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Bulls on parade to propel KSE up 93 points Page 3
profit.com.pk
Friday, 17 February, 2012
NAB initiates inquiry against ‘unscrupulous brokers’ at KSE KARACHI ISMAIL DILAWAR
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Chairman nab admiral (R) Fasih bukhari had taken a serious note of the misappropriation of funds of the people, who had invested their money with some unscrupulous brokers of kSE and directed the nab (Sindh) to take immediate action against the said brokers and recover the embezzled amounts. ahmed clarified nab was not aimed at disturbing and hurting overall business activities of kSE, but to deal with the actual culprits strongly. He, in this regard, desired to have close contact with kSE to address the existing issues and to create deterrence for avoiding any such unfortunate situation in future. Explaining in detail the structure, role and functioning of the Exchange, the kSE management assured the investigators of their
full co-operation and also explained some of the reasons of 2008 market crisis. The reasons, procedure and subsequent actions to satisfy the investors’ claims against defaulted and expelled members of the Exchange were also explained in detail. It was also informed that the limit of per member Investors’ Protection Fund was first increased from Rs10 million to Rs25 million and was recently increased again to Rs75 million, the benefit of which would be passed on to all claimants against the members defaulted/expelled post 2008 crisis retrospectively. This includes the cases being investigated by nab. after detailed deliberations, the nab officials and kSE board jointly agreed to extend active coordination and support to each other to eradicate corruption and corrupt practices conducted by some of kSE former unscrupulous members. The kSE board also assured to keep nab on board for any malpractices, which take place in the sector under their purview as well as to help nab in money recovery. DG nab appreciated the board’s active cooperation and stated that such measures would help in improving the credibility of kSE as an institution and its members. He further recommended certain measures to be considered by kSE board, with particular reference to
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aTIOnaL accountability bureau (nab) has initiated criminal inquiries against unscrupulous brokers at karachi Stock Exchange (kSE), said a joint statement issued here by nab and kSE. according to sources, nab had started to investigate on the directives of Supreme Court on the petition of aman Siddiqui, an official of the bank of america in Pakistan. Siddiqui is said to have filed financial claims of Rs1.5 to Rs20 million against Munir M Ladha of the Eastern Capital Limited. also, the investigators are grilling the kSE managements who were in charge of the kSE board in 2008, 2009 and 2012. Those under investigation are former managing directors, adnan afridi and kamran Mirza, and elected directors like Suhail Diyala, Shoaib Memon, shehzad Chaira and others, said the sources. However, a joint statement issued by nab and kSE Thursday said the inquiries were to take immediate action against five former brokerage houses, including Eastern Capital Limited, Clicktrade Limited, Capital One Equities, Mka Securities, Prudential Securities Limited, and their accused directors on charges of cheating the public at large. “DG nab (Sindh) and his team also held a meeting with the former chairman and managing director of kSE for the year 2008,” said the statement. In this regard, a nab team, comprising Director General Sindh Major (R) Shabbir ahmed, Ghulam Farooq, Director (FCIW), ahmed Raza Tahir, Deputy Director, Qudsia kadri, Consultant (FCIW) and Rizwan Shah, Investigation Officer, visited the kSE on Thursday and met the current management of the Exchange. The kSE officials, who met the nab team, included Chairman Muneer kamal, Managing Director nadeem naqvi, Deputy Managing Director Haroon askari, Directors Haji Ghani Haji usman, Yasin Lakhani and others. “The main focus of the meeting was problems being faced by investors and the claimants of Eastern Capital and its absconded directors namely, Munir M Ladha and others,” said the statement.
During the meeting, DG nab said the above brokerage houses were alleged to be involved in embezzlement and fraud activities by cheating the public hard-earned money through misuse of their securities, held in trust with them. He said
exercising due caution while admitting someone as member of the Exchange and supporting nab’s actions for future deterrence. It was resolved by both the institutions to fully collaborate by utilising available synergies in addressing the grievances of aggrieved investors.
