Year: 2023

Receivables of PSO against PIA reach Rs27.5bn

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ISLAMABAD: The accumulated receivable of state-owned Pakistan State Oil (PSO) has reached Rs27.512 billion including late payment charges against Pakistan International Airlines (PIA) till December 7, 2023. Recently, the PSO suspended fuel supplies to the PIA over a dispute regarding unpaid dues. As a result of this standoff, the PIA was compelled to cancel domestic and international flights leading to inconvenience for hundreds of passengers. Now the PIA had suspended its flights to loss making domestic destinations to minimise the financial losses. PSO restores fuel supply to at least 20…

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SPV 21 seeks govt help to assert its position regarding KE

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circular-debt-K-electric-ceo

ISLAMABAD: Infrastructure Growth Capital Fund LP (IGCF) SPV 21 claims to own 53.8 per cent shares of KES Power Limited and in that capacity has approached Special Investment Facilitation Council (SIFC) and caretaker Minister for Privatisation, Fawad Hassan Fawad for asserting its position with respect to K-Electric (KE). In a letter to Minister for Privatisation, a copy of which has also been sent to Lt General Muhammad Saeed, National Coordinator SIFC, Mark Skelton stated on behalf of the IGCF Fund GP that SPV 21 is 53.8% shareholder of KES Power…

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Debt servicing: CPHGCL urges CPPA-G to make Rs25.4bn payment

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China-Pakistan

ISLAMABAD: China Power Hub Generation Company Limited (CPHGCL) has urged Central Power Purchasing Agency–Guaranteed (CPPA-G) to make payment of Rs 25.4 billion to clear liabilities and other debt servicing. In a letter to Chief Executive Officer (CEO), CPPA-G, the Chinese company’s Chief Financial Officer, has cited the reference of previous correspondences and meetings, in which the company has noted that CPPA-G has to make payments of Rs 25.4 billion against debt servicing and operational needs till the end of the current month. Of total amount of Rs 25.4 billion, Rs…

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Sindh govt plans to induct 180 electric buses on BRTs feeder routes

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electric-buses

KARACHI (Dec 8): The Sindh government has decided to induct 180 electric buses -to be powered by solar energy- on the feeders of the BRTs so that cleaner and more efficient public transportation solutions could be established in addition to bringing an end to the operational subsidy. This was disclosed in a meeting held between Sindh Chief Minister Justice (retd) Maqbool Baqar and Asian Development Bank high power delegation led by Ms. F. Cleo Kawawaki, Principal Director and Head of Office of Market Development and PPPs (OMDP). The other delegation…

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Pakistan Stock Exchange Honors Top 25 Companies for Excellence in 2022

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Pakistan-Stock

In a prestigious event, the Pakistan Stock Exchange (PSX) recently unveiled the winners of the highly anticipated Top 25 Companies Awards for the year 2022. The awards celebrate businesses that have demonstrated outstanding financial performance, operational excellence, and a commitment to sustainability and ESG initiatives.The Top 25 Companies Awards highlight PSX’s commitment to steering listed companies toward financial growth while emphasizing environmental, social, and governance factors. PSX has also demonstrated its dedication to sustainability by signing UN Women’s Empowerment Principles and joining the United Nations Sustainable Stock Exchanges (UN SSE)…

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