrofit or installation of new boilers in the existing units.

KESC board of directors approves issuance of 7.25% right shares

Karachi Electric Supply Company’s (KESC) Board of Director has approved to offer right shares to the shareholders in its meeting.

The entitlement of the shareholders and post book closure would be notified after the approval of Securities and Exchange Commission of Pakistan.

KESC announced to offer 7.25 percent right issue as per approval of the Board, that would be 29 ordinary right shares for every 400 ordinary shares held by the shareholders at par, which is Rs 3.50 per share.

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

SECP terrifying brokers into submission

The directive from Securities & Exchange Commission of Pakistan (SECP) to the three stock exchanges to appoint a non-member director as the chairman of the stock exchanges came on Tuesday, as a bolt from the blue. Till late in the evening on Wednesday, it was not clear whether the directive was in place or was subsequently withdrawn on ‘technical grounds’. But the episode is a reminder of the crisis of mid-August 2002, when the commission had issued a similar order. After a great deal of hue and cry by the members, the regulator modified its stance and let the chairman of the bourse be a broker.

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.