Day: May 23, 2023

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JETEX INTRODUCES SUSTAINABLE AVIATION FUEL BOOK & CLAIM

Jetex signs a milestone agreement with 360 Jet Fuel Ltd. to offer sustainable aviation fuel (SAF) book and claim option to its customers globally. Through the innovative 360 GREEN FUEL book and claim platform, Jetex aims to offer greater flexibility and accessibility to SAF.

Dubai, United Arab Emirates, May 23, 2023 (GLOBE NEWSWIRE) — Jetex entered in an agreement with 360 Jet Fuel Ltd. to offer its customers more flexibility and wider access to sustainable aviation fuel (SAF).

SAF is a liquid fuel currently used in commercial aviation which reduces CO2 emissions by up to 80%. It can be produced from a number of sources including waste oil and fats, green and municipal waste and non-food crops. It can also be produced synthetically via a process that captures carbon directly from the air.

Part of what makes SAF sustainable is ensuring sustainability in its supply chain. Transporting SAF to a specific airport or flight is not always possible and could lead to higher greenhouse gas emissions. The Book & Claim system provides a solution for these situations.

The new 360 GREEN FUEL book & claim system allows Jetex customers to source SAF based on their total aviation footprint in one transaction, rather than sourcing through each location individually. This means that SAF can be sourced for flights out of airports that do not have SAF supply available.

Sourcing SAF on a Book & Claim basis will allow purchasing any volume of SAF, including 100% of fuel needs or a carbon neutral scenario, without technical limitations such as blending limits.

Jetex customers will be able to claim the C02 emission reduction they achieved by the amount of fossil fuel replaced with SAF acquired They will receive a certificate specifying the amount of SAF purchased and an audited statement outlining the corresponding CO2 reduction. This documentation can be utilized for sustainability reporting purposes.

To ensure credibility and verifiable emission reductions, 360 Jet Fuel sources physical SAF quantities from ISCC+ certified suppliers, guaranteeing full traceability of the claimed amounts, and ensures delivery to an airline partner within the aviation sector. The solution provided by 360 Jet Fuel undergoes rigorous third-party auditing, ensuring traceability to each delivery batch and eliminating any doubts of double claiming.

The new agreement takes Jetex a step closer to being fully carbon-neutral globally and is aligned with IATA’s commitment to achieving 65% SAF share by 2050.

Click here to see Adel Mardini, Founder & CEO of Jetex, on progressing the sustainability agenda.

About Jetex:
An award-winning global leader in executive aviation, Jetex is recognized for delivering flexible, best-in-class trip support solutions to customers worldwide. Jetex provides exceptional private terminals (FBOs), aircraft fueling, ground handling and global trip planning. The company caters to both owners and operators of business jets for corporate, commercial and personal air travel. To find out more about Jetex, visit www.jetex.com and follow us on Instagram, Twitter, Facebook, and LinkedIn.

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Oleg Kafarov - Director of Portfolio Development & Corporate Communications
Jetex
+971 4 212 4900
teamorange@jetex.com

GlobeNewswire Distribution ID 8844534

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Sindh Abadgars Sugar Mills Limited Announces Financial Results for the Half Year and Quarter Ended March 31, 2023

Karachi, Sindh Abadgars Sugar Mills Limited, in their recent board meeting held in Karachi on May 23, 2023, has released their financial results for the half-year and quarter ended on March 31, 2023. The company made several recommendations, including cash dividends, bonus issues, right shares, and other entitlements. The condensed interim statement of profit or loss (unaudited) reveals the company's performance during the specified period.

For the six-month period ended on March 31, 2023, the net sales revenue stood at Rs. 1,794,521,017 compared to Rs. 1,230,308,661 in the corresponding period of the previous year. The cost of sales amounted to Rs. 1,564,477,519, resulting in a gross profit of Rs. 230,043,498.

Finance costs incurred during the period amounted to Rs. 148,825,279. Consequently, the profit before taxation stood at Rs. 76,236,715. After accounting for taxation, with a net amount of Rs. 2,745,062, the company reported a profit after taxation of Rs. 62,491,653 for the six-month period.

For the quarter ended on March 31, 2023, the net sales revenue amounted to Rs. 949,028,329 compared to Rs. 1,146,172 in the same quarter of the previous year. The gross profit for the quarter was reported at Rs. 221,428,953.

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Faysal Asset Management Limited Appoints Mr. Nadir Rahman as CEO

Karachi, Faysal Asset Management Limited (FAML) has announced the appointment of Mr. Nadir Rahman as its new Chief Executive Officer (CEO), effective from May 23, 2023. This strategic move signals FAML's commitment to further strengthen its leadership and drive growth in the asset management industry.

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Ashfaq Textile Mills Limited’s Executive Director’s Spouse Makes Significant Share Purchases

Karachi, Ashfaq Textile Mills Limited (ATML) has disclosed a series of share transactions executed by Mussarat Ashfaq, the spouse of Ashfaq Ahmad, the company's Executive Director. These purchases have raised eyebrows and sparked interest among market observers.

