Profit E-paper 21st April, 2012

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Global growth seen subdued, still heavily reliant on Asia Page 2

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Saturday, 21 April, 2012

Digging out a bargain Pakistan to play hardball over IP gas price after Kabul, Delhi agree on TAPI transit free g Pakistan to save $ 1 billion by revising IP agreement g Kabul, New Delhi agree on US cents 49.49 MMBTU transit fee for TAPI g 100 LPG auto stations within next three months g Three to five years required to overcome energy crisis

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ISLAMABAD

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AMER SIAL

nnouncing that Kabul and new Delhi have agreed on a transit fee of 49.49 uS cents per MMBTu for the proposed Turkmenistan Afghanistan Pakistan and india (TAPi) gas pipeline project, the Petroleum Minister Dr. Asim Hussain said that after the signing of the final conclusive agreement, expected on May 24, will pave the way for Pakistan to seek revision in gas price for the other gas pipeline project with iran, resulting in a saving of $ 1 billion per annum. Addressing a news conference on Friday the minister said that the price agreement between india and Afghanistan was made possible due to the Pakistan’s efforts. “We played a major role in convincing both the

countries”. islamabad had said at the outset that she will be charging the same transit fee from new Delhi as agreed with Kabul.

The minister said, all the downstream issues of the TAPi pipeline are settled and the upstream issues will be settled at the steering committee of the project on May 24 when final concluding agreement will be signed by the four participating nations”. When asked about the price of the imported gas he said it could not be divulged but it is lower than the iran Pakistan (iP) gas pipeline. “We will be seeking a revision in gas sale price with iran as there is a price renewal clause in the agreement allowing revision in sale price if low price gas is available from other sources”, he said adding that it will result in a saving of $ 1 billion. Denying the impression that Pakistan lacked financing to lay the iP pipeline he said that it’s financing was not a problem for Pak-

comment

RPP fallout The RPP saga has reeked of all that is distasteful since the beginning, and the stench has progressively worsened, all the way to the supreme court and NAB. News reports of the bureau moving to arrest 33 people involved, including former finance minister Shaukat Tareen, imply the investigation has clearly not been thorough. And that the charge relates to approving the project as chairman of the cabinet’s ECC means a miscarriage of justice is imminent unless saner heads prevail.

Word did rounds in Islamabad at the time of Mr Tareen’s stiff opposition to the plants, to the point of roughing up a couple of cabinet meetings, threatening to resign if his demands regarding audit were not met. It was his effort that brought about the project’s reassessment. These are facts the investigation must have been aware of. And no matter how strongly subsequent events have vindicated his apprehensions, the whole matter’s unraveling has cast him in ironic, unfair light.

A far fairer way forward would have been giving his concerns a more sincere look, especially since he has been the only high profile government official to look seriously enough into the matter to propose an Integrated Energy Plan. He was the first to raise alarm over the deteriorating position of the existing energy mix. He constituted a highlevel team to investigate the prospect of an efficient overhaul, pressuring the planning commission to participate, eventually presenting a detailed energy plan. His position on hydropower generation units, not to mention his ambitious nine-point agenda, deserve a serious official rethink, as does the decision to apprehend him and parade his name across the ECL.

istan. He said the engineering, procurement and construction (EPc) contract will be awarded next week. A chinese led consortium has backed out from financing the project while Russian giant gazprom has not replied to the Pakistani offer to undertake the project. uS is severely opposing initiation of the project. However, the minister said, “Pakistan’s stance is very clear on the iP. it should work”. on the efforts for changing the fuel mix, the minister said that orders have been issued to the Pakistan State oil for setting up 100 LPg auto stations across the country at its outlets within next three months. The dealers will be bearing all the construction cost and the price of LPg will be totally deregulated, meaning that dealers will free to charge on their own, even though supplies will be ensured by the national flag carrier. confident that LPg auto fuel will soon take off as alternate auto fuel in

the country, he said that the motorists will enjoy the fuel contain more hi-octane than cng. He said there will be no significant difference in LPg and cng prices as estimated LPg mileage is Rs 6 per km , while that of cng is Rs 5 per km as compared to petrol’s Rs 9.50 per km. About ending of the energy crisis, the minister candidly admitted that it would require at least three to five years overcoming the crisis. However, he said that the government has take decision to put the energy sector on the track again. “We have at least put the energy sector in the right direction”. on Lng, he said that it was a difficult issue as world over Lng is being sought to overcome energy shortages. He said the suppliers want long term agreements of upto 10 to 15 years period instead 3 to 5 years duration. The cost of short period supplies will be double than the long term supplies. He said

