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Another blazing bull surge lifts index up 125 points Page 03
profit.com.pk
Thursday, 29 March, 2012
To Russia with love g
Pakistan to hold talks with Russian Gazprom for IP project on April 2
A
AMER SIAL
Secretary Petroleum and Natural Resources, Ejaz Chaudhry met his counterpart GC Chaturvedi in New Delhi during his recent visit to India.
establishing itself as a leader among global energy companies by entering new markets, diversifying its activities and ensuring reliable supplies. About the import of POL products from India, he said that the matter was discussed with his Indian counterpart at the sidelines of the 7th Asia Gas conference in New Delhi. he said that the matter could be resolved after Pakistan formally grants MFN status to India. Secretary Petroleum said both the countries will be holding talks on POL
imports in the third week of April. Pakistan plans to import petrol and lubricants from India but it was still subject of MFN approval. he said POL imports from India will decrease the inland freight equalization margin (IFeM) by 35 percent. In reply to a question of TAPI pipeline, he said the four participating countries will be meeting on April 19 to finalise the various remaining issues for the execution of the project. he said Pakistan has proposed to India
Countdown to extinction Economic gloom ahead as govt allows war on terror to hold economy hostage Govt’s budgetary borrowings from banks cross Rs923bn during July-March Over Rs687b, Rs235b lent by scheduled, central banks Banks’ advances to private sector deplete amid higher concentration in risk-free govt securities g
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KARACHI
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ISMAIL DILAWAR
he economists see the troubled economy being taken hostage by the politics in the crisis-hit Pakistan where the cashstrapped government’s budgetary borrowings from the risk-averse banks have swelled beyond Rs 900 billion up to 16th of the current month. According to central bank, from July 1 to March 16 the funds-starved government borrowed Rs 923.031 billion from the central and commercial banks to cater its everburgeoning budgetary needs. This shows a massive increase, in the government bank loans, of 116 percent or Rs 496 billion when compared with last year’s corresponding period. “The economy of Pakistan has been hostage to politics and the war on terrorism,” said senior economist Shahid hasan Siddiqui. The economist said the PPP-led coalition government was prioritizing the War on Terror and was more focused on political face-offs with the judiciary or its rivals from the opposition or allied parties. “If this situation is allowed to continue any further, there will be a disaster for the economy,” warned Siddiqui. The country will fast move towards an economic crisis, hyperinflation and a possible default in the payment of external loans,”
The rioting begins hILe there can be no two views regarding the government’s bungling of the energy problem, Islamabad must also accept blame for failing to foresee financial and social losses from the present rioting. Surely they did not expect to keep kicking the can down the road all the way to election time. That would amount to insulting the same public’s intelligence that brought them to office. On the other hand, surely they didn’t expect to keep promising and not delivering all through their term in office. That, too, would insult our intelligence. What, then, is the problem?Unfortunately, the answer is lost in as circular a web as the debt that is central to the issue. But there is broad consensus that it boils down to a question of simple political will. Now that’s been a touchy topic for this administration right through the last half decade. It didn’t come down hard on PSes for fear of alienating political cadres, for example. The result is a hemorrhaging economy that might alone suffice to lose them the election. Nobody in Islamabad (or Karachi for that matter) put his foot down to curb the government’s addiction to debt. Little surprise then that the window of opportunity for private sector expansion has gone begging. Simply put, time’s come when living to fight another day amounts to shooting yourself in the foot. The highest, and most influential, offices of the government must immediately do whatever is necessary to get a handle on the energy mess. Mob psyche is a volatile phenomenon no matter how subtle the stimulant. With every alternate hour of load shedding – and often much more so – the rioting will now turn worse, which means more millions in losses for a government already choked by deficits and debt. Yet again its incompetence has cost the people dear.
