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Corporate Watch

Corporate Watch

KE to power DG Cement’s plant in Hub

KARACHI: K-Electric (KE) and DG Cement Ltd have signed an agreement under which the power utility would provide 40MW of electricity to the cement maker for its new plant at Hub, Balochistan.

According to KE’s press statement, KE would be providing electricity from their Hub Grid Station whereas DG Cement Ltd would be constructing a Line Bay and will also construct a 12-km long transmission line of 132 kV along with its grid station in Hub. The plant will have the capacity to produce 8,500 tonnes of cement per day and will be commissioned and energised by end 2017.

Nokia in talks to buy all of Alcatel-Lucent

HELSINKI: Finnish telecoms equipment maker Nokia said Tuesday it was in talks to purchase all of its Franco-American rival Alcatel-Lucent, with the aim of creating a telecoms and Internet technology behemoth.

“Nokia and Alcatel-Lucent confirm that they are in advanced discussions with respect to a potential full merger, which would take the form of a public exchange offer by Nokia for Alcatel-Lucent,” the company said in a statement.

Nokia disclosed no sums and did not say why it was interested in Alcatel-Lucent.

The Finnish company was the world’s biggest mobile phone maker for more than a decade until it was overtaken by South Korea’s Samsung in 2012.—AFP

Philippines mall giant to invest $4.5bn in China

MANILA: Philippine shopping mall giant SM Prime owned by the country’s richest man plans to invest 200 billion pesos ($4.5bn) over the next two years locally and in China, the company said Tuesday.

About $449 million would be spent in China each year, company officials told reporters on the sidelines of its annual stockholders meeting.

“It’s the middle market. The (Chinese) government guideline is they don’t want super luxurious condos anymore,” SM Prime chairman Henry Sy Jnr said.

The company, which has 50 malls in the Philippines and five in China, posted a net profit of 18.39bn pesos in 2014, up 13 per cent from the previous year, its annual report said.

Published in Dawn, April 15th, 2015

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