that he has already visited Algeria and talks were held on Lng supply which they assured could be provided if an agreement on government to government basis was made. He said that a summary was being moved to Ecc for final decision. in reply to a question related to the violation of rules in the appointment of chairman oil and gas Regulatory Authority (ogRA), the minister said that the question should be pu to the cabinet Division that made the appointment. Prime Minister has approved appointment of a retired bureaucrat Saeed Ahmad Khan as chairman ogRA even though the post required 20 years experience in oil and gas sector. About the high unaccounted for gas (uFg) losses, he said the sui companies have reduced it from 15 percent to less than 10 percent but these should be further brought down to below 5 percent.

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Saturday, 21 April, 2012

news

Global growth seen subdued, still heavily reliant on Asia LONDON/SINGAPORE

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REUTERS

HE global economy is set to expand by a modest 3.3 percent this year as a still-smolderingeuro zone debt crisis and a relatively slow u.S. recovery continue to leave Asia as the main driver of growth, Reuters polls showed on Thursday. Asian economies, as well as Latin America, are expected to pick up the pace later this year, driven by monetary stimulus after a soft patch - a boost Western policymakers are increasingly unable to provide. The u.S. economy has not taken off in the way many had hoped and the outlook there remains relatively subdued, although still much better than most of its Western peers.

"We think it is increasingly clear that the u.S. is on a fairly self-sustaining recovery and is reasonably - but not completely immune - from what is happening in the euro zone," said Andrew Kenningham, senior global economist at capital Economics. "in Europe, it's really a very different story. We expect recession this year, but we find it difficult to see why the euro zone would recover next year."

The polls of more than 700 economists across the world, taken in the past few days in the run up to this week's meeting of g20 finance ministers, predicted 3.3 percent global growth this year, unchanged from a poll taken three months ago. That would mark a slowdown from the international Monetary Fund's 3.9 percent estimate for 2011 and is slightly less optimistic than their forecast for 3.5 percent growth this year.

But 2013 is expected to see a slightly better 3.8 percent, based on expectations that the euro zone crisis fades, the united States picks up steam and Asia finds its stride again. A slowly improving u.S. job market and reasonably solid expansion at

Pakistan puts tariff, trade barriers on the EFTA table

the start of the year brightened the outlook somewhat, and the world's biggest economy is now set to grow 2.3 percent this year and 2.4 percent next year. u.S. recovery will help its southern neighbors and Brazil, after just 2.7 percent growth last year, will gain strength from near full employment, expanding by 3.2 percent in 2012 and by 4.3 percent in 2013. in contrast, the euro zone is expected to shrink 0.4 percent this year and will linger in a mild recession until the third quarter - three months longer than forecast in March. However, those figures

An official delegation of Pakistan led

by Secretary commerce has discussed tariff preferences and reduction of non tariff barriers with the officials of the European Free Trade Association (EFTA) member in geneva.

A statement issued by the commerce Ministry said that the in pursuance of government’s policy to seek better market access for Pakistani products through tariff preferences and reduction of non tariff barriers in international markets a meeting was convened between the trade officials of Pakistan and European Free Trade Association (EFTA) member states in geneva. The EFTA comprises four non-Eu member states namely Switzerland, norway, iceland and Liechtenstein. Pakistan side was headed by Zafar Mahmood, Secretary commerce while EFTA side was headed by Luzius Wasescha, Permanent Representative of Switzerland to the WTo and EFTA in geneva. The delegation exchanged information on the economic situation in their countries. Both sides discussed the trade and investment flows between EFTA and Pakistan and their respective approaches to their preferential trade relations with third counties.