On May 18, 2023, Mussarat Ashfaq engaged in multiple buying activities, acquiring a substantial number of shares in ATML. The first transaction involved the purchase of 500 shares at a rate of 7.96 per share. This was followed by two more purchases of 500 and 1,500 shares at rates of 7.99 and 8.00 respectively. Finally, another 500 shares were acquired at a slightly higher rate of 8.20. All these shares were obtained in the form of share certificates through the Central Depository Company (CDC) and were immediately available on the market.

The following day, on May 19, Mussarat Ashfaq continued to demonstrate confidence in ATML's prospects by purchasing an additional 1,000 shares at a rate of 8.40 per share, also through the CDC.

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First Elite Capital Modaraba Discloses Insider Trading Activity by Substantial Shareholder

Karachi, First Elite Capital Modaraba has disclosed insider trading activity involving a substantial shareholder, Mr. Nauman Rathore. According to the company's announcement, Mr. Rathore executed a buy transaction on May 19, 2023, acquiring 7,000 shares of the company at a rate of Rs. 2.87 per share. The shares were obtained through the Central Depository Company (CDC) and were in the ready market form.

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AL Habib Asset Management Approves Interim Distribution for Money Market and Islamic Cash Funds

Karachi, AL Habib Asset Management Limited is pleased to announce that the Chief Executive Officer, acting under the authority of the Board of Directors, has approved interim distributions for the AL Habib Money Market Fund and AL Habib Islamic Cash Fund for the year ending June 30, 2023.

The interim distribution per unit for the AL Habib Money Market Fund has been set at Rs. 0.0494, representing 0.0494% of the Net Asset Value (NAV). Similarly, for the AL Habib Islamic Cash Fund, the interim distribution per unit is set at Rs. 0.0500, which also corresponds to 0.0500% of the NAV.

These interim distributions are designed to provide value to the unit holders of AL Habib Asset Management Limited and reward them for their investment in these funds. The distributions reflect the commitment of AL Habib Asset Management Limited to deliver competitive returns and maintain attractive investment opportunities for its investors.

Unit holders whose names appeared in the register of unit holders as of May 22, 2023, will be eligible to receive the interim distributions. AL Habib Asset Management Limited places great emphasis on maintaining accurate and up-to-date records to ensure the fair distribution of entitlements to its valued unit holders.

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Atlas Asset Management Approves Distribution for Atlas Liquid Fund

Karachi, Atlas Asset Management Limited has announced that the management company and investment committee of Atlas Liquid Fund (ALF), authorized by the Board of Directors, have approved a distribution for the fund.

The distribution per unit for the Atlas Liquid Fund has been set at Rs. 0.2359, representing 0.0472% of the Par Value. This payout reflects the commitment of Atlas Asset Management Limited to providing returns and value to the unit holders of the fund.

The distribution will be disbursed to the unit holders whose names appeared in the register of unit holders at the close of the business day on May 22, 2023. This ensures that eligible investors receive their entitlement according to the official records maintained by Atlas Asset Management Limited.

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IGI Holdings Limited Elects Seven New Directors at Extraordinary General Meeting

Karachi, IGI Holdings Limited, a leading insurance and financial services company, announces the successful election of seven individuals as Directors at its Extraordinary General Meeting (EGM) held in Karachi on May 23, 2023. The new Directors will serve a three-year term, starting from May 23, 2023, and will contribute their expertise to guide the company's strategic direction and growth.

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Director and Executive of Packages Limited Execute Share Transactions

Karachi, Packages Limited, a prominent packaging and paperboard manufacturing company, announces significant share transactions executed by key individuals within the company. The transactions involve a Director and an Executive, reflecting their confidence in the company's prospects.

Syed Babar Ali, an esteemed Executive of Packages Limited, made a notable purchase of 500 shares on May 19, 2023. The transaction was conducted at a rate of 399.48 rupees per share. The share certificates were obtained in the CDC (Central Depository Company) Ready form, indicating a seamless process in acquiring the shares.

Additionally, Syeda Henna Babar Ali, another dedicated Executive of Packages Limited, executed a share purchase of 300 shares on the same date. The shares were obtained at a rate of 399.48 rupees per share, also in the CDC Ready form.

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IGI Life Insurance Limited Passes Resolutions at Extraordinary General Meeting

Karachi, IGI Life Insurance Limited successfully held its Extraordinary General Meeting (EGM) on May 23, 2023, in Karachi. The meeting resulted in the passage of important resolutions pertaining to the company's ordinary business. The resolutions were aimed at confirming the minutes of the last Annual General Meeting and electing new directors.

The first resolution focused on the confirmation of the minutes of the 28th Annual General Meeting, which took place on April 27, 2023. The resolution stated, "RESOLVED THAT the minutes of the 28th Annual General Meeting held on April 27, 2023, be and are hereby approved." This approval signifies the official acceptance of the minutes, ensuring accurate documentation of the previous AGM's proceedings.

The second resolution addressed the election of seven directors, as predetermined by the Board, in accordance with Section 159(1) of the Companies Act, 2017. The resolution stated, "RESOLVED THAT the seven persons be and are hereby elected and appointed as Directors of the Company for a period of three years and to hold office from May 23, 2023." This election of directors ensures the continued effective governance and strategic decision-making for IGI Life Insurance Limited.