Turkish investor renews bid to buy power producer

Turkish investor renews bid to buy power producer

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KARACHI: The investment bank overseeing a Turkish investor’s effort to acquire more than 51% of the shares and control of publicly traded energy company Tri-Star Power Ltd. announced on Thursday that it is extending the deadline for submitting a public announcement of offer (PAO) by three months.

Read more with EL news: Punjab CM visits Ningxia to boost development cooperation

Alpha Beta Core Solutions Ltd stated that even though the initial 180-day window for submitting the PAO expired on September 9, the prospective acquirer’s due diligence procedure was still ongoing.

Tri-Star Power operates a 10-megawatt plant on the grounds of Image Pakistan in SITE, Karachi, and rents it out to customers in the same industrial group to generate and distribute electricity.

Aykut Alikuu is a high-net-worth individual from Turkey with expertise in e-commerce and the sale of locally sourced goods in the Gulf. The current management has launched a legal battle to prevent his takeover on the grounds that he was acting “in concert with others” and was “illegally accumulating” shareholding while engaging in share price manipulation.

The Sindh High Court ruled that the situation should remain as it is as a result of the lawsuit the management brought against the prospective purchaser.

One of the parties to the transaction claimed that the company’s management was “stonewalling” the acquisition bid in contravention of the rules. The power plant’s actual power output is unknown because it produces electricity as needed. Prior to July 1, 2021, the corporation assessed a per-unit fee to its electricity customer.

According to the company’s financial statements for the months of January through March, petrol supplies remained suspended for those three months, generating no income. Net profit for the first nine months of 2022–23 was Rs4.6 million, a decrease of 33.5 percent from the same period last year.

On March 20, a Turkish investor formally complained to Pakistan’s Securities and Exchange Commission (SECP) about the target company for failing to provide “relevant and material information” needed for due diligence.

The local electricity company was instructed to “ensure meticulous compliance” with the takeover requirements and to give the prospective purchaser relevant information for due diligence in a subsequent correspondence, which Dawn was able to view on April 4.

On March 9, the Turkish investor announced its plan to acquire the majority of Tri-Star Power’s shares. After a week had passed, the target business claimed the prospective buyer was driving “undue movement” in the share price.

The electricity generator claimed that a 531 percent spike in its share price over the course of eight months was the result of “manipulation by the acquirer either directly or indirectly through the persons acting in concert.”

After the public statement of intention, it claimed, the share price had a “continuous declining trend.” The envisioned buyer is not a stakeholder in the target business. He is a citizen of Turkey. and doesn’t even have a CDC (Central Depository Company) account,” it continued.

The company additionally asserted that the purchaser is “merely acting as a frontman on behalf of others in order to bypass the regulations” and lacks the resources and net worth necessary to complete such a transaction.

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Punjab CM visits Ningxia to boost development cooperation

Punjab CM visits Ningxia to boost development cooperation

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According to September 20 news reports from Islamabad, the Punjab Chief Minister (CM) paid a diplomatic visit to Yinchuan to strengthen ties between Punjab and Ningxia in a variety of development sectors.

Read more with EL news: Joint operation initiated to combat criminal activity in RWP’s illegal societies

The details elucidate further that official meetings between CM Naqvi and Secretary Liang focused on the development of Ningxia. Both sides emphasized the implementation of streamlined single-window operations in an effort to increase administrative efficacy.

The discussion regarding the establishment of sister city relationships between Sahiwal and Bahawalpur in Punjab and Wuzheng and Zhang Wei in Ningxia was one of the most notable outcomes of the visit. This initiative seeks to strengthen cultural ties and promote people-to-people exchanges between the two regions in order to cultivate a stronger sense of connection and cooperation.

During the visit, Secretary Liang was also invited to visit Punjab, signifying an important step in revitalizing a 17-year-old sister province agreement between Ningxia and Punjab. This commitment to renewing historic alliances demonstrates the enduring affinity and mutual regard between the two regions.

In addition, they investigated opportunities for collaboration in a number of important industries, such as meat production, dairy development, information technology, and drip irrigation systems. These exchanges of knowledge have the potential to significantly advance the economic and technological landscape of Punjab.

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Joint operation initiated to combat criminal activity in RWP's illegal societies

Joint operation initiated to combat criminal activity in RWP’s illegal societies

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According to press reports, a joint major operation against criminal activity occurring in unlawful societies was started on Saturday, September 16, by the district administration, local police, and the Rawalpindi Development Authority (RDA).

