HUBCO to acquire Eni’s upstream operations
Executes agreements in joint venture with employees of Italian company
PHOTO: HUBCO
KARACHI:
Eni, the Italian oil and gas exploration firm, has finally ended its 20-year of journey in Pakistan, as it agreed on a price to sell its local businesses to a joint venture of diversifying Hub Power Company (Hubco) and Eni employees, according to a bourse filing on Monday.
“The Hub Power Company together with Eni’s local employees (in 50:50 joint venture) has executed definitive agreements to acquire all the upstream operations in Pakistan of Eni and renewable energy assets owned by Eni in Pakistan,” Hubco Company Secretary Sohail Kassamali said in a notification to Pakistan Stock Exchange (PSX).
Market watch: Stocks dive on political uncertainty
Benchmark KSE-100 index falls 786.29 points to settle at 45,051.06
PHOTO: AFP
KARACHI:
Bears returned to the stock market on Monday as investors offloaded shares in the wake of political uncertainty, which triggered a plunge of nearly 800 points in the KSE-100 index.
With some positive news flow, the market traded in a wide range and moved between intra-day high and low of 595 and 988 points respectively.
Initially, there was some optimism, which was attributed to the success of Prime Minister Imran Khan in securing the vote of confidence from the National Assembly on Saturday.
However, macroeconomic concerns impacted the investment climate negatively and sent investors to the exit door, who dumped stocks to seek shelter.
Govt to privatise 44 entities by 2025
IMF-backed report reviews 84 commercial state-owned enterprises
Moreover, the sum of losses of top-10 loss-making SOEs contributes around 90% to the total losses of SOEs portfolio each year. PHOTO: FILE
ISLAMABAD:
The International Monetary Fund (IMF)-backed first review of Pakistan’s bleeding public sector enterprises has identified 44 entities for privatisation, including the power companies that are causing big losses, despite a 50% reduction in losses in the first year of current government.
The review of 84 commercial state-owned enterprises (SOEs) has been completed as part of the structural benchmarks set by the IMF and supported by the World Bank and the Asian Development Bank (ADB), according to the “SOEs Triage: Reforms and Way Forward” report that the Ministry of Finance released on Thursday.
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Pakistan Petroleum Limited’s (PPL) consolidated profit increased almost 7% to Rs26.10 billion in the half year period ended December 31, 2020 mainly due to drastic cut in cost of the oil and gas exploration activities, according to a bourse filing on Friday.