Punjab Seed Council approves cotton varieties
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LAHORE STAFF REPORT
unjab Seed Council has approved 18 cotton varieties for cultivation in Punjab. 42nd meeting of Punjab Seed Council was held at agriculture House, Lahore chaired by Malik ahmad ali aulakh, Minister for agriculture, Punjab. The meeting was attended by Sumaira Samad, additional Secretary (Planning) agriculture Department Punjab, Managing Director, Punjab Seed Corporation, Director General agri (Research), Director General agriculture (Extension) representatives of nIab, nIbGE, Federal Seed Certification and Registration Department, Pakistan Cotton Growers association, aPTMa, PCGa and cotton growers. The proposals of 26 varieties of bT cotton/non-bT varieties evolved by research institutions of the Government and private sector were presented in the meeting. While discussing and considering for approval, the breeders of bT varieties presented the case of their varieties for approval by highlighting trial results and performance of the candidate varieties and their characteristic. after discussing at length and keeping in view the data presented for candidate varieties 4 new bT varieties FH-114, CIM-598, SITaRa009 and a-one whereas, 4 new non-bT varieties bH-167, MIaD-852, CIM-573 and SLH-317 were approved for general cultivation. Whereas, four bT varieties including TaRZan-1, nS-141, IR-nIbGE-3, MnH-886 and 3 nonbT varieties nIbGE -115, FH-941 and FH-942 were approved for one year for field performance/monitoring of the varieties. The council also granted approval of three bT varieties IR-1524, aLI akbaR-802 and nEELaM-121 after completion of one year’s approval earlier. Eight varieties were deferred by Punjab Seed Council. The minister for agriculture, Punjab congratulated the breeders of new varieties and appreciated their contribution in agriculture sector. He said lion’s share of available resources is being diverted to develop agriculture on modern lines in the province as this particular sector is top priority of the government to achieve self sufficiency and self reliance on sustainable basis. Talking to media men after the meeting, the minister said 80 new varieties of different crops have been approved during regime of present government since 2008, whereas, only 49 were approved by previous government during their five years tenure. He further said that wheat production of 19.04 million tonnes during 2010-11 was achieved as compared to 15.60 million tonnes in 2007-08 which marked an increase of 18 per cent. Similarly bumper rice production of 3.38 million tonnes, record productions of 42.8 million tonnes of sugarcane, 2.96 million tonnes of wheat and 3.34 million tonnes of potato were achieved during 2010-11. He added now Punjab government has entered into certification regime to produce fully traceable agricultural and livestock products to reach high end markets of the developed world and to enhance exports for which Rs2.024 billion has been allocated to improve supply chain of selected agricultural and livestock products for improving quality and introducing traceability as per international standards and requirements. He urged the farmers to grow latest high yielding approved varieties to make country self-sufficient in agricultural commodities, paving way for increasing agricultural exports for earning precious foreign exchange.
‘Govt involved in politics over natural gas’ LAHORE
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STAFF REPORT
vEn though the country has a shortage of natural gas, but the government is still aggravating the situation by its involvement in politics, since elections are just round the corner. If the government ensures a 10 and a half month gas supply to fertiliser industry, urea price could be fixed at Rs1,300 per bag. These observations were made by former Sui northern Gas Pipelines Limited (SnGPL) Managing Director abdul Rasheed Lone. He was giving briefing to the members of the agriculture journalist association (aja) on gas distribution and fertiliser industry here on Thursday. Rasheed Lone, who is now associated with a local fertiliser manufacturing company,
underscored that the government was obliging its blue-eyed people by awarding them imported urea quotas at subsidised rates, which had no benefit to farmers and the country. He pointed out due to gas curtailment to fertiliser plants and illconceived government policies, urea price in the country had swelled by 140 per cent during the last two years. Speaking on the occasion, another fertiliser company CEO ahmed jaudet bilal pointed out local fertiliser manufacturing plants had been forced to shut down for over six months last year, causing acute urea shortage and subsequent unprecedented price increase from Rs750 in December 2009 to Rs1,810 per bag as of today. In addition, the government had imposed two different types of taxes, which included 16 per cent General Sales Tax (GST) and Gas Infrastructure Development Cess
(GIDC) of 193 per cent. bilal pointed out that only the cess had an impact of Rs258 per bag on urea manufacturers, but industry was passing 50 per cent of this impact to farmers. and both of these taxes had an accumulated impact of Rs384 per bag in current urea price, he added. bilal further indicated Pakistan had 6.9 million tonnes of urea manufacturing capacity, which made it the seventh largest urea manufacturing country in the world. Despite the fact that the country had two million tonnes of surplus urea manufacturing capacity, Pakistan had imported $783 million urea in 2011. In addition, the government wasted Rs54 billion on subsidising imported urea to make it affordable, he lamented. He highlighted fertiliser industry had invested $2.3 billion to make the country self-sufficient in the last three years, but
