KARACHI: The market remained generally starved of news as the managements of companies put major decisions of expansions and financial matters on the hold, awaiting the budget slated to be announced on June 5.

On Monday, the Pakistan Petroleum (PPL) told stockholders that it was granted the permission to continue producing under ‘Sui Mining Lease’ for a further period of one year (up to May 31, 2016).

Meanwhile, Engro Foods announced that Sarfraz Rehman had decided to step down from his role as the CEO of the company and his successor would be appointed shortly.

The board of directors of Shifa International Hospital stated in a filing with the Karachi Stock Exchange (KSE)that the Board had approved, subject to the consent of the SECP and the shareholders, the issuance of 4.02 million new ordinary shares, to ‘certain invited investors only’ at Rs240 per share (inclusive of a premium of Rs230 per share).

“Though this proposed private placement of shares, SHIFA will raise Rs966m,” the company stated. An extraordinary general meeting of the shareholders would be called to seek their approval.

The stock exchange notified that K-Electric had announced book closure from June 10 to 18 for the entitlement of fifth profit/rental payment of sukuk-2 and sukuk-3.

“In view of the above, trading in sukuk 2 and 3 will be suspended during the period June 9 to 18 and will resume on June 19,” the bourse stated in separate notices.

Published in Dawn, June 2nd, 2015

On a mobile phone? Get the Dawn Mobile App: Apple Store | Google Play