Global Times: China-Pakistan ironclad ties consolidated; key CPEC projects to advance as ‘BRI, Chinese modernization benefit all’

BEIJING, Nov. 3, 2022 /PRNewswire/ — Chinese President Xi Jinping on Wednesday held talks with visiting Pakistani Prime Minister Muhammad Shehbaz Sharif at the Great Hall of the People in Beijing, and Sharif is one of the world leaders that has visited China right after the conclusion of the 20th National Congress of the Communist Party of China (CPC).

China is ready to work with Pakistan to elevate the level of all-round strategic cooperation, speed up efforts to build a closer China-Pakistan community with a shared future in the new era, and inject new impetus into their all-weather strategic cooperative partnership, Xi said.

After presenting the key outcomes of the 20th CPC National Congress, President Xi underscored that China will continue its fundamental policy of opening-up and provide new opportunities to Pakistan and the rest of the world through continuous development. China will further deepen synergy between its development strategies and those of Pakistan.

Xi pointed out that facing a highly uncertain world, both sides should stand on the right side of history, keep up their strong cooperation in multilateral mechanisms, and work closely on major international and regional issues so as to uphold true multilateralism, international fairness and justice and the shared interests of developing countries, and inject certainty and positivity into the world.

According to a joint statement issued after the bilateral meeting, the two sides held in-depth exchange of views on the bilateral relations as well as regional situation and international political landscape. The two sides agreed on the importance of China-Pakistan All-weather Strategic Cooperative Partnership amid the emerging global challenges. The meetings were marked by traditional warmth, mutual strategic trust and commonality of views.

In the meeting, Sharif noted that it is a great honor for him to be among the first foreign leaders to visit China after the successful 20th CPC National Congress, which marked a new milestone. The visit is a testament to the profound, ironclad friendship between Pakistan and China.

Sharif said that over the past decade, under the leadership of President Xi, China has created a miracle of great development achievements. China has upheld multilateralism, promoted global solidarity and cooperation, and made important contributions to safeguarding world peace and development. In doing so, China has lived up to its responsibility as a major country.

Qian Feng, director of the research department at the National Strategy Institute at Tsinghua University, told the Global Times “Having invited Sharif as one of the first foreign leaders to visit China after the conclusion of the 20th CPC National Congress, not only demonstrates the ever close relationship between the two sides but once again proves that the international community is optimistic about China’s development in the future, and is willing to strengthen ties with China.”

Pakistan fully supports the Global Development Initiative and the Global Security Initiative put forth by President Xi, said Sharif. It will strengthen communication and collaboration with China in international and regional affairs to make a positive contribution to world peace and development. “The Pakistan-China friendship is unbreakable. Pakistan will always stand firmly with China,” said the Pakistani prime minister.

Through the Belt and Road Initiative, China has helped Pakistan in solving two bottleneck problems plaguing Pakistan’s economic development – infrastructure and energy supply shortage, Qian said. Through the first phase of China-Pakistan Economic Corridor (CPEC) cooperation, it has laid a solid foundation and built a platform for Pakistan’s economic development in the next step, he noted.

“The close and effective strategic coordination between China and Pakistan has set an example of international cooperation and has delivered a clear message to the world, that countries with different social systems, nationalities, civilizations and stages of development can still achieve win-win cooperation,” Qian said.

The two sides will fully utilize the Joint Cooperation Committee of the China-Pakistan Economic Corridor, advance CPEC with greater efficiency, and make it an exemplar of high-quality Belt and Road cooperation, Xi said at the meeting.

China will work with Pakistan to expand cooperation in the digital economy, e-commerce, photovoltaic and other new-energy technologies, and take solid steps to advance cooperation concerning agriculture, science, technology and people’s livelihoods, the Chinese president said.

China will continue to do its best to support Pakistan in stabilizing its financial situation. China supports its provinces with a strong industry in pairing up with Pakistani partners to advance industrial cooperation, and hopes the Pakistani side will provide a sound business environment, Xi noted.