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ISLAMABAD FTeR the ditching of the Chinese led consortium to undertake Iran-Pakistan (IP) gas pipeline project due to stern US warnings, Pakistan has decided to approach Russian energy giant Gazprom for the construction of the pipeline. Secretary Petroleum ejaz Chaudhary talking to journalists on Wednesday said that a Pakistani delegation will be visiting Moscow on April 2 to hold two days talks with Gazprom for laying IP pipeline. he said the discussion will also include financing of the project. he said if the deal materializes it would be on the government to government basis. Russian firm, he said, is keen to develop the IP project and has already submitted expression of Interest last year for the project. Pakistan and Gazprom have already singed a Memorandum of Understanding (MoU) on the project in 2005. If the project moves ahead, Pakistan will import 750 million cubic feet of gas per day for 25 years from Iran. Gazprom, he said has assured Pakistan its willingness for the construction of IP pipeline as well as Turkmenistan-Afghanistan-PakistanIndia (TAPI) gas pipeline project. Gazprom owns the world’s largest gas transmission network and sells more than half of overall produced gas to Russian consumers and exports gas to more than 30 countries within and beyond the former Soviet Union. Russian firm pursues the strategic objective of
QuIck EdIT
having been denied funding from the IMF and other international financers and investors, the resource-constrained federal and provincial governments are heavily relying on domestic financing from the banks. During the review period, the government auctioned the heavily-weighted treasury bills, Pakistan Investment Bonds and Ijara Sukuk to raise Rs 235.548 billion and Rs 687.483 billion from the central and scheduled banks, respectively. Despite government’s claim of not opting for the inflationary practice of borrowing form the State Bank, which makes the regulator print new currency notes, its borrowings from the SBP remained exorbitant and surged by 161 percent or Rs 145.174 billion compared to same period in FY11. The loans from the commercial banks, which are investing more in the risk-free government securities amid the current recessionary climate, also ballooned by 104 percent. This heavy investment in the government securities has doubled the profits of the banks which, according to SBP, currently hold liquidity worth Rs 29.774 billion in excess to their Cash Reserve Ratio. The banks’ advances to private sector are reducing as a leading commercial bank counted its gross advances at Rs 248.135 billion in 2011, marking a decrease of nine percent over 2010. This, the bank ob-
served, was “mainly on account of conversion of commodity financing/circular debt exposure to risk-free government securities”. The bank’s investment portfolio, however, increased considerably by Rs 103.6 billion over 2010 with higher concentration in the risk-free government securities. “What kind of banking is this? The banks are taking money from the depositors at 5 percent markup and lending the same to the government at around 12 percent interest,” said economist Siddiqui. Given this situation, the economist said, the banks were in no need to extend advances to the growth-oriented but risky private sector when they were earning 7 percent without lifting a finger. “The State Bank should restrict the banks’ investment in government securities,” he voiced the demand also made by the banking stalwarts like hussain Lawai, currently working as the president and CeO Summit Bank. If the banks current with their current risk-averse behavior, the economist said, who else would lend to the trade, industry and agriculture. “Resultantly, the GDP growth would slowdown reflecting adversely on the employment opportunities,” said Siddiqui. The analyst said the politico-diplomatically-embattled democratic government would have to do away with downplaying the foreseeable economic disaster.
that it will be charging the same transit fee as she will be giving to Afghanistan. he hinted that the price would be around 50 cents per million British Thermal Units (mmBTU). he said India has appreciated Pakistan’s suggestion but has yet not accepted the proposal. he said Afghanistan has refused to purchase TAPI gas, therefore India and Pakistan were interested to purchase additional gas and an Indian delegation will visit Pakistan to discuss the matters.
