NEWS: Maple Leaf Cement mulls expansion after tax perk for housing sector

KARACHI: Maple Leaf Cement Factory Ltd, a Pakistani maker of the construction material, is considering boosting capacity by almost a third to tap demand as the economy recovers, people with knowledge of the matter told Bloomberg.

The Lahore-based company plans to increase its capacity by about 7,000 tons a day at its current facility, the people said, asking not to be identified citing a private matter. The proposal is in final stages and the company is discussing the plan with banks and machinery suppliers, the people said.

Prime Minister Imran Khan’s move to offer tax cheats amnesty for investing in building homes has spurred a construction boom and is helping revive economic growth. Local sales for the building material is expected to rise 17 percent in the year ending June, the most in five years, according to Insight Securities Pvt.

The company’s shares rose 1.2 percent at the Pakistan Stock Market after jumping as much as 2.3 percent. The stock has almost doubled in the past year compared with 14 percent gain in the nation’s benchmark KSE-100 Index.

The South Asian nation is witnessing a wave of expansions in the cement industry with Lucky Cement Ltd, Kohat Cement Company, and Fauji Cement Company deciding to increase capacity, while DG Khan Cement is expected to take a final decision by the end of this month.

Maple Leaf will use internal funds to finance the expansion and won’t sell additional shares, one of the people said. The company did not respond to a request for comment.

With cement, fuel and car sales rising to levels before the pandemic, Khan’s government is targeting a growth of 2.1 percent in the current financial year, after the first contraction in 68 years in the year ended June.

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NEWS : LDA approves construction of 4,000 apartments

LAHORE: The governing body of Lahore Development Authority (LDA) on Thursday approved the construction of 4,000 residential units at a cost of about Rs10 billion in the first phase of LDA City Naya Pakistan Apartments project. “All citizens who will be provided mortgage financing facility by Naya Pakistan Housing Authority and commercial banks will now be eligible to purchase these apartments,” a statement issued by the authority read. The 7th meeting of the LDA governing body was presided over by Vice Chairman SM Imran. The meeting was informed that LDA has planned to construct these apartments on 563 kanals of land in Mouza Halloki within a year’s time. As many as 125 blocks of ground-plus-three-storey apartments, each comprising 32 residential units, will be built in the first phase. Mosques and other amenities will also be provided in the area. The meeting decided to construct infrastructure including roads, water supply and sewerage system, sidewalks, water treatment ...

NEWS: Ravi riverfront project to avert looming water crisis for Lahorites

Ravi riverfront project to avert looming water crisis for Lahorites LAHORE, Mar 21 (APP): Like the mythological phoenix, the dying river Ravi is set to rise from its remains and give birth to a new Lahore on the largest 46 kilometers long riverfront to compete with any modern city in the world. An ambitious urban development project by the Prime Minister Imran Khan’s government to build a new Pakistan, Ravi River Front Urban Development (RRFUD) project will uplift the dying river Ravi, almost reduced to a drain due to waste water pouring into it. The construction of a 46-kilometer long lake from Ravi Siphon to Hudiara, laying of complex network of roads and construction of 12 new high-tech cities would be the hallmark of this project, the one being started under the vision of the Prime Minister for building ‘Naya Pakistan.’ Lahore city once known for its beautiful gardens, historic buildings and a culture loved by everyone, had suffered the unchecked populace migration, pollution...

NEWS : 17 LDA officers nominated in FIRs still occupy offices ACE to nick officers on completion of legal process

Seventeen officers of Lahore Development Authority (LDA) who were nominated in FIRs in connection with illegal constructions are still occupying important posts in the Authority. It was reported that the Anti-Corruption Department registered a case two years ago against these LDA officers involved in construction of 55 illegal commercial buildings. The Anti-Corruption Establishment has completed judicial action preparations against the officers as the anti-graft body once again recorded statements of 41 nominated officers. A case has been registered against LDA officers named in FIR for constructing 55 buildings with their connivance in different areas including Johar Town, Allama Iqbal Town and Gulberg and on Canal Road. It has been reported that the anti-corruption team will arrest the officers nominated in the FIR after completion of the judicial action. According to FIRs, LDA officers facilitated illegal construction of floor of Al-Nasr Lab in Johar Town, car showrooms ...

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