Month: May 2023

Hino Motors Limited (Hino) – the parent company of Hinopak Motors Limited (PSX: HINO) – Daimler Truck, Mitsubishi Fuso Truck and Bus Corporation (MFTBC), and Toyota Motor Corporation have concluded a Memorandum of Understanding (MoU) on accelerating the development of advanced technologies and merging MFTBC and Hino.

Hino, Toyota, MFTBC and Daimler Truck will collaborate toward achieving carbon neutrality and creating a prosperous mobility society by developing CASE technologies (Connected/Autonomous and Automated/Shared/Electric) and strengthening the commercial vehicle business on a global scale, Hinopak said in a notice issued to the Pakistan Stock Exchange (PSX) on Wednesday.

“Details on the scope and nature of the collaboration including the name, location, shareholding ratio and corporate structure of the new holding company will be decided over the course of the next 18 months,” the notice added.

A press release on the US National Association of Securities Dealers Automated Quotations Stock Market (NASDAQ) read: “The parties envisage signing of definitive agreements in the first quarter of 2024 and aim to close the transaction by the end of 2024. Once all parties involved reach an agreement, they will move forward based on the approval of the relevant boards of directors, shareholders, and authorities”.

By combining forces, MFTBC and Hino are expected to develop synergies and boost truck manufacturers’ competitiveness, so as to help to reinforce the basis of the Japanese and Asian automotive sectors and benefit their consumers, stakeholders, and society.

Daimler Truck and Toyota both list worldwide comprehensive lineups suited to local demands among their business strengths and appreciate multi-pathways that give different alternatives based on local conditions and how consumers utilize cars as they work towards carbon neutrality.

Source: Pro Pakistani

The Securities and Exchange Commission of Pakistan (SECP) has cautioned the general public that the Certificate of Incorporation of a company is only evidence of its registration as a corporate entity.

In a statement, SECP said that it issues warnings to raise awareness among the public regarding potentially fraudulent activities perpetrated by companies and individuals posing as legitimate incorporated persons that come to its attention.

SECP said that based on information available on social media and complaints received recently it has been observed that the following typical business models are being used to lure the public:

Mobile/web-based apps promising lucrative profits/referral bonuses on deposits/investments

Seeking deposits in the name of making investments on your behalf in different products and promise of lucrative returns like investments in Surface Mount LED (SMD) screens, trading of different products/forex/cryptos

Taking advances in the name of fees/down payment for the provision of loans or assets on lease/easy installments at low markup;

Receiving funds for online jobs packages

SECP highlighted that deposit-taking/leasing/financing is only permissible to companies that have obtained a license (different from an incorporation certificate) to that effect.

Any person dealing with a company is recommended to self-check the status of that company on SECP’s website or by raising a query with SECP. A list of companies suspected to be involved in unauthorized businesses is placed on the SECP website and is updated from time to time, the statement added.

SECP has advised the public to remain vigilant and report any suspected activity by a registered company to SECP.

Source: Pro Pakistani

In a major development likely to benefit credit card users, the State Bank of Pakistan (SBP) has allowed the settlement of credit cards issued by various banks through the interbank exchange rate with immediate effect till July 31, 2023, according to a circular issued by the central bank on Wednesday.

According to the circular, the banking regulator allowed banks and financial institutions to purchase dollars from interbank markets for settlement of card-based cross-border transactions with International Payment Schemes (IPS) such as Visa and Mastercard.

“It has been decided to allow authorized dealers to purchase USD from interbank for settlement of card-based cross border transactions with IPS,” the circular reads.

It is pertinent to mention here that earlier, credit card settlements were done through the open market. However, now the settlement will be done from the interbank counter.

Open Market Rate to Fall

In a statement, Exchange Companies Association of Pakistan General Secretary Zafar Paracha welcomed this move by the central bank.

Paracha said that the move will bring down the open market USD rate by up to Rs. 25 and added that it will also help enhance the inflows of remittances.

Source: Pro Pakistani