Read more with EL news: More cantonment residents win property tax rise appeals

The Director General of RDA, Saif Anwar Jappa, announced that Commissioner Liaquat Ali Chattha has formed a task group with the intention of carrying out a thorough operation against unlicensed housing societies. The mission will also look for criminals hiding out in these communities, look for firearms, and look for private security staff who may be engaging in illegal activity.
The task team, which consists of four members, will take action against unlawful housing developments that house illicit weapons and hire guards without the necessary authorization from the local police, according to Director General Jappa. The task force is led by the RDA Director General, who also serves as the task force’s chairman. Other members include the additional deputy commissioner of revenue, superintendent of police Saddar, and district council chief officer. Last week, this task force was formed.

The task force’s other focus will be on unlicensed security firms that send armed personnel to housing projects. It will carry out operations to seize illicit firearms and reduce their use in certain housing projects, and it will also give daily reports to the commissioner.
The task team has begun an operation against unlawful housing societies that are under the control of the Chauntra and Saddar Bairooni police stations, Commissioner Liaquat Ali Chatha emphasised. These societies’ owners have been accused of committing crimes.

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Real estate market over the last 50 years

Real estate market over the last 50 years

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One can easily trace the rise and decline of home rates due to a lot of changing conditions. Some of these include mortgage rates, increases in rates, some event economic declines, and migration charges. Different decades between the 1950s to the current year witnessed significant home price fluctuations, especially time between the post-war World War 2 to the late Cold War. Cold War witnessed a huge rise in rates of home while subtracting few collisions along the road. The slump in the early 90s produced a minor real estate market bubble that often bursts. Such a slump eventually brought an insignificant dip in the rate of homes.

Important price drops in the real estate market didn’t actually occur until the Great Recession in 2008 and the real estate decline. The real estate business had not experienced something that happened in the 1930s. Nobody tracked solid numbers for home rates those days, while home production rates tanked by 90%. Nowadays, there are several changing trends that often go on a downward trajectory in the global home market, especially in Pakistan. Different economic trends i.e. real estate market forecast 2024 would have a drastic impact on the real estate market over time.

Real estate market over time

Changes

The real estate market is generally a good indicator of financial strength of any developed economy. It overall represents around 15 to 20 percent of a GDP of any state. It had also become a bigger strength and weakness for different stakeholders. Many of the changes began around 50 years before i.e. costs fluctuation, older buyers, and downpayments.  Real estate market over time has witnessed a digital transformation, in terms of real estate market appreciation and transaction.

Market share for first time buyer

Finally, first-time buyers comprise around a smaller portion of the real estate market now than they did around four decades ago. The National Association of Realtors conducted a survey among first profile of home purchasers and sellers survey. The survey clearly states that first-time buyers are around 39% in the housing market; in contrast to 34% share in 2017.

Income-to-rent ratios

Other reason behind the huge rise in long-term occupants could actually be the amount of rent that buyers spend in their younger years. Young adults spend around of $93,000 on rent, as soon as they are thirty years of age. This amount is also a gigantic 45% of their financial income. On the other hand, baby boomers have been spending only 36% of their income at 30 years of agent on rent. By 1960, more than 20 percent of renters had huge burden on their cost. One can look into Zillow housing market trends to analyze how much income to rent ratios evolves.

Home improvements

Many of the individuals had made several home improvements to upgrade their houses. Such outclass improvement formed best year for home improvements since the previous decade. As majority of the development work is becoming increasingly unaffordable, it looks that many real estate investors are trying to look new ways to make up with what they already attain. Housing market predictions 2024 predict that a lot of housing prices would completely rely on home improvements.

Conclusion

Vast majority of the homeowners would do well to purchase a place that they actually hope to reside. They also need pay off their mortgage quickly, until they reach their retirement age. Real estate market over time has compelled the investors to lessen their capital, and shift to less expensive homes. Though such strategy cannot provide guarantee of generating huge profits, so one needs to think in other way. For more facts about evolution of real estate market, you must reach out to consultants of Estate Land Marketing. Our real estate consultants are professional in the field of real estate marketing, so you would get good guidance.

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More cantonment residents win property tax rise appeals

More cantonment residents win property tax rise appeals

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Wednesday, the Sindh High Court enjoined cantonment boards from taking any coercive action against a large number of additional residents regarding the recovery of property and conservancy tax based on enhanced annual rental value (ARV), subject to payment of old debts.

Read more with EL news: On September 30, tax offices will observe extended working hours: FBR

In response to approximately thirty identical petitions, the Supreme Court of Canada ordered cantonment boards to issue new challans based on the previous ARV plus 25% of the increased ARV.

Some attorneys filed vakalatnama (power of attorney) on behalf of the Cantonment Board Clifton (CBC) and Cantonment Board Faisal (CBF) when a two-judge bench presided by Justice Mohammad Junaid Ghaffar began hearing the petitions.

The bench ordered the attorneys for respective cantons to file remarks in multiple petitions and provide advance copies to the attorneys representing petitioners.

