OICCI gets new president

KARACHI: Telenor Pakistan CEO Irfan Wahab Khan has been elected as president of the Overseas Chamber of Commerce and Industry (OICCI) with effect from July 1, 2018, a press release said.

His appointment came following a successful tenure of Bruno Olierhoek who resigned after taking a new position outside Pakistan.

Climax Engineering to buyback shares

KARACHI: The Climax Engineering Company Ltd stated that its board of directors had approved the decision to apply for voluntary delisting of the company from the Pakistan Stock Exchange Ltd. In a notice to the PSX, the company stated that shares from all the minority shareholders would be purchased at the price of Rs40 per share or a price as may be determined by the PSX.—Equities Correspondent

Palm oil sustainability group suspends Nestle

KUALA LUMPUR: Nestle’s membership of industry watchdog the Roundtable on Sustainable Palm Oil (RSPO) has been suspended as the Swiss food group failed to submit a report detailing how it would ensure the use of certified sustainable palm oil, the RSPO said.

The RSPO is a body of palm producers, consumer companies, and activist groups which provides sustainability certificates for the industry.

The suspension is effective from the announcement and extends to all Nestle subsidiaries, according to an RSPO statement dated Wednesday.

RSPO members are required each year to specify their action taken over the previous 12 months and plans for the coming year and longer term on how they will produce or buy certified sustainable palm oil in a report, the RSPO said.

“Nestle has not submitted the report for 2016, and for 2017 submitted the report without a time-bound plan,” it added.

Published in Dawn, June 29th, 2018