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Thursday, 29 March, 2012
news
Revised, corporised and demutualised g
demutualisation of stock exchanges to help flourish share trade ISLAMABAD
C
AMER SIAL
hAIRMAN Securities and exchange Commission of Pakistan (SeCP) Muhammad Ali said on Wednesday the approval of the demutualization of stock exchanges bill will help end the reign of the stock market brokers by segregating the ownership and trading rights at the exchanges. Addressing a press conference, he said one of the major advantages of the demutualization will be that the brokers will not have 100 percent ownership, as a certain percentage of shareholding will remain with the brokers, but the strategic investors and people will also be able to obtain shareholding of the stock exchanges. Giving major advantages of demutualization, Chairman SeCP said the supervision and enforcement functions will become more effective. The new membership will not open for a period of at least three and half years after demutualization of exchanges. The new member ship will open after the specified time period. In the next 4-5 years a number of investors will come into the stock exchanges. he said that an investment bank of international repute will be appointed for
evaluation of the stock exchanges after demutualization. he said present 200 financially sound brokers have obtained membership of stock exchange, whereas 150 members were active. These brokers are engaged in trading as well as settlement of shares. Following demutualization, the active members will be at least 200. Responding to a query on the merger of stock exchanges, Chairman said the merger will be the decision of the stock exchanges. Under the long term strategy, stock exchanges have to think about the merger which will be for the benefit of the shareholders of the exchanges. The stock exchanges desirous of integration or to merge into one entity will be required to submit scheme of integration to the commission. The commission shall have the powers to approve the scheme of integration and effectuate transfer of rights and obligations as if the scheme was approved by the court. The parliament had approved the Stock exchanges Corporatization, Demutualization and Integration Bill on Tuesday. Within a time period of four months, the stock exchanges will be corporatized and demutualized. The status of the stock exchanges would be changed from guarantee limited to public limited company.
Power outages drag textile industry to the brink of collapse LAHORE STAFF REPORT
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POKeSMAN of All Pakistan Textile Mills Association (APTMA) has said the electricity supply disruptions have further dragged the textile industry to the brink of collapse, particularly in the province of Punjab. Discos have unilaterally extended eight to ten hours announced and unannounced load shedding of electricity to the industry on independent and grouped feeders. Textile industry is highly energy-reliant in its very basic nature and thus requires uninterrupted energy supply to run mill operations. APTMA spokesman said the textile industry in Punjab is virtually at halt and unable to produce goods mainly meant for exports. In major industry clusters, he added, the textile mills have been left with no option but to close down their operations for one whole shift due to energy supply suspension. Viability of the Textile industry is dependent on uninterrupted energy supply to operate on three shifts a day basis throughout the year. he further added that 40% production capacity of textile industry has already been made idle since last six months, shrinking the size of exports both in quantitative terms. The country is losing billions of dollars exports solely due to short supply of energy, both electricity and gas.
This public limited company will be listed on the stock exchanges. The demutualization will convent mutually owned company to a company owned by the shareholders. This will convert stock exchange limited by guarantee into the one limited by shares but also segregates ownership and trading rights. Another major feature of the demutualization of exchanges is that the composition of the board of directors of the stock exchanges will be changed. Thus, demutualization would bring balance among interest of different stakeholders in the corporate and governance structure of a stock exchange. The outreach of the capital market would be expanded attracting investors in the small cities and far flung areas of the country. The demutualized exchanges will end the conflict of interest. The stock exchanges management, board and shareholding will become independent. After demutualization, out of 10 directors, six directors will be nominated by the SeCP from private sector whereas the remaining four directors would be elected. Presently, members of stock exchanges have the ownership as well as trading rights. This structure inherently creates conflict of interest as members predominantly control the affairs of the stock exchange which re-
Benchmark to capture 93.14pc market capital as kSE revises 100-share index KARACHI,
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ISMAIL DILAWAR