Both sides have agreed that a recommendation to conclude a Joint Declaration on cooperation between EFTA states and Pakistan will be submitted to EFTA Ministers at their next meeting on 28th June 2012, in view of a possible signing of such declaration at the following EFTA Ministerial meeting on 26th november, 2012 in geneva.

port growth, china clearly remains the regional engine, plus the financial risks we saw emanating from Europe last year have also started to dissipate." While powerhouses china and india will not have the double-digit growth seen before the global financial crisis, both economies will rebound in 2013, supported by policy easing, robust domestic demand, reviving exports and a stabilization in the long-drawn out European debt crisis. "The first quarter has seen the bottom in growth, things are stabilizing, and will possibly re-accelerate over the next

Seeping with negativity g

negative trade widens current account deficit by over $3b g FDI shrinks by 48pc to $ 599m from $ 1.157b last FY KARACHI

ISLAMABAD STAFF REPORT

mask a huge disparity between the region's stronger economies, such as germany and France, and weaker ones like italy, Spain and greece. Asia's economic growth probably troughed in the first quarter, the poll found. Respondents refrained from slashing forecasts for the first time in a year, a positive sign although it may be too early to celebrate. "confidence is slowly crawling back in," said Frederic neumann, co-head Asian economics research at HSBc. "We have seen in china much more aggressive action has been taken to sup-

few quarters with the region likely to hit its full stride in the second half of the year," added neumann. china's economy is expected to grow by 8.4 percent this year and 8.6 percent in 2013 and analysts expect growth in india to touch 7.1 percent this fiscal year, slightly lower than the 7.3 percent in the January poll.

Japan should see moderate economic growth of 2 percent this fiscal year, as rebuilding efforts on its quake-battered northeast coast and signs of recovery in overseas demand for Japanese goods contribute to a brighter outlook.

Analysts trimmed their growth expectations for Australia, new Zealand, Philippines, South Korea, Taiwan and Vietnam but the outlook for Singapore, Malaysia and Thailand had brightened, when compared to the last survey.

"The past two and a half years have taught us that Asia does not need strong growth in the g3 to grow fast itself. All Asia needs is the absence of negative growth and it will do just fine," said David carbon at DBS in Singapore. central banks will continue to try and walk the tightrope between supporting growth and controlling inflation. A swathe of better-than-expected data in the first months of the year led economists to dial down expectations for the Fed to launch a third round of quantitative easing, or QE. They put the odds of more bond purchases at 30 percent, down from the 33 percent seen in a March poll.

The Fed and the European central Bank will hold interest rates through to the end of next year at least to support growth, as will the Bank of England which has likely called a halt to its own asset purchase program. in india, which was the latest central bank in Asia to ease rates, economists predict another 50 basis point cut in the repo rate to 7.5 percent by December and to 7 percent by June 2013.

While the People's Bank of china may leave lending rates untouched, it will ease liquidity and opt for selective easing targeted at smaller firms which require the most support.

"The big story for 2012 is not necessarily going to be the collapse of growth but rather how quickly inflation comes back as these economies pick up steam," said neumann.

ISMAIL DILAWAR

The economic managers may be comforted by the present upward trend in worker remittances, but the deteriorating balance of payment side of the dollar-hungry country might be ringing alarm bells in the corridors of power. The central bank’s data for first three quarters of FY12 show that the country’s current account deficit widened by a massive $ 3.079 billion to $ 3.089 billion against a negligible $ 10 million of corresponding period last year.

The fresh increase widened the current account deficit by 1.7 percent as a percent of the gross Domestic Product compared to 0.0 percent of last year. During the period under review, July-March FY12, the country’s gDP rose to $ 178.317 billion from FY11’s $ 158.076 billion. A huge gap in the trade balance appears to be the major attributable factor as the trade deficit in the review period increased by over 42 percent or $ 3.461 billion to $ 11.618 billion against $ 8.157 billion of FY11. The foreign investment, both Foreign Direct investment (FDi) and Portfolio investment which have contracted to an

alarming level, stands another area of grave concern for the economic mangers. According to State Bank, the review period saw the investors abroad investing only $ 466 million compared to $ 1.393 billion of same months in FY11. This marks an absolute decrease of $ 926.6 million or 66.5 percent.

The FDi shrank by 48 percent to $ 599 million from $ 1.157 billion of last fiscal year. The flow of portfolio investment into the violence-hit country depleted by 127 percent to $ 83 million compared to $ 305 million of the previous year. The inflow of dollar on account of disbursements also remained lower at $ 1.411 billion against $ 1.541 billion of FY11 and that too came under the head of long-term loans. of the total loans, $ 1.333 billion came as a project loan and $ 78 million as a program loan against last year’s $ 648 million and $ 893 million. The inflows under short-term heads were zero.