Noting completion of a decade of CPEC’s remarkable achievements in 2023, the two sides expressed satisfaction at CPEC’s contribution to socio-economic development of the two countries, according to the joint statement.

The two sides also noted that the recent meeting of CPEC Joint Working Group on International Cooperation and Coordination (ICC) had highlighted that CPEC was an open and inclusive platform. Both sides welcomed interested third parties to benefit from investment opportunities in the priority areas of CPEC cooperation such as industry, agriculture, IT, science and technology, and oil and gas.

Lin Minwang, a professor at the Institute of International Studies of Fudan University, told the Global Times that due to the fact that there is a clear advantage for the development of the CPEC – the high-level mutual trust between China and Pakistan, and such kind of trust toward China from Pakistan is a solid consensus shared by all major political parties and forces.

“With Sharif coming to power earlier this year, the China-Pakistan cooperation on the CPEC has focused more on the massive infrastructure projects, and to improve the livelihoods for the locals with more progress on infrastructure construction,” Lin said.

Sharif said Pakistan is ready to work with China to continue promoting high-quality Belt and Road cooperation, and hopes to have China’s strong support in the upgradation of ML-1, the Karachi Circular Railway and other important infrastructure projects. Pakistan will further step up security measures and do all it can to protect the safety of Chinese institutions and personnel.

Intercultural Innovation Hub: Calling Projects promoting an inclusive and diverse society

Apply now to become the Next Global Changemakers

  • The new Intercultural Innovation Hub of UNAOC and the BMW Group connects people and cultures, empowers grassroots organizations and elevates intercultural innovation.
  • Selected projects promoting diversity, integration and social inclusion will work towards achieving sustainable growth.
  • Participants will benefit from a financial grant of up to 20,000 USD plus a year of capacity-building workshops, customized support, and membership to the “Intercultural Leaders” global networking platform.
  • Deadline for Applications: 2nd December 2022 at www.interculturalinnovation.org.

MUNICH, Germany and NEW YORK, Nov. 03, 2022 (GLOBE NEWSWIRE) — Since 2011, UNAOC and the BMW Group have worked with leaders and organizations from around the globe to tackle intercultural challenges through social innovations. With the new Intercultural Innovation Hub, our mission is to connect people and cultures, empower grassroots organizations, as well as elevate and scale up intercultural innovation. To this end, organizations promoting diversity, integration and social inclusion are invited to become part of the hub and benefit from comprehensive support to expand the social impact of their projects.

Participating and increasing impact
The Intercultural Innovation Hub is focused on supporting projects that promote gender equality, counter violent extremism, hatred, and prejudice, and advocate for art, culture and sports as vectors for social cohesion and diversity, through:

Financial support for sustainable growth: To leverage the social impact of the selected projects, up to ten finalists will receive up to 20,000 USD each to help their initiative scale up sustainably.
One-year capacity-building program: UNAOC and BMW Group with the support of Accenture, will provide the recipients a year-long series of capacity-building workshops and customized support.
Membership to the “Intercultural Leaders” community: Participants will be part of a global network of changemakers working in the fields of social inclusion and diversity.

Apply now and become the next global changemaker
Interested organizations should submit their applications by 5:00 p.m. (EST) on Friday, December 2nd, 2022, at www.interculturalinnovation.org

If you have any questions, please contact:

Milena Pighi, BMW Group Corporate and Governmental Affairs, Spokesperson CSR
Telephone: +49-89-382-66563, Milena.PA.Pighi@bmw.de

Alessandro Girola, Programming Coordinator, UNAOC
Telephone: +1 (929) 274-6217, alessandrog@unops.org

GlobeNewswire Distribution ID  8685593

Transaction of 7,500 shares of The Hub Power Company Limited

Karachi, The Hub Power Company Limited informed Pakistan Stock Exchange about transaction of shares of the company. 7,500 shares @ Rs. 66.80 per share were bought from the market on November 03, 2022 through CDC.