he benchmark 100-share index would witness a 0.83 basis point impact as the Karachi Stock exchange (KSe) Wednesday replaced two apparently bad-performing listed firms in line with market capitalization rules of the exchange. “In aggregate, two companies will be affected due to re-composition process,” said a KSe notice made public here on Wednesday. The companies affected by the re-composition carried out by the KSe for the review period ranging from September 2011 to February 2012, are Javedan Corporation Limited and International Industries Limited. While those replacing the above two include engro Foods Limited and Fauji Cement Company Limited whose financial weight would increase total market capitalization of the recomposed index to 93.14 percent. “The recomposed index, based on the prices of February 29 (2012) will capture the market capitalization
KESC milled! KARACHI
T
GHULAM ABBAS
he crisis stricken Pakistan Steel Mills (PSM) has decided to take legal action against Karachi electric Supply Company (KeSC) which has disconnected the power supply to the mill while broking its prior signed agreement with the mill. KeSC has disconnected the electricity supply to the country’s largest, state owned Steel producing plant- PSM, on Tuesday evening due to, what the company claims, non-payment of Rs 210 million dues. The country’s only steel mill which is already being run below 20 percent of production capacity for the last
sults in lack of transparency in the operations of the stock exchange and compromises investors’ interest. The brokers control will also be ended because they have to be required to fulfill the stringent fit and proper criteria and cannot have automatic trading rights by virtue of being member of the exchange. The management of the stock exchanges would be able to work independently without being influenced by brokers which is good omen for investors as well as general public. Under the new shareholding structure after divestment, upto 40 percent shares would be offered to the strategic investors and local financial institutions. General pubic would not be offered less than 20 percent shares and 40 percent shares would be offered to the brokers. In this way, there would be shareholding of the general public in the stock market after demutualization. After demutualization of stock exchanges, the only way to increase the value of the shares is by increasing profitability of the stock exchanges. When general public will come into the stock exchanges, the confidence of the investors on the exchanges will be further increased and values of the shares would show further improvement.
few months owing to huge financial losses and shortage of credit to purchase raw material, has also hard hit by the fresh move. According to official sources at PSM, it was a deliberate treachery effort to damage the national exchequer as the company on legal way has no right to disconnect the supply in the presence of a mutual signed agreement. While strongly condemning the disconnection of power, they said that KeSC and PSM have already signed a valid mutual business relation agreement in 1982 according to which both parties were agreed to provide services to each other, KeSC would provide the electricity while PSM would charge right of way charges, water and gas supply charges to KeSC stations.
to the extent of 93.14 percent of the total market capitalization as compared to 92.31 percent of the current index,” said the KSe notice. The re-composed index would be effective from the 2nd of next month, April. The Re-Composition Rules of KSe-100 Index require the exchange to place and remove the listed firms on the benchmark in accordance with the size of their market capitalization. March 30 last year had seen the KSe removing three bed performing companies from the benchmark index that included Fauji Cement Company, WorldCall Telecom and KASB Bank Limited. These were replaced by Fatima Fertilizer Company Limited, Agritech Limited and Indus Dyeing and Manufacturing Company Limited. Of the three excluded companies, Fauji Cement Company is a firm which this year, 2012, retained its lost position on the index by replacing International Industries Limited. The revised list of 100 companies represented on the 100-share index comprises listed firms from various sectors. Of the 100 firms 15 are from banking sector; 10 from oil and gas
sector; 11 from chemical sector; seven from food sector; six from non-life insurance sector; five from construction and materials; five from general industries; five from personal goods; five from electricity; three from automobile and parts; two from industrial engineering; two from tobacco sector, two from Pharma and Biotech; three from travel and leisure; two from gas water and multiutilities and one each from forestry and paper, industrial metals and mining, electronic and electrical equipment, industrial transportation, support services, beverages, household goods, leisure goods, healthcare equipment and services, media, fixed line telecommunication, life insurance, real estate investment and services, financial services, equity investment instruments, software and computer services and technology hardware and equipment sectors. Some market analysts, however, believe that the index does not represent actual position of the listed firms on the Karachi bourse as some heavyweights from energy and banking sector, particularly the OGDC, drive the index at will.
