Ingredion Incorporated, the majority shareholder of Rafhan Maize Products Company Limited (RMPL), has signed a conditional agreement to sell its 51.04% stake in RMPL to Nishat Hotels and Properties Limited. RPMPL, one of Pakistan’s largest agro-based companies, disclosed the development in its notice to the Pakistan Stock Exchange (PSX) on Friday. “We have been informed by our majority share
The Pakistani rupee improved against the US dollar, appreciating 0.06% during the opening hours of trading in the inter-bank market on Friday. At 10am, the currency was hovering at 281.23, a gain of Re0.18 against the greenback. On Thursday, the local unit closed at 281.41. Internationally, the US dollar held on to steep gains on Friday after better-than-forecast US data dampened expectation
The Pakistan Stock Exchange (PSX) continued its positive momentum on Wednesday, as investors remained upbeat ahead of a significant agreement between the government and commercial banks aimed at tackling the country’s power sector circular debt. Despite concerns about an upcoming IMF review for the release of the third tranche of $1bn starting Sept 25, the benchmark KSE 100 index surged past
The government on Wednesday signed loan facilities worth approximately Rs1.225 trillion with 18 banks to settle the outstanding dues of Independent Power Producers (IPPs) parked in circular debt. These dues will be serviced through a Rs3.23 per unit surcharge on consumers for a period of six years. The signing ceremony was held at the PM Office, witnessed virtually by the prime minister from Ne
The Federal Board of Revenue (FBR) is preparing to impose taxes on TikTok content creators, a parliamentary committee was informed on Wednesday during a meeting of the Senate Standing Committee on Finance and Revenue at Parliament House. Senator Faisal Vawda claimed that the FBR is finalising a plan to tax income earned by TikTokers, suggesting that the largest share of recoverable taxes would