Worker remittances, an account the economic managers are excessively counting on, is the sole indicator that ended up in the green zone and accumulated to $ 9.736 billion. This shows an upsurge of $ 1.720 billion or 21.4 percent when compared with $ 8.016 billion of last corresponding three quarters.

However, the economic observers foresee no instant

knee jerks in view of the positive upsets like in the month of February that the analyst believe provided space for a breather to the otherwise widening current account. The eighth month of FY12 saw the current account balance sliding by 28.5 percent or $ 104 million to stand at $ 260 million against $ 364 million of the preceding month, January.

The analysts attribute the bridging of the gap during the month to a five percent decrease in imports and modest four percent increase in exports. While the country’s foreign exchange reserves have contracted by over $ 2 billion during the current fiscal year, the economic observers say massive debt repayments happen to be a major driving force behind the widening of the current account deficit this year.

“The worst scenario may come ahead as the deficit could widen by $ 5.5 billion,” viewed the economist Asfar Bin Shahid. others like Farhan Bashir Khan of investcap opine that the annual deficit was likely to increase by two percent of the gDP, accounting for $ 2.8 billion.

The State Bank, in its latest Monetary Policy Statement, said by June 2012 the country was likely to see a current account deficit of $ 3.5 billion to $ 5.5 billion.

IRAn-PAKIStAn BARteR

It’s none of your business! g

Private sector wants the respective govts to stay out of Pak-Iran trade g exporters are of the opinion that government-to-government level trade would hamper private business on both sides KARACHI GHULAM ABBAS

Though the traders, growers and manufactures of various products especially the agricultural goods have welcomed the trade through barter system between Pakistan and iran, the exporters are concerned with the involvement of government on both sides.

The trade and business between government run organizations of the two countries through the barter system would affect the already existing private business of the exporters and importers as in the entire

process they were being sidelined, sources told profit. “government should only facilitate and let the private sectors of the countries to start the trade through the under discussion system,” they said adding that the government run organizations and their involvement in the trade would create problems to the businessmen. “We only face the payment issue in trade with iran due to the sanctions imposed by uS on Tehran, and they government on both sides should only ensure the timely payments to the exporters and importers”, they added.

Besides, the trade through new mecha-

nism, they claimed, would somewhere affect the existing trade/business between the private companies of the countries. it is worth mentioning here that islamabad was yet to finalise its plan to export one million tons of wheat and 0.2 million tons of rice to iran in lieu of oil and other goods under barter system. A committee was constituted comprising Minister for Water and Power, Minister for national Food Security and Research, Deputy chairman Planning commission, Secretary commerce, Secretary Finance, Secretary national Food Security and Research and Managing Director Passco.

According to a report the committee was assigned the task to devise a plan with regard to barter trade with iran with the following Terms of Reference: (i) to explore the possibility of barter arrangements between Pakistan and iran; (ii) to accelerate process of negotiations between the two countries for confirmation of the transaction; (iii) to structure barter arrangements between Pakistan and iran; (iv) to identify the institutions/locations from where stocks will be picked up; (v) to identify the items to be imported from iran; and (vi) to formulate delegation to visit iran for finalisation of negotiations.

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Saturday, 21 April, 2012

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news State Bank of Pakistan revises criteria for renewal of licences of exchange firms KARACHI STAFF REPORT

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HE central bank has decided to amend its instructions relating to renewal of licences of Exchange companies (Ecs), said the State Bank of Pakistan (SBP) Friday.

Under the revised instructions, it said the licences of the ECs would be renewed as per the following criteria: n

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n

n

n

Licences of Ecs who have been assessed as ‘Fully compliant’ and ‘Satisfactorily compliant’ in SBP’s inspection reports will be renewed for a period of three years.

Licences of Ecs assessed as ‘Fairly compliant’ will be renewed for a period of two years.

Licences of Ecs assessed as ‘Marginally compliant’ will be renewed for a period of one year only, during which the company will be required to improve upon its performance, corporate governance and compliance status.

Licences of Ecs assessed as ‘non compliant’ may be considered for renewal for six months only along with a warning advising them to address the concerns mentioned in the SBP’s inspection report. in case the Ec fails to address the observations contained in the inspection report, its licence will automatically stand expired without any possibility of renewal.

The request for renewal of the licence must reach the State Bank at least 60 days before expiry of the said licence, said the SBP circular issued to the exchange firms.

it may be pointed out that as per previous instructions, the licences of the Ecs were renewed by the regulator for a period of three years.

