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.