the government was still interested to import fertiliser by curtailing natural gas to urea plants. In the whole scenario, he said, farmers were real losers as they had to incur a loss of Rs127 billion due to urea price increase. Drawing a comparison among various sectors of the economy, bilal emphasised fertiliser industry was the only sector that was adding value to each molecule of natural gas as it used gas to convert it into key input for agriculture instead of burning this precious fuel. He indicated maximum value addition of natural gas was in fertiliser sector in comparison to other sectors, including industries, power generation and CnG. These sectors had other substitutes available, like furnace oil, LPG, LnG, diesel and coal, whereas, fertiliser industry had no alternative available, he maintained. He said natural gas was transformed
through a chemical process into fertiliser, which was used for good output of crops; hence it had a direct impact on agriculture economy, food security, cotton production – and ultimately supplementing textile exports. besides production of wheat, main staple food also played a role in producing the feed for millions of livestock in the country. Referring to a report prepared by International Resources Group for asian Development bank and ministry of planning and development, he pointed out, “The System Level Economic valuation” indicates that reducing gas to the fertiliser sector costs the economy Rs196 million per MMCFD, while increasing gas to the power sector costs the economy Rs98 million per MMCFD.” Hence, government could save up to Rs23 billion by supplying gas to fertiliser sector as compared with power sector, he concluded.
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Pakistan’s Economic Roadmap Summit KARACHI
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STAFF REPORT
holding company is needed to be established in order to put back all loss incurring institutions of the country within next five years. The lack of job opportunities is alarming, as majority of the country’s population is youth based (below 25 years old). The country needs to create jobs for the majority of its population on war footings, said Shaukat Tarin, Former Federal Minister for Finance and Economic affairs and presently advisor to Chairman, Silk bank Limited, while addressing Pakistan’s Economic Roadmap Summit here at a local hotel on Thursday. The one day summit was organised to discuss Pakistan’s economic woes and solutions to overcome them. addressing the summit, Saad amanullah khan, President american business Council and Chief Executive Officer of Gillette Pakistan Limited, said good governance was the key to ensure economic growth as the improved governance leads to economic stability/growth, standard of living, liberal principles and also durable democracy. Talking about the challenges in the country, S M Muneer, President Pakistan India Chamber of Commerce and vice Chairman, MCb bank Limited said almost 10 million people have lost jobs in Faisalabad due to the closure of industries while over 30 per cent industrial units have been closed down
LAHORE
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HE farming community has urged the government to approve the Genetically Modified (GM) corn, which is being planted successfully across the globe, for commercial plantation in Pakistan. The farmers of corn growing areas made this demand during a meeting with senior officials of Monsanto Pakistan, an agricultural biotechnology company. Monsanto officials answered queries of farmers
KARACHI: The country’s liquid foreign exchange reserves once again moved northward due to increase in dollar holdings of the commercial banks, the central bank reported Thursday. according to State bank, up till February 10th, the country held $16.768 billion compared $16.689 billion of the previous week. This shows a growth of $79 million or 0.4 per cent over the last week. The State bank’s dollar reserves, however, moved downward and slid by $38 million or 0.3 per cent to $12.286 billion against the previous $12.324 billion. The banks’ dollar reserves, a major stimulus for the country’s total liquid reserves, registered an encouraging increase of $117 million or 2.6 per cent to stand at $4.482 billion against $4.365 billion of a week earlier. The analysts and the State bank attribute contraction in the SbP’s exchange reserves, to increased import payments and the repayment of the country’s external debts that, according to central bank, have aggregated to over $60 billion. STAFF REPORT
PIA, Airbus sign aircraft agreement in karachi due to the energy crisis. The energy crisis and poor security in the country is also further minimising job opportunities for the youth, he added. Humayun bashir, vice President OICCI and Country General Manger said there were immense opportunities in the country to accommodate the emerging youths. Only a call center training program could provide jobs to over 0.5 million people. nadeem Hussain, President and CEO Tameer Micro Finance bank Limited who made his presentation on the topic of ‘Self Reliance-Myth or Reality’ said it was a myth that ‘realisation of self-reliance has become even more difficult with the passage of time’. However, the reality was that Pakistan can attain self-reliance over a period of time by implementing