Special Audit reveals gross violation of SoP by PTA g
Authority fails to cancel licences of government defaulters ISLAMABAD GNI
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he Special Audit of Pakistan Telecommunication Authority (PTA) 2010 has pointed out gross violation of Standard Operating Procedures (SoP) by the Authority as it failed to cancel the licenses of government defaulters who had been in default even since 1997-98. It reveals that quite contrary to SoP, no letter was issued on 31 May each year by the authority for the renewal of license to the licensees nor such letters were shown to be written. Out of the total Rs.100.19 million outstanding dues, the authority has recovered just Rs.3.8 million which is 3.7 percent of total outstanding dues, the report said adding it clearly indicates weak receivable management and poor performance of the PTA. It also revealed that PTV presented the cheque amounting to Rs.228, 100 to the Authority on 2.6.2011, however it was returned by the bank on 10.6.2011 due to insufficient balance and the Authority did not take any action in this regard. According to SoP regarding outstanding dues duly circulated among, all the concerned are required to be issued a letter for renewal of license by 31 May each year requiring the licensee to pay annual spectrum charges for the next financial year in advance by 30 June. If the licensee fails to get license renewed within the grace period of two months, then its license shall stand cancelled by 31 August automatically without further notice and assigned spectrum shall be revoked and surrendered to Frequency Allocation Board (FAB). PTA shall send the license cancellation letter to licensee with a copy to Finance Division. The SoP also provides that the Finance Division of PTA shall provide a list of the RBS licensee who have not paid their dues to RBS Directorate of PTA by 15September each year and RBS Directorate shall finalize the list of such licensees and submit it for the information and approval of the authority. It says that the statement of government defaulters showed that the departments had been in default since 199798 but their licenses were not cancelled and assigned spectrum was not revoked and surrendered to FAB as required in the SoP. The record further revealed that Finance Division of PTA did not provide a list of those RBS licensees who have not paid their dues to RBS Directorate by 15September of each year as required in the SoP.
PSM to take legal action against kESc over power supply disconnection g disconnection of power, violation of agreement g Outages exacerbate production g
According to its clause- 6© of this agreement: “KeSC and Pakistan Steel will submit their respective bills to either party for billing month, by the end of the following month.30 days time will be allowed for the payment after submission of bill and acknowledgement of its receipt. In case bill is not paid within 60 days of the date of submission /acknowledgement, interest at bank rate will be paid by the defaulting party.” It is clear from the agreement that in case of non payment from either party there is no disconnection of services. Besides, KeSC provided the current bill of Rs. 210 Million for the month of Feb 2012 to PSM on 14th March 2012, with the due date of 20th March instead of 14th May 2012 of Rupees 210 Million, and then during
negotiations for payment of the bill, KeSC disconnected the electric supply of PSM which directly effected the production units and thickly populated residential area of Steel Town and Gulshan e hadeed. According to PSM KeSC is an indebted organization of rupees 120 million to PSM, and not paid their bills from last several years, so how could they do such an act of disconnecting power supply to the national entity, while on the other hand PSM has paid all the previous bills for which even a single rupee is payable by PSM. They further said that the power disconnection cause a loss of about Rs. 120 Million per day to Pakistan Steel, as the important production units of PSM hot Strip Mill and Cold Rolling Mills
have been shutdown and major finished products of PSM cannot be produced and neither sold out. The spokesman said that KeSC is solely responsible for this illegal act and the losses to national exchequer. PSMC management preparing to take legal action against KeSC and to claim damages occurred due to disconnection of power. The officials of PSM said that this non professional and unethical act of KeSC management shows that they do not realized that they have to pay about Rs. 120 Million to Pakistan Steel and PSM never tried to withdraw their facilities which shows a responsible behavior of PSM, also last year PSM is the one who provided advance billing to KeSC for their fuel charges on their request.