During Wednesday’s proceedings, a copy of an earlier order passed by another bench of the SHC on June 1 directing petitioners to secure at least 25% of the disputed amount was placed on record on behalf of the respondents.

The bench also noted that it had pursued the order in question and that the respondents’ solicitors’ argument appeared to be correct, adding that as a result, the interim orders issued by this bench earlier in these petitions were modified in light of the June 1 order.

The bench stated, “No coercive action shall be taken against the petitioners for the recovery of any arrears of property tax as well as conservation and water charges based on the enhanced annual rental value (ARV) up to the year 2022-23. This, however, is contingent upon the payment of all such taxes on the old/previous ARV through 2022-23.”

“As far as payment of these charges for the year 2023-2024 is concerned, the respective cantonment boards shall issue new challans based on the old/previous ARV in addition to an amount equal to 25 percent of the amount so increased in the enhanced ARV,” it added.

In addition to adjourning the hearing until Oct. 18, the bench ordered that challans be issued to the respective petitioners as soon as practicable and that they be given at least 15 days to make payment.

“The above arrangement in respect of payment of 25% amount on the enhanced ARV is subject to final outcome of these petitions”, it concluded.

Since last year, hundreds of residents of various cantonment boards have submitted approximately 30 identical petitions with the SHC opposing a property tax increase.

The petitioners, the majority of whom are residents of DHA and Clifton, challenged a letter issued on August 23, 2022 by the assistant director general, military land & cantonments boards, Rawalpindi, alleging that through this letter, an illegally exorbitant and arbitrarily assessed tax was levied under the guise of a house tax.

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On September 30, tax offices will observe extended working hours: FBR

On September 30, tax offices will observe extended working hours: FBR

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Islamabad: According to a source on September 18, the Federal Board of Revenue (FBR) has issued instructions to extend the hours of operation for Large Taxpayer Offices (LTOs), Medium Tax Offices (MTOs), and Regional Tax Offices (RTOs) on September 30.

Read more with EL news: DHA Multan announces date for Phase-I Ballot 3

The specifics specify that on Saturday, September 30, the offices will be open until 8:00 p.m. All Inland Revenue (IR) Chief Commissioners have been instructed by the FBR to create a tight working relationship with the State Bank of Pakistan (SBP) and authorized branches of the National Bank of Pakistan (NBP), according to instructions released on Monday.

This link and extension’s goal is to make sure that taxes collected by NBP branches are promptly transferred to the appropriate SBP branches on the same date, accounting for the collection for the month of September 2023.

According to these directives, IR Chief Commissioners are expected to give instructions solely to employees who are directly involved in assisting taxpayers with filing tax returns, collecting taxes owed, and other related tasks to observe longer working hours.

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DHA Multan announces date for Phase-I Ballot 3

DHA Multan announces date for Phase-I Ballot 3

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Multan: The Defence Housing Authority (DHA) in Multan has announced the date for Phase-I Ballot 3. On September 21, this information was posted to the authority’s official Facebook page.

Read more with EL news: CDA to review private school plot rental applications

The Phase-I Ballot 3 is scheduled for October 20, 2023, and all members who have acquired Ballot-3 Files by September 30, 2023 will have the opportunity to participate. In addition, DHA Multan provides an exclusive opportunity for those interested in converting their conventional files into Golden Files. These Golden Files include specific benefits, such as improved plot locations in Sectors F, E, S, O, and Y. For members to take advantage of this opportunity, the conversion must be completed by October 6, 2023.

For those contemplating the conversion, the additional costs are as follows:

  • 1 Kanal: PKR 5 Lac
  • 10 Marla: PKR 2,500,000
  • 5 Marla: PKR 2 Lac

Members can make these payments to the DHA Multan Fund account through Bank Draughts or online transactions. Notably, files already issued for a particular sector, such as 5 Marla in Sector E, are exempt from additional conversion fees.

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CDA to review private school plot rental applications

CDA to review private school plot rental applications

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ISLAMABAD: The Capital Development Authority (CDA) is scheduled to review on Wednesday (today) more than 200 applications submitted by proprietors of private schools for plots on rent from the municipal agency, as opposed to being sold at auction.

Read more with EL news: RDA sets a deadline for consultants to finish the RWP Master Plan

After failing to relocate private schools from residential areas, the CDA has adopted a new policy of renting out parcels to private parties.

The CDA received 245 applications from across the nation in response to its advertisement; on Wednesday, a five-member committee led by DG Planning will examine the applications.

A CDA official stated that the municipal agency allots plots to government schools at subsidized rates, but sites should ideally be allotted to private schools through a competitive process.

