Month: July 2020

Fresh projects put on hold till finalisation of power capacity expansion plan

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ISLAMABAD: Rebuffing the power regulator’s advice, the Power Division on Wednesday put on hold making fresh commitments for new power projects until a consensus is reached on the country’s first Integrated Generation Capacity Expansion Plan (2020-2047) awaiting approval of the National Electric Power Regulatory Authority (Nepra). “It would not be proper or in the national interest to go back to the old system of process of projects, and adding to the capacity and cost of electricity through a non-transparent mechanism”, the Power Division wrote to Nepra and concerned entities including…

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Haroon Rashid elected as President of OICCI

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KARACHI: Mr. Haroon Rashid, CEO Shell Pakistan Limited, has been elected as the President of the Overseas Investors Chamber of Commerce & Industry (OICCI) with effect from July 1, 2020. His appointment came following a successful tenure of Mr Shazad Dada, who resigned as the President of OICCI after resigning from Standard Chartered Bank and taking over as President of United Bank Limited. Mr. Irfan Siddiqui has been elected as the Vice President of the OICCI from July 1, 2020. Irfan is the founding President/CEO of Meezan Bank Limited. He initiated…

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Axe Falls on Secretary Power Amid Dispute Over Net HYDEL Profit Payments

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ISLAMABAD: After months of speculation, the government removed Secretary Power Irfan Ali on Tuesday following his disagreements with key authorities over a number of contentious issues, including net hydel profit (NHP) to provinces, unending circular debt, the procedure for induction of future power projects and ongoing problems with K-Electric. A grade-22 officer of the Pakistan Administrative Service, Mr Ali was made an officer on special duty (OSD) and directed to report to the Establishment Division. He was immediately replaced by another PAS officer of same grade Omar Rasool who was…

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Airlift Raises $10m in Series A-1 Financing as it Ventures into Grocery Delivery

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Bus ride-hailing service Airlift has raised an impressive $10 million in Series A-1 financing, taking its total investment to $24.1m, its co-founder and CEO Usman Gul said in a statement. “At a time of mass turbulence in capital markets, Airlift’s Series A-1 round marks one of the largest capital investments in the region,” Gul said in a statement posted on Medium. “We are thrilled to partner with investors who share our vision for building decentralised platforms to introduce easier, faster and more efficient ways of moving people and goods around urban…

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Shanghai Electric mulls acquiring 66.4pc stake in K-Electric

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KARACHI: K-Electric (KE) has received a fresh Public Announcement of Intention (PAI) from Shanghai Electric to acquire 66.4 per cent voting shares of KE. As per documents, Shanghai Electric intends to acquire 18,335,542,678 ordinary shares of KE, which is equivalent to 66.4 per cent of KE’s total issued share capital. The intended acquisition entails a purchase of 66.4 per cent of shares through agreement and a purchase of 16.8 per cent of shares through a public offer. KE’s share price quoted on the Pakistan Stock Exchange (PSX) a day before the…

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