The Hub Power Company Limited was incorporated in Pakistan on August 1, 1991 as a public limited company. The principal activities of the Company are to develop, own, operate and maintain power stations. The Company owns an oil-fired power station of 1,200 MW in Baluchistan (Hub plant). Narowal Plant is also an RFO-fired, engine based, combined cycle power station, located at Mouza Poong, Narowal in Punjab.

The Company also holds 75% controlling interest in Laraib Energy Limited, which is a run off the river hydel power plant downstream of Mangla Dam in Azad Jammu and Kashmir. The joint-venture with China Power International Holdings (CPIH), a 1320MW imported coal-based power plant, China Power Hub Generation Company Limited (CPHGC) has started its commercial operations providing energy to over 4 million households.

The total numbers of shares are 1,297,154,400. The Earnings per shares of the Company is 7.84 in 2020 which was 6.70 in 2019. Their Profit after Taxation is 10,166,739,000 in 2020 which was 8,036,981,000 in 2019.

 

Transaction of 3,300 shares of Ibrahim Fibres Limited

Karachi, Ibrahim Fibres Limited informed Pakistan Stock Exchange about transaction of shares of the company. 3,300 shares @ Rs. 200.00 per share were brought from the market on November 02, 2022 through CDC.

Ibrahim Fibres Limited was incorporated in Pakistan as a Public limited company. The principal business of the company is to manufacture and sell polyester staple fibre and yarn.

Polyester Plant manufacturing operations are staggered in three production lines located within the same premises, at 38th K.M. Faisalabad – Sheikhupura Road, Faisalabad and are spread over an area of more than 100 acres of land with a capacity to produce 390,600 tons per annum of Polyester Staple Fibre (PSF).

The total numbers of shares are 310,506,995. The Earnings per share is (4.17) in 2020 which was 3.22 in 2019. The profit after Taxation is (1,295,482,000) in 2020 which was 998,493,000 in 2019.

Transaction of 100,000 shares of Panther Tyres Limited

Karachi, Panther Tyres Limited informed Pakistan Stock Exchange about transaction of shares of the company. 3,500 shares @ Rs. 28.41 per share were sold in the market on October 17, 2022, 46,500 shares @ Rs. 28.23 per share were sold in the market on October 20, 2022 and 50,000 shares @ Rs. 27.14 per share were sold in the market on November 01, 2022 through CDC.

Panther Tyres Limited is in the tyres and tubes industry of Pakistan. Apart from its main business, the Company has also ventured into trading business of automobile spare parts and lubricants.

The total numbers of shares are 140,000,000. The Earnings per share is 7.06 in 2021 which was 2.50 in 2020. The Profit after taxation is 851,262,000 in 2021 which was 251,827,000 in 2020.

Change of e-mail address of Shabbir Tiles and Ceramics Limited

Karachi, Shabbir Tiles and Ceramics Limited informed Pakistan Stock Exchange that the address of the registered office/share registrar/share department/fax/telephone/e-mail/website has been changed of the company with effect from November 03, 2022.

Shabbir Tiles and Ceramics Limited was incorporated in Pakistan as a public limited company. The Company is primarily engaged in the manufacture and sale of tiles and trading of allied building products.

The Company is also a member of Karachi Chamber of Commerce & Industry, All Pakistan Ceramics Tiles Manufacturers Association and Landhi Association of Trade & Industry. They had a wide range of sizes, colors, and designs in Porcelain and Ceramic tiles and other allied products, conforming to high-quality standards of durability and aesthetic values.

The Company is listed ok Pakistan Stock Exchange with the total numbers of shares that are 239,320,620. The Earnings per shares of the Company is (1.36) in 2020 which was 0.98 in 2019. The Profit After Taxation in 2020 is Rs. (325,774,000) which was 234,341,000 in 2019.

 

Credit of Bonus Share Certificates of Agriauto Industries Limited

Karachi, Agriauto Industries Limited informed Pakistan Stock Exchange that the share certificates in respect of Bonus Share i.e. 25% for the period ended June 30, 2022 announced on October 20, 2022 have been credited to their respective accounts in the Central Depository System (CDS) of Central Depository Company of Pakistan Limited (CDC) on November 03, 2022.

