ISLAMABAD: Oil & Gas Development Company Limited (OGDC) on Thursday announced the signing of a Production Concession Agreement (PCA) for the development of Offshore Block 5 in Abu Dhabi, solidifying its participation in an international upstream venture through a consortium-based initiative. The agreement was executed between the Supreme Council for Financial and Economic Affairs, representing…
Category: PSX
Corporate announcements on Pakistan Stock Exchange (PSX)
Pakistan enacts Digital Presence Proceeds Tax Act to tax foreign tech firms
ISLAMABAD: Pakistan has introduced a new tax targeting multinational digital companies with significant user bases in the country but little to no physical presence, marking a major shift in how foreign tech firms are taxed. The Digital Presence Proceeds Tax Act, 2025, which took immediate effect, aims to address tax base erosion caused by the current…
WPP Plc expands Pakistan presence with strategic mergers
LONDON: Pakistan competition watchdog has approved three separate merger transactions, allowing Berkeley Square Holding BV to acquire a 50% shareholding in Ogilvy & Mather Pakistan (Private) Limited, Mindshare Pakistan (Private) Limited, and Soho Square Pakistan (Private) Limited from Taher Anwar Khan. In the case of Mindshare, Interflow Communications (Private) Limited was also involved as a…
Pakistan moves forward with trade liberalization
KARACHI: Pakistan is moving ahead with significant trade liberalization measures, including the phased elimination of Additional Customs Duty (ACD), as part of its commitment under the International Monetary Fund (IMF) program. While the reforms are expected to enhance competitiveness and lower import costs, concerns persist over the potential fiscal impact on government revenues and domestic industries. The…
Algorithmic trading in Pakistan: How SEC plans to regulate high-speed markets
Imagine a stock market where trades happen not in minutes or seconds, but in milliseconds—faster than the blink of an eye. This is the reality of algorithmic trading, a technology-driven approach that has revolutionized global financial markets. Pakistan, like many other countries, is now grappling with how to regulate this powerful tool to harness its benefits while…
Pakistan’s economy shows signs of stability amid IMF reforms, growth challenges persist
ISLAMABAD: Pakistan’s economy is stabilizing under a stringent International Monetary Fund (IMF) program, but growth remains sluggish amid global uncertainty and domestic fiscal adjustments, according to a new IMF country report released Monday. Pakistan’s GDP growth for fiscal year 2025 has been revised down to 2.6%, reflecting weaker-than-expected performance in the first half of the…
Pakistan’s oil and gas sector: increased exploration and government support
ISLAMABAD: Pakistan’s oil and gas sector is poised for growth as the government accelerates exploration efforts, improves liquidity, and addresses long-standing challenges in the energy sector, according to a report issued by AKD Securities. Recent developments, including the allocation of new exploration blocks and rationalized gas prices, are expected to revive exploration and production (E&P) activities,…
Pakistan awards provisional petroleum exploration rights for 7 new blocks
ISLAMABAD: Pakistan’s Ministry of Energy has provisionally awarded petroleum exploration rights for seven new blocks to a consortium of local and international energy firms, including Oil and Gas Development Company Limited (OGDCL), officials announced Tuesday. The blocks, located in Balochistan, Sindh and Punjab provinces, were awarded following a competitive bidding round held in April. The…
Cherat Cement and Shirazi Investments intend to acquire majority stake in Rafhan Maize
KARACHI: Cherat Cement Company and Shirazi Investments Pvt. Ltd. have jointly announced their intention to acquire a controlling stake of up to 75.69% in Rafhan Maize Products Company Ltd., signaling a significant transaction in Pakistan’s corporate sector. Under the proposed acquisition plan, each firm seeks to obtain 37.845% of Rafhan Maize’s shares. The company, currently…
Pakistan urged to establish dedicated cryptocurrency regulatory unit, develop digital currency
The Institute of Cost & Management Accountants of Pakistan (ICMAP) has recommended the creation of a dedicated regulatory unit within the Securities & Exchange Commission of Pakistan (SECP) or the State Bank of Pakistan (SBP), in collaboration with the Federal Board of Revenue (FBR), to oversee cryptocurrency regulations. The proposal aims to ensure inclusive and…
Competition regulator targets deceptive practices in online marketplaces
The Competition Commission of Pakistan (CCP) held talks with leading digital marketplaces, PakWheels and OLX Pakistan, to address concerns over anti-competitive practices and deceptive marketing in the country’s growing online economy. The discussions focused on ensuring fair competition and consumer protection in digital marketplaces. Representatives from both platforms met with regulators to outline compliance measures and…
Pakistan’s Green Sukuk Framework: Investing in a Sustainable Future
Pakistan’s federal cabinet has approved the Sustainable Investment (SI) Sukuk Framework, marking a significant step toward financing climate-resilient and socially impactful projects through Islamic bonds. The framework, introduced by the Ministry of Finance, enables the issuance of Green Sukuk, Social Sukuk, and Sustainability Sukuk, collectively known as SI Sukuk, to mobilize domestic capital for environmentally and socially beneficial…