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Thursday, 29 March, 2012
03
news
Another blazing bull surge lifts index up 125pts
Major Gainers Company
Open
High
Low
Close
Change
Turnover
Nestle PakXD Indus Dyeing Mithchells Fruit MCB Bank Ltd XDXB EFU General Ins
4361.83 393.42 184.15 162.95 80.91
4499.00 413.09 193.30 169.00 84.95
4301.00 399.94 174.95 162.80 78.50
4476.41 411.85 192.68 167.45 84.95
114.58 61 18.43 628 8.53 2,078 4.50 862,725 4.04 35,203
Major Losers Nestle PakXD Colgate Palmolive Bata (Pak) Ltd. Pak.Int.ContXD SD Shezan Inter.
4476.41 857.48 626.02 141.87 125.01
4478.00 816.00 610.00 140.50 121.00
4400.00 814.61 602.00 134.78 120.50
4415.00 814.68 602.00 134.79 120.98
12.09 10.50 22.68 4.65 4.23
10.47 9.11 20.95 4.25 3.85
10.47 9.32 22.39 4.33 3.96
-61.41 15 -42.80 74 -24.02 1,232 -7.08 12,060 -4.03 44,178
Volume Leaders
KARACHI
T
STAFF REPORT
he bulls kept dominating Karachi stocks market on Wednesday with benchmark, KSe 100-share index skyrocketing to 13,357 points and gaining 125.68 points. Bullish sentiments prevailed in the trading session at KSe in stocks across the board, believes a leading analyst Ahsan Mehanti. On Wednesday, the trading volumes at the ready-counter were recorded higher at 4.502 million shares against 3.527 million shares of the previous day. The trading value too surged
to Rs 9.093 billion compared to Rs 5.475 billion of the previous session. The intraday high and low, respectively, stood at 13,669.72 and 13,449.73 points. he added that the institutional interest remained in cements on higher local cement prices, oils stocks on expected rise in local POL prices and banking stocks on higher spreads. Investor concerns remained on the prevailing law & order situation in the country, viewed by analyst. The market capitalization grew modestly and increased to Rs 3.484 trillion from Rs 3.453 trillion a day earlier. Of the total 375 traded scrips, 158 gained, 153 lost and 64 finished
as unchanged. Mehanti said, “expectations of issuance of SRO on announcements made for CGT issues and reformed CGT regime implementation from April 1 by the Federal Finance Minister affected the sentiment ahead of quarter end close.” The free-float KSe-30 index also gained 165.73 points to close at 11,903.77 points against the previous 11,738.04 points. Bank of Punjab was the day’s volume leader counting its traded shares at 36.288 million with the opening and closing rates, respectively, standing at Rs 11.47 and Rs 10.47. On the future market, the turnover increased remarkably
by over 6 million shares to 2.751 million against 2.148 million shares of Tuesday. Abdul Azeem, an analyst at InvestCap said that the KSe-100 index managed to post yet another high and the highest close for the current uptrend. however, some profit taking is witnessed at new highs. The healthy turnover is suggesting that bulls are trying for stronger grip on the market. The UniLever Pakistan Limited XD and Indus Dyeing, up Rs 17.38 and Rs 15.38, led highest price gainers while, Nestle Pakistan XD and Colgate Palmolive, down Rs 61.41 and Rs 42.80 respectively, led the losers.