a strategy that aims at reducing the dependence on aid immediately and eliminating it over the time. It should emphasise on setting investment, savings, imports and export targets consistent with self-reliance, without jeopardizing the growth prospects. Expressing his views, Muhammad azfar ahsan, CEO, nutshell Forum said, “The aim and objective of this conference was to provide policy makers, trade, business and academia, a roadmap with well defined milestones to jump start Pakistan’s economy. The idea is to focus on a few quick wins with a medium term plan in place to capitalise on the immense potential of this country. We are optimistic that the existence and interaction of the key economic managers of the country, young and senior busi-
nessman, chartered accountants and tax specialists, academia and students will be an ideal opportunity to come up with robust economic plan which can become a building block for the policies to be rolled out.” Other renowned economists and financial sector experts also participated in this summit and delivered papers and presentations on ways and methods required to put the country’s economy, back on track. These included nadeem naqvi (Managing Director, karachi Stock Exchange), Sirajuddin aziz(President and CEO, Habib Metropolitan bank Limited), Moin M Fudda (Country Director, CIPE), Majyd aziz (Chairman, SME bank Limited), Dr asher Hasan (Founder and CEO, naya jeevan) and amina Hashwani (President, Pakistan India CEOs Forum).
Farmers urge govt to approve GM corn seed STAFF REPORT
Banks jack up dollar reserves to $16.768b
and media representatives relating to biotechnology, especially GM corn product ‘vT Double Pro’. Monsanto experts said that the field trials of Monsanto Pakistan’s GM corn product have been completed successfully and now only official approval by the government authorities was required to formally launch the product in Pakistan. Monsanto Pakistan’s officials informed farmers that the European Commission has authorised GM maize, cotton, canola, soybean, sugar beet for food/feed use. They pointed out that corn seeds
had been genetically modified to have agronomic desirable traits. Traits that have been engineered into corn include resistance to insect pests and herbicide tolerance, which means that GM corn makes a protein that kills various insect pests without the use of insecticides. besides, it can also control the losses caused by weeds. a farmer Sabir Hussain said that they were failing to understand the delay in giving approval to genetically modified crops. “Let these seeds enter the market. If they don’t satisfy our needs, we will not buy them. but at lease farmers should have some
choice,” he added. another farmer Riaz-ul-Haq observed insect, pests and weeds caused considerable losses to corn crop. If GM corn was solution to these problems, it should be introduced in the market forthwith. He said that he wanted to test how this technology (GM corn) works. Monsanto Pakistan was represented by Muhammad asim, Regulatory affairs Lead, Muhammad Ilyas nadeem, Commercial Operations Lead, Shariq bukhari, Marketing Lead, Dr Muhammad naveed, Technology Development Lead, and company’s other officials.
LAHORE: Pakistan International airline and airbus signed an agreement for transfer of ownership of Six a310 aircraft which were acquired by the airline on lease in year 2004. Transfer of ownership of the six aircraft to national Flag Carrier is another step forward in implementing the business plan under vision 2020 and will help PIa save about $2 million monthly rentals which will help greatly in reducing its losses. The agreement was signed by PIa Managing Director nadeem khan Yousufzai and airbus Director asset Management Patrice De Puymorin participated by PIa Deputy Managing Director Salim Sayani, Director Corporate Planning Irshad Ghani, airbus Sale Director Middle East Othman Ghedira, vice President - International Development Middle East EaDS Pascal Lesaulnier and other senior officials of PIa. PIa MD appreciating the efforts of both the teams finalising the agreement said that PIa and EaDS have a long relationship. It started with the induction of a300b4 in early 80’s and was strengthened further by the purchase of a310 aircraft in 1991. aTR42-500, another product of sister concern of airbus both working under the umbrella of EaDS have added another knot to the ties. STAFF REPORT
LCCI to strengthen ties with Islamic countries LAHORE: Lahore Chamber of Commerce and Industry (LCCI) Thursday won the help and support of Ministry of Foreign affairs (MOFa) over OIC ambassadors Roundtable to strengthen liaison and boost trade with all the Islamic brotherly countries. a seven-member delegation led LCCI President Irfan Qaiser Sheikh and Senior vice President kashif Younis Meher, former Presidents Shahid Hussan Sheikh, Mohsin Raza bukhari, bashir a buksh, Executive Committee Members Husnain Reza Mirza and Rehman aziz Chanmet additional Foreign Secretary Munawar Saeed bhatti in foreign office and handed him over the very objectives of the OIC ambassadors’ Roundtable and a tentative schedule for the said moot. Director General OIC Ministry of Foreign affairs ayaz Muhammad khan was also present in the meeting. The LCCI delegation also presented a set of proposals for the formation joint business Council of Pakistan-China-Iran-Turkey and Russia. The other issues discussed included signing of Currency Swap agreement with OIC countries, early finalisation of gas pipeline project with Iran, Implementation of Preferential Trade and Free Trade agreements with OIC countries, etc. STAFF REPORT
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Engro’s profits hit all-time high 6.1m in 2010) due to reduced supply on account of severe gas shortage.
