UAMC renamed as UBL Fund Managers Limited

The United Asset Management Company Limited (UAMC) has been renamed as UBL Fund Managers Limited (UBLFM). The UBLFM is a wholly-owned subsidiary of the United Bank Limited (UBL), which is Pakistan’s second largest private commercial bank.

The UBL was the pioneer in initiating asset management services in the banking sector with the launch of UAMC in 2002 and has thus become a trend-setter.

The UBL Fund Managers Limited has been successfully managing United Money Market Fund (UMF), which is one of the largest open-end money market funds in Pakistan with a size of Rs 3.75 billion.

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 Till late in the evening on Wednesday, it was not clear whether the directive was in place or was subsequently withdrawn on technical grounds.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.

Case of the fourth Stock Exchange

After nearly 30 months, the issue of Pakistan’s fourth stock exchange “PEX Limited” has come back to life as the Karachi Stock Exchange on Tuesday, withdrew its case for a stay order against PEX.

Leaving the legal jargon alone, which is difficult to understand and more so to interpret, knowledgeable sources suggest that the dramatic developments took place in the High Court of Sindh after the defendant Securities and Exchange Commission of Pakistan (SECP) pleaded to the Court that the application be disposed of, as the present stalemate was not helping in the resolution of the issue, and that the Regulator would look into the case afresh (not the exact words, but something to that effect). In response, the counsel for the plaintiff (KSE) Khalid Anwar, who had lodged the suit against SECP, filed a statement saying that he does not press this suit, which resulted in an Order of the dismissal of the case.

UAMC renamed as UBL Fund Managers Limited

The United Asset Management Company Limited (UAMC) has been renamed as UBL Fund Managers Limited (UBLFM). The UBLFM is a wholly-owned subsidiary of the United Bank Limited (UBL), which is Pakistan’s second largest private commercial bank.

The UBL was the pioneer in initiating asset management services in the banking sector with the launch of UAMC in 2002 and has thus become a trend-setter.

The UBL Fund Managers Limited has been successfully managing United Money Market Fund (UMF), which is one of the largest open-end money market funds in Pakistan with a size of Rs 3.75 billion.

38 EoIs received for Mustehkam Cement

The Privatisation Commission has received 38 expressions of interest (EoI) for 85.29 percent share of Mustehkam Cement Limited (MCL). Minister for Privatisation, Dr Abdul Hafeez Shaikh, declared the results here on Saturday. He said the EoIs reflected investors’ confidence in the government’s economic and privatisation policies. He said that the privatisation program was heading forward satisfactorily and successfully to encourage the private sector for more investment. He said the ‘privatisation for the people’ programme transmitted the benefit to the common man through public offerings of GoP shares in public sector entities.

Kapco posts Rs3,687m profit in six months

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.