B.O.Punjab Azgard Nine Jah.Sidd. Co. TRG Pakistan Ltd. Lafarge Pakistan
11.47 9.87 21.60 4.18 3.97
-1.00 36,288,904 -0.55 32,827,783 0.79 31,705,525 0.15 26,749,712 -0.01 20,797,278
Interbank Rates US Dollar UK Pound Japanese Yen euro
90.7504 144.6198 1.0942 121.1699
Dollar East US Dollar Euro Great Britain Pound Japanese Yen Canadian Dollar Hong Kong Dollar UAE Dirham Saudi Riyal Australian Dollar
Buy
Sell
90.50 119.97 143.67 1.0816 90.11 11.50 24.56 24.04 93.53
91.10 121.29 145.21 1.0933 91.59 11.69 24.80 24.29 95.98
CORPORATE CORNER Etisalat first to launch 3G in Afghanistan ABU DHABI: etisalat, the largest telecommunication company in the Middle east, Asia and Africa, has launched the first ever 3G services in Afghanistan through its arm “etisalat’s Afghanistan”. The service agreement was signed by the Chairman of Afghanistan Telecommunication Regulatory Authority, h.e. Abdul Wakil Shergul and etisalat’s Afghanistan CeO, Ahmed Alhosani during a ceremony held at Ministry of Communications & Information Technology offices in Kabul. The ceremony was also attended by Afghan Minister of Communications & Information Technology, Amir Zai Sangin; Afghan Minister of Finance, Dr. Omar Zakhilwal; senior Afghan government officials; and media representatives. PRESS RELEASE
LG’s new wireless charger embodies innovation in design
BARCELONA: LG electronics (LG) unveiled its newest advanced wireless charger, WCD-800, at Mobile World Congress (MWC) 2012. The WCD-800 is designed in the shape of a cradle to allow to the phone to be positioned vertically to make video calls and send text messages or horizontally to view TV programs and hD movies while charging. “As smartphones become the defacto medium for consuming multimedia content and communicating, it is not unusual to find oneself having to recharge a phone a couple times a day,” said Dr. Jong-seok Park, President and CeO of LG electronics Mobile Communications Company. “It only made sense to turn that charging time into a positive user experience by making the smartphone useful while sitting in the cradle.” PRESS RELEASE
Samsung Galaxy Note Studio comes to Park Towers karachi LAHORE: After the resounding success of the Galaxy Note Studio event in Lahore, Samsung electronics Co. Ltd. the global leader in digital technology and telecommunications, will hold another colorful event at Park Towers-Karachi from 30th March to 1stApril,
2012. These events in Pakistan are a continuation of a global series of promotional activities for the Samsung Galaxy Note - The first tablet and smart-phone hybrid that provides unmatched ease in capturing those “big ideas” using Samsung’s sophisticated “S pen” technology, to accurately digitize sketches, artworks and handwritten text. At the Galaxy Note Studio, skillful artists and sketchers will draw free caricatures of the participants, using the revolutionary “Caricature” feature in the smart phone. These caricatures will also be printed onto T-shirts & Mugs and presented as souvenirs for the participants. Along with fun filled activities, the visitors shall also be able to purchase Galaxy Note at a discounted price. PRESS RELEASE
Rotary International holds changemakers conference
velopments at Anuga FoodTec 2012. Four innovative advanced solutions are being showcased at the fair— iLine XT factory-wide integration, eBeam contact-free sterilisation, the hyperspeed filling machine concept and intuitive control software—each representing a significant step forward in liquid packaging technology. “Anuga FoodTec provides us with the perfect platform to showcase our unrivalled portfolio and to launch some of our latest innovations. Visitors to our stand will see processing and packaging solutions that not only address our customer needs today, but also anticipate their needs of the future,” said Azhar Ali Syed, Managing Director Tetra Pak Pakistan. PRESS RELEASE
McB Bank announces 30pc cash dividend, posts 15c profit increase
kARACHI: Rotary recently held a three-day conference to appreciate and recognize the Changemakers in our community who have made a difference in the world we live in. The hard work and time these individuals have put was recognized at this event. Special attention and focus was given to the following topics, literacy and education, health, hygiene and disease prevention and the development and maintenance of peace. Speeches were made by several notable people including Rotary Director, Mr. Shehkar Mehta, District Governor of Rotary Mr. Iqbal Qureshi and the Chief Guest of the event was Nisar Khuro, acting governor of Sindh. PRESS RELEASE
