Hldj Halep downs one Williams just to face another
KARACHI:Engro Corporation is going to list its fertil
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iser business on the stock market by the end of 2013 which, according to analysts, will provide the largest private-sector conglomerate of the country with a substantial cash cushion.Engro Fertilizers, which is a wholly owned subsidiary of Engro Corporation, made the announcement in an analyst briefing held on Wednesday, where it also discussed the company s financial performance during the first quarter of 2013.According to brokerage firm Foundation Securities, which is affiliated with Macquarie Capital Securities Limited, a global securities company, the initial public offering of Engro Fer
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tilizers may have a total market capitalisation between Rs59 billion and Rs66 billion, assuming a price-to-earnings (P/E) mult
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iple of five to six times. Assuming Engro Corporation divests a 10%-20% stake of its holding (in Engro Fertilizers), this would provide a big cash relief of Rs6-12 billion, said a research note issued by Foundation Securi ISLAMABAD:Tax experts and representa
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tives of the steel industry have stressed the need to end discrimination in turnover tax levies across industries. They argue for the rationalisation of turnover tax rates and an extension of the adjustment period to 10 years or more. These demands arose during a public-private dialogue organised by the Sustainable Development Policy Institute in collaborati
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on with the Pakistan Association of Large Steel Producers, focusing on the impact o
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f taxation policies on the steel sector, particularly the disparity in turnover tax rates.