Agriauto Industries Limited is a Public Limited company, was incorporated in Pakistan on June 25, 1981. The Company is automotive components manufacturers in the private sector and also they acquire TS16949 certification.

The Company is engaged in the business of manufacturing and sailing of components for automotive vehicles, motor cycles and agricultural tractors.

The total number of shares they issued are 28,800,000. Earning Per Shares in 2020 is (1.03) which was 20.94 in 2019. The Net Profit Margin percentage has also decreased in 2020 and is (0.79%) which was 8.47% in 2019.

Resolution passed in annual general meeting of First Treet Manufacturing Modaraba

Karachi, First Treet Manufacturing Modaraba informed Pakistan Stock Exchange that the resolution passed in annual general meeting of the company held on October 27, 2022 at Karachi.

Resolved that the extraordinary general meeting of the company held on November 23, 2021 be and are hereby approved and confirmed.

“Resolved that the Annual Audited Accounts of the company for the year ended June 30, 2022 together with the Reports of the Independent Auditors, Chairman and Director’s review reports thereon be and are hereby approved and adopted.”

Treet Corporation was setup in 1952 and is almost as old as the country itself. Companies within Group are Semi-Autonomous units responsible for their own budgeting, new products launch, market decisions and new venture exploration and pricing. Operating as strategic business units, they are treated as internal profit centers by the corporate headquarter i.e. Treet Corporation limited, the holding company. These business units develop their business strategies though independently from other businesses but are trained to remain in-tune with broader corporate business policies. Corporate strategy (by the Parent Company) seeks to develop synergies across business units by sharing and coordinating staff, making investments in these units and using them to complement other corporate business activities.

The symbol “FTMM” is being used by the stock exchange for the First Treet Manufacturing Modaraba.

Annual general meeting of Fazal Cloth Mills Limited to be held on November 01, 2022

Karachi, Fazal Cloth Mills Limited informed Pakistan Stock Exchange that annual general meeting of the company is scheduled to be held on November 25, 2022 at Lahore.

The agenda of the meeting will be confirming the minutes of Extraordinary General Meeting held on June 23, 2022, to receive, consider and adopt the Annual Audited Financial Statements of the Company for the year ended June 30, 2022 together with the Directors and Auditors Reports thereon, to appoint auditors for the year ending June 30, 2022 and fix their remuneration and to transact any other business with the permission of the chair.

Further, the closed period of the company is from November 18, 2022 to November 25, 2022 (both days inclusive).

Fazal Cloth Mills Limited was incorporated in Pakistan in 1966 as a Public Limited Company. The Company is principally engaged in manufacture and sale of yarn and fabric. The manufacturing facilities are located at Fazal Nagar, Jhang Road, Muzaffargarh and Qadirpur Rawan Bypass, Khanewal Road, Multan in the province of Punjab.

Currently operates 8 Spinning units comprising 252,564 Spindles and 3,660 Open End Rotors and 888 MVS Spindles installed and Air-jet Picanol 224 Looms.

The company produces 8,515 tons of Yarn and 4.16 million yards of fabric per month. Its count range is from Ne 4/1 – Ne 80/1 in carded, combed, compact, core spun, Multitwist / Multicount / Slub, Double and Zero Twist Yarns. These Yarns are produced with Cotton, Rayon, Polyester Cotton, Modal Cotton and Bamboo Cotton fair trade cotton Fibers. It also produces certified SUPIMA, ORGANIC, GIZA, BCI, Cleaner Cotton, LYCRA, USA Cotton MVS Melange Yarns and Fabric.

The total numbers of shares are 30,000,000. The Earnings per share is 13.36 in 2020 which was 50.52 in 2019. The Profit after Taxation of the Company is 400,718,000 in 2020 which was 1,515,503,000 in 2019.

Resolution passed in annual general meeting of J. D. W. Sugar Mills Limited

Karachi, J. D. W. Sugar Mills Limited informed Pakistan Stock Exchange that the resolution passed in annual general meeting of the company held on November 03, 2022 at Lahore.