kARACHI: Board of Directors of MCB Bank has approved final cash dividend at 30 percent and 10 percent bonus issue after the shareholders adopted the audited financial statements of the bank and its subsidiaries at the MCB’s 64th Annual General Meeting. This is in addition to 90 percent interim cash dividend already paid in 2011, the bank said in a statement issued here. Chairing the AGM to transact the ordinary and special business of the Bank, Director of MCB Bank, Aftab Ahmad Khan said the bank had completed yet another remarkable year in terms of financial performance and registered an increase of 20 percent and 15 percent in profit before tax (PBT) and profit after tax (PAT), respectively. STAFF REPORT
Ali Akbar Group Pakistan wins cSR Business Excellence Award 2012
Business community condemns FIR against LccI president
LAHORE: NFeh (National Forum of environment and health) awarded Ali Akbar Group with CSR business excellence award 2012 for its best services for community development. Mr. Saad Akbar Khan Director Sales & Marketing Ali Akbar Group Pakistan received the award from Governor Punjab Mr. Latif Khussa. Mr. Saad Akbar while talking to journalists after receiving CSR business excellence award said that Ali Akbar Group is the largest Agricultural corporate of Pakistan striving to enhance per Acre yield of farmers by its innovative chemistry, Latest technology and effective field advisory service. Ali Akbar Group is utilizing its best efforts for the betterment and prosperity of Pakistan in Agriculture sector to make Pakistan Agricultural super power. PRESS RELEASE
LAHORE: Business community has strongly condemned FIR registered against the President of Lahore Chamber of Commerce & Industry Irfan Qaiser Sheikh and former President of KCCI Qaiser Ahmed Sheikh on baseless grounds of road-blocking/holding public gathering who on the occasion of Pakistan National Day, March 23, 2012, organized a sports/race activity and a function to encourage and promote patriotism particularly in youth and generally in the citizens. In a joint press statement issued here Wednesday, the LCCI former presidents Mian Muhammad Ashraf, Iftikhar Ali Malik, Sheikh Muhammad Asif, Mian Anjum Nisar, Mian Shafqat Ali, Zafar Iqbal Chaudhry, Shahzad Ali Malik, Former Senior Vice Presidents Tahir Javed Malik, former Vice Presidents Aftab Ahmad Vohra, Irfan Iqbal Sheikh and Chairman PIAF Sohail Lashari said that Irfan Qaiser Sheikh and Qaiser Ahmad Sheikh are eminent businessmen having repute in both public and private sectors, regularly organize this event on the Pakistan National Day in Chiniot and also participate in the said sports activities. STAFF REPORT
Tetra Pak reveals new packaging technologies at world’s largest exhibition LAHORE: Tetra Pak, the world leader in food processing and packaging solutions, today revealed some of its principal new packaging technologies and concept de-
PIA Md’s farewell address LAHORE: Managing Director PIA, Mr. Nadeem Khan Yousufzai in his farewell address to the airline officials at the head Office impressed upon them that they must continue to be steadfast for turning around the National Flag Carrier here on Tuesday. M. Nadeem Khan Yousufzai thanked the President of Pakistan, Mr. Asif Ali Zardari and the Federal Minister of Defence Ch. Ahmed Mukhtar for their support to the airline and the aviation industry in Pakistan and with their blessings PIA is destined to grow. The Farewell Ceremony of the outgoing Managing Director was charged with appreciation by the employees for his one year tenure in which he dealt with them with utter kindness and compassion to bring the airline out of the chaos in which he took over in February 2011. his approach towards the employees created a healthy management-employee relationship motivating the employees to work for the betterment of the airline beyond call of duty. PIA successfully managed its difficult 62-day hajj operation with its own fleet although there were many constraints as far as the fleet management, engineering and aircraft maintenance was concerned. PRESS RELEASE
ISLAMABAD: Anisul Hassnain Musavi, Federal Secretary of Inter Provincial Coordination is addressing the concluding ceremony of National Survey of TB. PRESS RELEASE
LAHORE: Rector UMT, Dr Hasan Sohaib Murad, presents souvenir of the 2nd International Conference on Business Management to the Governor Punjab Sardar Latif Khosa. PRESS RELEASE