The report was submitted to the Islamabad High Court in 2019 after the CDA had finalized a policy regarding private schools after holding a series of meetings with stakeholders, proposing a number of measures to deal with private schools operating in residential areas in particular, and having finalised a policy regarding private schools.

It was proposed that private schools operating in residential areas be given three years to relocate, and that Montessori and nursery schools be opened in every sector. The policy also recommended that private institutions be permitted on private land in Zones 2, 4, and 5.

In this regard, bylaws have been formulated that must be adhered to for the construction of schools in these areas, and the CDA will assist the administrations of these schools in obtaining NOC and in the approval process. However, there was no mention of renting out sections in the policy.

In 2008, the CDA allotted plots to private schools, a scheme that was highly dubious and scandalous. Only three of the 19 plots allocated by the CDA were deemed lawful by the courts. As a result, the municipal agency had to rescind the allocation of sixteen plots.

According to the scheme’s advertisement, the CDA was only supposed to interact with schools based in Islamabad; however, it primarily allocated plots to schools based in other cities. In addition to accepting applications after the deadline, the CDA was also accused of selectively allocating properties in various sectors.

According to CDA officials, there are approximately 100 properties available for rent lease.

In April of this year, the CDA board authorised a policy to rent-lease land to private schools. It was determined at the meeting that the financial model will be finalised later.

It was decided that plots will be rented to private schools based on a 100-point scale, with 20 points assigned to schools operating in houses and 25 points assigned to schools charge between Rs5,000 and Rs15,000. The board also resolved that the schools cannot increase tuition by more than five percent annually.

Waseem Hayat Bajwa, a member of the planning CDA, stated that the committee will review the application at its meeting on Wednesday.

He stated that properties will be rented in an open manner. According to the member, extant regulations make no mention of the commercial sale of private school land.

Therefore, we will utilise a rental model. The owners of schools that will be given plots on rent cannot unilaterally increase fees; rather, before receiving plots, they will have to sign an agreement with the CDA stipulating that fees cannot exceed a predetermined cap,” he said, adding that nothing is final as the committee has yet to complete its technical evaluation of the applications.

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RDA sets a deadline for consultants to finish the RWP Master Plan

RDA sets a deadline for consultants to finish the RWP Master Plan

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Rawalpindi: According to a September 16 news source, the Rawalpindi Development Authority (RDA) has given the consultant Mott Macdonald Pakistan (MMP) a deadline to finalize the master plan for the garrison city.

Read more with EL news: ECP’s letter prevents LDA from issuing NOC to new housing societies

During a meeting presided over by Commissioner of Rawalpindi Liaquat Ali Chattha, the governing body approved an extension until December 31 for the consultant and endorsed regulations for the 2023 master plan/regional development plan.

The meeting approved the Capital Development Authority’s (CDA) decision to process housing schemes and commercial structures physically located in the Islamabad Capital Territory (ICT), as identified by the Survey of Pakistan.

After being awarded the contract on December 16, 2020, MMP commenced work on the project titled “Regional Development Plan for District Rawalpindi and Peri-Urban Structure Plans for Tehsils of Rawalpindi District (excluding Rawalpindi Tehsil)”. The consulting contract, valued at approximately 50 million Pakistani rupees, had an initial completion deadline of 12 months.

All accounts have been settled and all local governments have been instructed to complete master plans by the end of the year, despite the fact that the project was temporarily halted due to confusion regarding the RDA’s authority to prepare such plans in local government areas.

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ECP's letter prevents LDA from issuing NOC to new housing societies

ECP’s letter prevents LDA from issuing NOC to new housing societies

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According to news published in the leading newspaper on September 20, the Metropolitan Planning Wing of the Lahore Development Authority (LDA) has ceased the issuance of No Objection Certificates (NOCs) to new housing societies within its jurisdiction in response to concerns raised by the Election Commission of Pakistan (ECP) via a letter regarding extensive land use in different districts of Punjab.

Read more with EL news: LDA auctioning Park & Ride Plaza-Gulberg business property lease rights

Nadeem Akhtar Zaidi, Chief Metropolitan Planner (CMP), indicated that the suspension of NOC issuance was in accordance with orders from the Housing Department, which had expressed the ECP’s concerns. The letter further stated that in circumstances of extreme urgency, the ECP’s clearance is required. The ECP letter emphasized the function of the caretaker administration, emphasising that its purpose is essentially to manage routine operational emergencies rather than make major policy choices.

Furthermore, the ECP voiced concern about the growing pattern of land use changes made by the provincial administration in numerous districts. Deputy commissioners’ issuing of NOCs to various housing societies has begun to encroach on essential green spaces and productive agricultural land. According to the ECP, this unregulated expansion could lead to chaotic and unplanned urban growth, as well as raise worries about potential corruption in specific places.

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