“Resolved that the Annual Audited Accounts of the company for the year ended June 30, 2022 together with the Reports of the Independent Auditors, Chairman and Director’s review reports thereon be and are hereby approved and adopted.”

The Sugar Division comprises of three sugar mills Units in the districts of Rahim Yar Khan, Punjab and Ghotki, Sindh. With its combined crushing capacity of 44,500 TCD, it is one of the largest group in the sugar sector and contributes approximately 15-17% of country’s sugar production.

The Company has been successful in completing and commissioning its two high-pressure Co-Generation plants at Unit-II (Sadiqabad) and Unit-III (Ghoki). The first 26.6 MW plant at Unit-II achieved commercial operations on 12 June 2014 after clearing all testing, certification and trial run requirements. The second 26.8 MW project at Unit-III achieved commercial operations on 03 October 2014 after similarly completing all pre-commissioning formalities.

JDW is also managing Sugarcane Corporate Farms over the area of 24,000 Acres in the Provinces of Punjab & Sindh. By using knowledge, experience together with modern tools and machinery and distinctive agronomic strategies, JDW has been able to build highly efficient and eco-friendly farms with higher yields. Company’s unique farming techniques have also led to the capacity building of existing farmers thereby resulting in improved and reliable cane supply to JDW.

The symbol “JDWS” is being used by the stock exchange for the shares of J. D. W. Sugar Mills Limited.

 

Credit of Interim Cash Dividend of Bata Pakistan Limited

Karachi, Bata Pakistan Limited informed Pakistan Stock Exchange that the interim cash dividend @ Rs. 180 per share i.e. 1,800% for the year ending December 31, 2022 has been credited electronically into the designated bank accounts of the shareholders of the Company on October 26, 2022.

Bata Pakistan Limited was incorporated in Pakistan as Shoe Company Limited in 1951, and went public to become Bata Pakistan Limited in 1979. The Company is listed on Pakistan Stock Exchange, and principally engaged in the manufacturing and sale of footwear of all kinds along with sale of accessories and hosiery items. The parent company of Bata Pakistan Limited is Bafin B.V. (Nederland),

The shares of the company are quoted in PSX website and the symbol “BATA” is being used on Pakistan Stock Exchange for the shares of the Company.

The number of shares the company has introduced are 7,560,000. The Earnings per shares has decreased in 2020 and is (82.98) whereas in 2019 it was 144.03. The profit after taxation in 2020 is (627,345,000) which was 1,088,862,000 in 2019.

Resolution passed in annual general meeting of Treet Corporation Limited

Karachi, Treet Corporation Limited informed Pakistan Stock Exchange that the resolution passed in annual general meeting of the company held on October 27, 2022 at Karachi.

Resolved that the extraordinary general meeting of the company held on June 28, 2022 be and are hereby approved and confirmed.

“Resolved that the Annual Audited Accounts of the company for the year ended June 30, 2022 together with the Reports of the Independent Auditors, Chairman and Director’s review reports thereon be and are hereby approved and adopted.”

Treet Corporation Limited was incorporated in Pakistan on January 22, 1977 as a Public Limited Company. The foundations of the company are laid under the Companies Ordinance, 1984. The  principal  activity  of  the  company  is  manufacturing  and  sale  of  razors  and  razor  blades  along  with  sale  of soaps. The stocks of the company are quoted on the Karachi, Lahore and Islamabad Stock Exchange of Pakistan. The registered office of the company is located at Lahore.

The subsidiary companies of Treet Corporation Limited are Global Econo Private Limited, First Treet Manufacturing Modaraba, TCL Labor-Hire Private Limited, Treet Services Private Limited and Treet Power Limited. The company has received ISO 9001: 2000 certification in 1997. The company is also recognized as one of the first ten recipients of the certificate in Pakistan.

The symbol “TREET” is being used by the stock exchanges for the shares of Treet Corporation Limited.