Pakistan Oil Field Limited Sales Increase 16 Percent | Tameer Bank: Telenor Granted Permission For Due Diligence

Pakistan Oil Field Limited sales increase 16 percent on yearly basis

Karachi Stock Exchange: The  volumetric  sales  of  Petroleum,  Oil  and  Lubricants  (POL) Pakistan Oil Field Limited  products  increased by 16 percent on yearly basis in August 2013 to 1.70 million tonnes as  against  1.46  million  tonnes  in  the  same  month  of  2012  mainly  due  to higher  petrol  (Mogas)  and  furnace  oil  (FO)  sales.  However,  Pakistan Oil Field Limited  (POL ) products sales on monthly basis decreased by 12.28 percent to 1.7 million tonnes in August  2013  as  against  sales  of  1.938  million  tonnes  in  July  2013.  Meanwhile,  during the  month of August 2013  the Mogas imports in the  country stood  at 157,884 tonnes, registering 3.0 percent monthly increase as  compared to 152,714 tonnes in the month of July 2013 while on yearly basis it declined  by  16  percent  to 157,884  tonnes  in August 2013  when  compared to 188,330 tonnes in the corresponding month of last year. According to the Oil Companies Advisory Committee’s (OCAC) data, FO sales grew by 29 percent on yearly basis in August 2013 to 920,000 tonnes over 700,000 tones.

Tameer Bank: Telenor granted permission for due diligence

Karachi Stock Exchange: The  State  Bank of  Pakistan has  granted  permission  to  Telenor  Pakistan  for due diligence of Tameer Microfinance Bank Limited to acquire its remaining 49  percent  equity.  Tameer  Microfinance  Bank  Limited  (TMBL)  is  a  listed banking company in Karachi Stock Exchange and currently Telenor Pakistan has ownership of some 51 percent  or  majority  stakes  in  this  financial  institution. Norwegian-based telecom  company  has  planned  to  enhance  its  investment  in  Pakistan through  purchasing  100  percent  share  of  the  microfinance  bank.  Accordingly,  the  cellular  phone  company  approached  the  central  bank  to  get  an NOC for due diligence of Tameer Bank to acquire the remaining 49 percent stakes  in  the  bank  with  the  approval  of  its  management,  which  is  already agreed to sell its remaining stakes to Telenor Pakistan. Telenor had already acquired  51  percent  share  worth  of  $12.5  million  (Rs  1  billion)  in  Tameer Bank  back  in  2008  for  launching  branchless  banking  "Easypaisa"  as  part of central bank's mandatory regulatory condition. Tameer Bank's financial position  reached  breakeven  in  2009  as  the  institution made  no  losses  but  it posted Rs 210 million profits in the very next year and gradually enhanced its profits level up to Rs 600 million in 2012.