KARACHI STAFF REPORT
OaRD of directors of Engro corporation limited has announced the achievement of the company’s highest-ever profit after tax of Rs8.06 billion for the year ended December 31, 2011. The consolidated revenue stood at Rs114.6 billion for the year ended December 31, 2011, as compared to Rs79.9 billion in 2010. The company announced Earnings per Share (EPS) of Rs20.50 for 2011, as compared to an EPS of Rs17.27 in 2010. a final cash dividend of 20 per cent (Rs2 per share) has been approved by the board; making a total dividend of Rs6 per share for 2011.The board has also recommended the issuance of 30 per cent bonus shares (3 shares for every 10 shares held).
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FOOD In 2011, the food business achieved volume growth of 22 per cent in the dairy segment, securing a market share of 44 per cent as opposed to 39 per cent in 2010.
PETROCHEMICALS The petrochemical business’s production was lower than capacity due to limited availability of vCM and some operational constraints. However, by the end of the fourth quarter, the plant had overcome significant teething problems and is in better shape with vCM capacity utilisation up to 99 per cent.
FERTILISER
ENERGY AND POWER
In 2011, the urea demand declined to 5.9 m tonnes (from
During the year 2011, the
energy business recorded its highest dispatch of total net power of 1,657 GWh to the national grid as compared to 1,201 GWh in 2010.
CHEMICAL STORAGE The chemical terminal’s actual throughput for the year was 1,092 k tonnes versus 1,104 k tonnes in 2010. The decrease in annual throughput is mainly attributable to lower import of p h o s phoric acid, due to lower production of DaP as a result of gas load
management by SSGCL.
OTHERS The automation and control engineering business registered a loss after tax of Rs169 million in 2011 due to reverberating impact of the recession, where customers remained cautious with their capital expenditures. The second issue of ‘Engro Rupiya Certificates’ was completely subscribed, raising Rs2.75 bn during 2011.
day. “Pakistan stocks turned bullish amid higher volumes after record earnings announcements Engro and renewed institutional and foreign interest,” said ahsan Mehanti, a director at arif Habib Investments. Other reasons, the senior analyst cited, as a catalyst at the kSE included strong earnings outlook in cements, oil and banks, higher global commodities, positive political outlook after the government and opposition joined
KARACH n Thursday the bulls dominated the karachi stock market again with trading volumes closing higher and the benchmark, kSE 100-share index, gaining 93.20 points. The day saw the index closing up by 0.76 percent at 12,404.24 points against 12,311.04 points of Wednes-
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Major Gainers Company Rafhan Product UniLever Pak Ltd. Nestle PakistanXD Island Textile Engro Corporation
Open 2712.90 5425.00 3247.28 176.60 121.77
High 2848.54 5489.00 3319.00 185.00 127.85
Low 2675.00 5474.99 3240.00 171.00 119.00
Close Change Turnover 2808.20 95.30 75 5485.20 60.20 8 3259.14 11.86 21 182.98 6.38 262 127.85 6.08 5,261,570
Major Losers Bata (Pak) Ltd. Siemens Pakistan Unilever Foods Abbott Lab Attock Petroleum
746.42 835.60 1749.33 95.88 434.76
720.00 855.00 1749.33 93.50 437.99
711.00 821.00 1740.00 91.09 429.10
720.00 821.16 1740.00 91.59 430.57
-26.42 -14.44 -9.33 -4.29 -4.19
57 221 17 36,082 59,759
Volume Leaders Fauji Cement Jah.Sidd. Co. Bank Al-Falah Lafarge Pakistan Azgard Nine
4.62 9.27 12.83 2.25 6.15
5.06 9.48 13.13 2.42 6.36
4.70 9.01 12.85 2.25 6.07
4.98 9.17 12.95 2.36 6.13
0.36 -0.10 0.12 0.11 -0.02
Interbank Rates US Dollar UK Pound Japanese Yen Euro
