KARACHI: Several blue-chip companies came up with ‘material information’ at the market on Friday, which grabbed investors’ interest in an otherwise gloomy proceeding at the stock market. Two companies which made announcement were from the heavyweight oil and gas sector.
ATTOCK PETROLEUM LTD: The company in a filing with the stock market said that it had signed an agreement with “one of the leading Japanese company, JX Nippon Oil and Energy Corporation”, for joint business collaboration in marketing and blending of international lubricants brands in Pakistan.
NATIONAL REFINERY LTD: The company announced that in relation to its up-gradation project i.e. Diesel Hydro Desulphurisation (DHDS) and Isomerisation (ISOM) projects, the company’s board had approved signing of supply and construction agreement with Hualu Engineering and Technology Co Ltd (CNCEC-HUALU) and China National Chemical Engineering no.7 Construction Company Limited respectively.
“Estimated project cost was $349 million and the project was expected to be completed in twenty six months. The funding of the project is to be met with debt and internal generation of cash,” the company announced and added that NRL had already obtained approval of funding facility of Rs24.2bn with consortium of local banks and the execution of Financing Agreements was to be concluded soon.
“The undertaking of the project would comply with Government directive as well as improve the sustainability and profitability of the company,” NRL affirmed.
ENGRO CORPORATION LTD: The conglomerate announced that the IFC had converted the balance convertible loan amount of $8m into shares of Engro Corporation.
“Consequently, the company will soon be issuing 6.82m shares to IFC, at the option price of Rs119.46 per share, totaling Rs814.12/$8m (at the exchange rate of Rs101.765 per dollar). The shares would be credited in IFC’s account with the CDC. “As per approvals also obtained, the aforesaid amount of Rs814.12m would now be owed by Engro Fertiliser Limited, to the company on terms similar to the IFC loan.”
LUCKY CEMENT LTD: The cement giant informed the shareholders that the financing documents for cement plant in DR Congo were signed with multilateral and international financial institutions in London on Nov 27, 2014 and financial close had been achieved.
The DR Congo cement project was expected to start commissioning from June 2016. “Since this multilateral financing for the company was the first of its kind, would open up new doors for the company to implement its future expansion plans outside Pakistan”, Lucky hoped.
GRAYS OF CAMBRIDGE: AKD Securities Limited, managers to the offer for the potential acquisition announced that Anwar Khawaja Industries (Pvt) Limited had declared their intention to acquire up to 2.94m shares of Grays of Cambridge (Pakistan) Limited, constituting approximately 40pc of the issued shares of the company through an agreement.
Published in Dawn, November 29th, 2014
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