Latest news with #MeezanBankLimited
Business Recorder
3 days ago
- Business
- Business Recorder
Thar coal mining expansion project: SECMC signs Islamic Facility Agreement with Meezan Bank
KARACHI: Sindh Engro Coal Mining Company (SECMC) and Meezan Bank Limited signed an Islamic Facility Agreement to fund the Phase III mine expansion project of the Thar Block II. Under this arrangement, syndicate comprising of United Bank Limited, Askari Bank Limited, Sindh Bank Limited and Pak China Investment Company Limited led by Meezan Bank Limited will provide Islamic financing to scale up the coal production from the current 7.6 million tons per annum (MTPA) to 11.2 MTPA. Under the continued leadership of the Government of Sindh, SECMC's historic journey began in 2019 when it became the country's first public-private partnership to demonstrate the commercial viability of Thar coal for power generation. In 2022, SECMC expanded its operations to 7.6 MTPA taking total a power generation from Thar Block II to 1320 MW, and now, with Phase III underway, it aims to further strengthen Pakistan's energy security by converting 660 MW Lucky Electric Power Company Limited (LEPCL) power plant to Thar Coal. Speaking on the occasion, Amir Iqbal, CEO of SECMC, acknowledged the support of the Government of Sindh, Meezan Bank, and all stakeholders involved. He said, 'The Thar Block II development started as a bold idea and proved that indigenous coal could energize Pakistan. This financing and continued relationship with Meezan and other members of the syndicate takes us closer to our Phase III goal and brings us a step further in delivering low-cost electricity through domestic resources.' He added, 'It also marks as a significant milestone in SECMC's vision to energize Pakistan's future through world-class, sustainable mining.' Currently the SECMC is energizing over 3 million households and have contributed to foreign exchange savings of approximately USD 1.6 billion since inception. Thar Coal Power plants' consistent ranking are among the top positions on the Economic merit order issued by National Transmission & Despatch Company (NTDC) makes Thar coal as the most cost-effective baseload fuel in the country. Copyright Business Recorder, 2025
Express Tribune
05-07-2025
- Business
- Express Tribune
PSX nears 132,000 as bulls charge on
Listen to article The Pakistan Stock Exchange (PSX) ended the week on a bullish note, with the benchmark KSE-100 Index gaining 0.97% on Friday to close around 131,950 points, marking a robust weekly advance of 6%. The market's upward momentum was driven by strong institutional buying, fuelled by fresh equity allocations, as reflected in data from the National Clearing Company of Pakistan Limited (NCCPL). Among the top gainers, Bank Alfalah Limited, MCB Bank Limited, National Bank of Pakistan, and Meezan Bank Limited made notable contributions, adding a combined 1,289 points to the index. "Stocks closed bullish at a new all-time high as investors weighed the rupee recovery and SBP FX reserves reaching $19.87 billion amid improved inflows and political stability," said Ahsan Mehanti, Managing Director of Arif Habib Corp. Falling government bond yields and investor speculation ahead of major earnings announcements due next week also played a catalyst role in the record close at the PSX, he added. According to AHL, the KSE-100 Index closed Friday with a rise of 0.97%. Out of the traded stocks, 60 advanced while 37 declined. Major contributors to the index included UBL (+5.7%), HBL (+5.55%), and Systems Limited (+4.68%). On the downside, FFC (-2.15%), PPL (-1.57%), and Engro Holdings (-0.83%) weighed on the index. Notably, listed companies on the PSX distributed a record Rs848.9 billion in cash dividends during FY25, reflecting a 23% year-on-year increase. With 130,000 points now forming a strong support level, further gains are expected in the coming week. At the close of trading, the KSE-100 Index surged by 1,262.41 points, or 0.97%, to settle at 131,949.07. Topline Securities noted in its market review that the KSE-100 Index largely traded in the positive zone during the session, closing at 131,949 (up 0.97%). The upward trend was attributed to institutional buying driven by new allocations to equity funds, as indicated by NCCPL data. United Bank Limited (UBL), Habib Bank Limited (HBL), Systems Limited (SYS), Bank Al Habib Limited (BAHL), MCB, National Bank Pakistan (NBP), and Meezan Bank Limited (MEBL) made the highest positive contributions, collectively adding 1,289 points to the index. In other developments, Sazgar Engineering Works Limited (SAZEW) reported its June 2025 sales, with 4-wheeler sales at 1,349 units (up 47% month-on-month and 2.55 times year-on-year), taking FY25 total sales to 10,844 units — double from the previous year. Muhammad Hasan Ather of JS Global noted that the KSE-100 Index closed the session on a strong note, gaining 1,262 points to settle at 131,949. Broad-based buying was observed across key sectors, particularly autos, banks, and power. Investor sentiment remained upbeat, supported by improved macroeconomic indicators and expectations of further monetary easing. Overall trading volume stood at 733.1 million shares, down from 899.8 million in the previous session. The value of shares traded during the day was Rs34.9 billion. Shares of 473 companies were traded. Of these, 255 closed higher, 177 declined, and 41 remained unchanged. WorldCall Telecom led the turnover with trades worth Rs58.3 million, losing Rs0.04 to close at Rs1.55. It was followed by Bank Makramah with Rs35.8 million shares, down Rs0.03 to Rs5.12, and Treet Corp with Rs29.7 million shares, up Rs1.07 to close at Rs23.93. Foreign investors sold shares worth Rs655.5 million, according to NCCPL data.
Business Recorder
08-05-2025
- Business
- Business Recorder
Green Sukuk makes debut with Rs20-30bn issue
ISLAMABAD: The government is proud to announce a major milestone in the nation's sustainable finance journey with the launch of its first Green Sukuk, said a press release. This pioneering financial instrument is set to revolutionize Pakistan's Sukuk market by channeling investments into environmentally sustainable projects while fostering economic growth. The Green Sukuk marks a pivotal step in aligning Pakistan's financial markets with global best practices in green financing. The inaugural issuance, ranging between PKR 20 billion and PKR 30 billion, will be conducted through an auction process, with the Pakistan Stock Exchange (PSX) playing a central role in listing and promoting this innovative instrument to investors. Rs20bn Green Sukuk likely in Dec The Green Sukuk Program has been structured with the support of the Joint Financial Advisors: Meezan Bank Limited, Bank Alfalah Limited, Dubai Islamic Bank Pakistan Limited, and Bank Islami Pakistan Limited. The Sustainable Investment Sukuk Framework, approved by the Cabinet, lays the foundation for the landmark debut of the Green Sukuk. This initiative is closely aligned with Pakistan's Vision 2028, particularly its goal of transitioning to an interest-free economy. It reflects the government's strong commitment to leveraging financial markets in support of sustainable development. The Green Sukuk is a beacon of innovation and a testament to our unwavering commitment to fostering sustainable development and reducing our environmental impact. The Green Sukuk offers investors a unique opportunity to support environmentally friendly projects while promoting economic growth. This is a historic step toward integrating sustainable finance into the core of Pakistan's development strategy. The Green Sukuk will attract a broader investor base, deepen our financial markets, and accelerate the country's transition to a green and resilient economy. Copyright Business Recorder, 2025