US Dollar Euro Great Britain Pound Japanese Yen Canadian Dollar Hong Kong Dollar UAE Dirham Saudi Riyal Australian Dollar
90.7204 142.2132 1.1513 118.0181 Buy 90.70 117.29 141.44 1.1415 89.54 11.49 24.63 24.13 95.77
Sell 91.20 118.31 142.57 1.1502 90.87 11.73 24.79 24.26 98.09
22,910,482 20,853,730 15,763,494 11,785,161 10,669,758
hands to push the national assembly for an interim setup and the restoration of law makers. This, the analyst said, was despite concerns for the Supreme Court’s announcements against the Prime Minister in the nRO implementation verdict. The trading volumes at the ready-counter were recorded higher at 205.56 million shares against 172.08 million shares of the previous day. The trading value too surged to
CORPORATE CORNER Schneider Electric named DCIM market leader LAHORE: Schneider Electric, a global specialist in energy management, has been named a Market Leader in the Data Center Infrastructure Management (DCIM) space by analyst firm IDC. The report, which details the current climate and scope of the DCIM market, placed Schneider Electric in the highest category of Market Leader when compared to a wide range of competitor’s solutions. IDC’s report, IDC MarketScape: Worldwide Datacenter Infrastructure Management (DCIM) 2011 vendor analysis,identifies the DCIM market as continuing to rapidly evolve with a number of vendors working to establish themselves within the space. PRESS RELEASE
Italy keen on cementing ties with Pakistan KARACHI: Italian ambassador to Pakistan Mr vincenzi Prati said that his country was keen to strengthen diplomatic, economic, cultural and trade ties with Pakistan.“We want to promote cooperation and friendship with Pakistan,” Mr Prati said while talking to journalists at a dinner that was hosted in his honour by Mr and Mrs Irfan Ha vazeer, CEO of Finlays and President of Italian Development Council.Italian ambassador arrived in karachi to participate in the dinner, karachi Literary Festival and Livestock Expo. Mr Prati appreciated the karachi Literary Festival and Livestock exhibition saying that both these events were very impressive that elevated the image of Pakistan. PRESS RELEASE
PTCL brings back old Vfone charges
Bulls on parade, propel KSE up 93 points
STAFF REPORT
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Rs 4.717 billion compared to Rs 3.055 billion of the previous session. The intraday high and low, respectively, stood at 12,418.32 and 12,311.04 points. The market capitalization modestly grew to Rs 3.233 trillion from Rs 3.2 trillion a day earlier. Of the total 335 traded scrips, 149 gained, 115 lost and 71 finished as unchanged. The free-float kSE-30 index also gained 82.89 points to close at 11,572.02 points against the previous 11,489.13 points. Fauji Cement was the day’s volume leader counting its traded shares at 22.91 million with the opening and closing rates, respectively, standing at Rs 4.62 and Rs 4.98. On the future market, the turnover increased remarkably to 7.946 million shares compared to 5.297 million shares of Wednesday.
ISLAMABAD: In line with its sustained efforts to facilitate customers with value-added services, Pakistan Telecommunication Company Limited (PTCL) has reversed call set-up charges for vfone, bringing back the original rates. PTCL vfone’s call set-up charge of Rs0.50 per call applied on dialing from vfone to Onnet and Off-net in vfone Simple, Family and unlimited packages are being removed, with effect from today. PRESS RELEASE
LAhORE: Mr Rizwan U Khan, General Manager Cola-Cola with Mr Omar Khayyam Shaikh, President Progressive Education Network (PEN) and Mr Nadeem Babar, Chairperson PEN on the occasion of signing of agreements to support government schools in Punjab. PRESS RELEASE