Further, Ecs were required to approach Exchange Policy Department (EPD) of the State Bank for renewal of licences within a period of not less than three months before the expiry of the licence.

HonoURS eVen: Another bull-bear deadlock KARACHI

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STAFF REPORT

HE bulls kept dominating Karachi stocks market on last working day of the week Friday with benchmark, KSE 100-share index gained 7.01 points.

The day saw the index closing up by 0.05 percent at 13936.48 points against 13,929.47 points of Thursday.

Higher global commodities, rising local and export cement prices, expectations for stronger quarter-end results played a catalyst role in bullish sentiments at KSE, said Abdul Azeem, an analyst at investcap. on Friday, the trading volumes at the ready-counter were recorded lower at 244.205 million shares against 307.931 million shares of the previous day. The trading value too decreased to Rs 6.485 billion compared to Rs 7.481 billion of the previous session.

The intraday high and low, respectively, stood at 14,059.87 and 13,925.45 points. He added that the Pakistan Stocks closed higher amid renewed institutional & foreign interest lead by third tier stocks.

The market capitalization decreased to Rs 3.568trillion from Rs 3.572

trillion a day earlier. of the total 345 traded scrips, 127 gained, 151 lost and 67 finished as unchanged. The freefloat KSE-30 index also gained 43.27 points to close at 12,223.05 points against the previous 12,179.78 points.

Engro Polymer was the day’s volume leader counting its traded shares at 27.867 million with the opening and closing rates standing at Rs 12.82 and Rs 13.92, followed by P.T.c.L.A, Jahangir Siddiqui company Limited, Lafarge Pakistan and Fauji cement with turnover of 22.743 million, 18.563 million, 14.894 million and 12.882 million shares respectively.

According to analyst the index remained over a narrow range amid investor interest in selected oil, cement and banking stocks ahead of key quarter end earning announcements due next week. on the future market, the turnover plunged by over 7 million shares to 11.236 million against 18.485 million shares of Thursday.

The uniLever Pakistan Limited XD and Bata Pakistan XD, up Rs 41.83 and Rs 29.02, led highest price gainers while, Rafhan Maize XD and indus Dyeing, down Rs 127.57 and Rs 19.21 respectively, led the losers.

Major Gainers Company

Open

High

Low

Close

Change

Turnover

UniLever Pak Ltd Bata (Pak) XD Indus Motor Company Shezan Inter.

National Foods

5930.00 649.17 270.65 129.49 122.58

6215.00 681.62 283.75 135.96 128.70

5900.00 650.00 262.10 124.10 121.00

5971.83 678.19 280.17 135.89 128.37

41.83 49 29.02 96 9.52 1,739 6.40 1,208 5.79 18,837

Major Losers Rafhan MaizeXD Indus Dyeing Nestle PakXD Colgate Palmolive Packages Ltd.XD

2717.88 384.61 4318.45 791.00 102.74

2750.00 365.50 4530.00 805.00 105.00

2582.00 365.38 4252.00 776.00 97.61

2590.31 365.40 4301.05 781.00 98.35

13.82 14.27 18.98 5.53 7.02

12.88 13.20 18.00 4.85 6.68

13.09 13.92 18.09 5.15 6.77

-127.57 306 -19.21 121 -17.40 225 -10.00 60 -4.39 43,739

Volume Leaders Engro Polymer P.T.C.L.A Jah.Sidd. Co. Lafarge Pakistan Fauji Cement

12.82 13.27 18.83 5.41 6.88

0.27 0.65 -0.74 -0.26 -0.11

27,867,103 22,743,410 18,563,518 14,894,981 12,882,622

Interbank Rates uS Dollar uK Pound Japanese Yen Euro

90.7126 146.0110 1.1096 119.4504

Dollar East US Dollar Euro Great Britain Pound Japanese Yen Canadian Dollar Hong Kong Dollar UAE Dirham Saudi Riyal Australian Dollar

Buy

Sell

91.00 119.48 145.88 1.1033 90.98 11.57 24.70 24.20 93.24

91.60 120.60 147.21 1.1133 92.32 11.74 24.90 24.39 95.55

CORPORATE CORNER PSo to establish fuel supply and operational facilities at new Benazir Bhutto International Airport KARACHI: Pakistan State oil (PSo) announced today that the country’s leading energy company has been awarded the contract for the establishment of a fuel farm, maintenance of hydrant refueling system and refueling operations at the new Benazir Bhutto international Airport (islamabad).

This contract was awarded to the state-owned energy giant after a transparent, competitive and open bidding process that took place at the infrastructure Project Development Facility (iPDF) headquarters in islamabad on 28th March 2012.

The entire procedure was carried out under the supervision of civil Aviation Authority (cAA) representatives and was conducted between the three pre-qualified parties namely Shell Pakistan, Attock Petroleum and Pakistan State oil. The iPDF had defined the criteria for the successful bidder as being pre-qualified in the initial stage and submitting the highest proposal amongst all bidding parties. in the process, PSo was declared as the highest bidder for the project. PRESS RELEASE

BoK Islamic Banking starts operations in metroville, S.I.t.e

The inaugural ceremony was also attended by notables of the area & business community. The formal inauguration ceremony of BoK Raast islamic Banking branch was also attended by BoK’s Executive Director Mir Javed Hashmat, group Head islamic Banking Mr. Kamran Masood, Head islamic Banking Business Development Mr. Sohail Khan, Head Business Development Mr. Lal nawaz Khattak, Divisional Head Training Danish Shaheryar and Head Marketing Syed Ali nawaz gilani, where as Mr. inayatullah Khan Manager of the Branch coordinate the inauguration ceremony. PRESS RELEASE

engro, ASF agree to improve agri practices in country KARACHI: The Engro Foundation and Agribusiness Support Fund (ASF) signed a Memorandum of understanding (Mou) to provide technical and financial assistance to stakeholders in the country’s rural and urban areas. According to Engro, the agreement is to improve agricultural and livestock practices, product quality, increase productivity and enhance value addition. The Mou singing ceremony was attended among others by Khan Mohammad Bozdar, Regional Manager northern Sindh, ASF; Asad Zahoor, Deputy chief of Party, ASF; Tahir Jawaid, Senior Vice President, Engro corp; Jiwan Das, Director, Engro Foundation. STAFF REPORT

Waseela Bank gets SBP’s nod for nationwide operation

KARACHI: Mr. Bilal Mustafa, Managing Director Bank of Khyber (BoK) said BoK is committed to cater the Banking requirements of islamic Banking alongwith conventional Banking facilities in a befitting manner in order to encourage the economic developmental activities. He was speaking at the formal inauguration of BoK Raast islamic Banking branch at Metroville S.i.T.E area in Karachi this morning in a graceful ceremony.

KARACHI: The central bank Friday allowed Waseela Microfinance Bank to commence business as a microfinance bank in the country. Earlier, the State Bank had issued a license to the bank, said the regulator in a statement on Friday.

Waseela Microfinance Bank, a subsidiary of M/s orascom Telecom Holdings (oTH) Egypt, now becomes the 7th microfinance bank to operate on nationwide basis whereas two MFBs are operating at district level. The commencement of business of Waseela Microfinance Bank will result in a significant increase in the market share of regulated microfinance banks (MFBs) within the overall microfinance sector. This will also lead to the increased provision of inclusive financial services in the rural and remote areas of the country. other microfinance banks operating in Pakistan are Khushhali Bank, First Microfinance Bank, Tameer Microfinance Bank, Pak oman Microfinance Bank, nRSP Microfinance Bank, Kashf Microfinance Bank, Apna Microfinance Bank and Rozgar Microfinance Bank. STAFF REPORT

KARACHI: Zong will be sending 32 young boys to Manchester United Soccer School, Abu Dhabi for a week’s training camp. Picture shows ZONG’s Regional Director Sales & Distribution Syed Hassan Imam along with kids after the inauguration of dome at Rahat Park, D.H.A, Phase-VI, Karachi. PRESS RELEASE

LAHORE: Mr. Naimul Abd (GM Marketing, Service Sales Corporation) presenting cheque from CSR Program to Dr. Faisal Sultan (CEO, Shaukat Khanum Cancer Hospital & Research Center). PRESS RELEASE

KARACHI: L to R: Mr Nasir Munshi, Business & Channel Development Manager, SAP Pakistan receiving a shield from Mr. Raza Haroon, Minister for Information Technology, Sindh at the 10th E-Banking International Conference and Exhibition 2012. PRESS RELEASE