SG launches its sixth
Euro convertible bond issue
Scor has appointed SG to lead manage its Convertible Bond Issue
Redeemable into New or Existing Shares for an initial amount of EUR 203 million.
SG designed and developed the concept of convertible bonds redeemable
in new or existing shares, and has lead-managed seven of the eight such issues made to
date, giving it 93% market share in terms of amounts placed.
With this new operation SG consolidates its position as world leader in
convertible bond issues, with over EUR 6.1 billion raised for its clients since the
beginning of the year.
SITE Association of Industry
Pervez Ihsan, Vice Chairman, SITE Association of Industry in a press
statement has vehemently opposed the General Circular published in Dawn and Nawa-i-Waqt
dated June 21, 1999 inviting objections on the 200% increased in Trade Licence Fee. He
added that SITE industrialists have expressed grave anguish and concern on the proposed
increase in Trade Licence Fee since this arbitrary decision without taking into confidence
industrial and business community will have far reaching adverse effect especially at a
time when industries as a result of recession and non-provision of infra-structural
facilities have been closed down upto 40%. This decision will cripple the SITE industries
already rearing the brunt of heavy taxation by paying more than 50 Federal, Provincial and
Local taxes.
Passengers Voice Overwhelming Preference For Boeing 777
A survey of nearly 6,000 European airline passengers found that the
Boeing 777 twin-aisle jetliner was preferred by more than three out of four passengers who
have flown aboard both the 777 and the Airbus A330/A340 airplanes.
The preference for the Boeing 777 held true for passengers flying in
all three classes of service — first class, business class and economy.
The survey was conducted by six airlines flying long-range flights to
and from Europe. Five of the participating airlines were European; the sixth a Middle
Eastern airline with service to Europe. In each case, the survey was handed out by the
sponsoring airline and contained only the identifying logo of that airline. Passengers
were selected at random, using standard statistical procedures in order to ensure the
validity of the results. Responses from passengers with potential conflicts of interest
— those who worked for an airline, a manufacturer or a major supplier, for example -
were discarded, a standard practice in market research.
Pak-Libya Holding Co.
The 53rd meeting of the Board of Directors of Pak Libya Holding Company
(Pvt.) Limited was held at its registered Head Office at Karachi. The meeting was chaired
by Dr. Khaled F. Zentuti, Chairman, Pak Libya and was attended among others by Mr. Abu
Shamim M. Ariff, Secretary Industries, Government of Pakistan, Mr. Negmeddin Hemali
Mukhtar, Director, Mr. Zaigham Mahmood Rizvi, Managing Director and Mr. Ramadan A
Haggiagi, Deputy Managing Director.
Pak-Libya Holding Company (Pvt.) Limited is a joint venture development
finance institution that was established in 1978 with a paid-up capital of Rs. 1000
million, following an Inter-Governmental Agreement between Government of Pakistan &
Libya. It operates within the framework of the banking laws of Pakistan under the
supervision of the Ministry of Finance and the State Bank of Pakistan. Pak-Libya commenced
its business operations in October 1980 with a subscribed equity capital of Rs. 1000
million equally contributed by the two Governments. The authorized and paid-up capital of
the Company as on December 31, 1998 stood at Rs. 4000 million and Rs. 2102.8 million
respectively while the shareholder's equity stood at Rs. 2139.9 million as on that date.
The Company is engaged in various financing activities in the areas of
Project Financing, Investment Banking, Merchant Banking, Treasury and Capital Market
Operations. Pak-Libya's financing operations covers both fund-based and non-fund based
activities.
The Board reviewed the activities of the Company and expressed its
satisfaction on the overall performance of the Company. The Board also cleared financial
assistance of Rs. 110.00 million which included giving approval for a car assembly cum
manufacturing plant.
Since its inception, Pak-Libya has made tangible contribution towards
financing of industrial development in Pakistan. Financial assistance has since been
provided to a number of projects, particularly in the private sector, pertaining to a
cross section of important industrial sectors including Chemicals, Pharmaceuticals,
Fertilizers, Engineering Goods, Oil & Gas, Energy, Textile, Financial Sector, Services
etc. Inclusive of gross sanctions made by Pak-Libya during 1998, the Company has so far
make gross cumulative sanctions of Rs. 9.4 billion (including both local and foreign
currency investments) to over 300 projects. Of the cumulative gross sanctions, a sum of
Rs. 2.4 billion has since been fully repaid. Recovery position of the Company has also
remained satisfactory over the years. As on December 31, 1998, Pak-Libya has since
recovered a total cumulative amount of Rs. 4960.5 million. The Company has also been
declaring handsome dividends since its inception. Inclusive of cash dividend of Rs. 136
million declared by Pak-Libya during 1998, the total cumulative dividends declared by the
Company since inception to-date amount to Rs. 1923.9 million. Of these total cumulative
dividends, a sum of Rs. 1259.5 million is in the form of cash dividends which is about
125% of the original subscribed capital. Despite the fact that Pak-Libya has been paying
handsome dividends to its shareholders since its inception, its initial paid-up capital of
Rs. 1000 million has since improved to Rs. 2102.8 million as on December 31, 1998.
In addition to pursuing its investment financing activities coupled
with money market, treasury and capital market operations, the Company has been able to
further diversify its operations into more innovative and broad based activities. These
intended enhanced fund mobilization activities, co-sponsorship of a Software Training and
Development Institute, establishment of a Real Estate Development Company and
strengthening of its Corporate Advisory Services. Pak-Libya has since been mandated to
arrange financing of US$ 1.2 billion for establishment of Pak-Iran Oil Refinery in
Pakistan.
The Board also appreciated the efforts of the Company in endeavouring
to mobilize long-term resources for industrial financing and development by way of
launching the first tranche of Rs. 500 million of Pak Libya's first TFC issue having shelf
registration of Rs. 1000 million, for which necessary formalities are in progress. The
Board was also appreciative of the efforts made by Pak Libya in trying to further
strengthening the secondary market in the country by way of floating a Fixed Income
Securities Mutual Fund in the name of Munafa Securities Mutual Fund, for which necessary
modalities are being worked out.
Recognizing Pak-Libya's sound financial health, credit worthiness in
the money and capital market and management's efforts in streamlining and improving the
management information system and internal control procedures, DCR-VIS, a Rating Agency
established as a joint venture with the Internationally known Rating Agency, Duff and
Phelps of USA has recently assigned the following credit rating to Pak-Libya.
Long Term Entity Rating A+
Short Term Entity Rating D1
DCR-VIS Credit Rating Company Limited has recently assigned Credit
Rating of AA-(Double A. Minus) to Pak-Libya's proposed TFC Issue of Rs. 500 million.
During 1998, Pak-Libya has further diversified and broad based its
operational activities by encouraging investment in Islamic modes of financing
particularly through Musharika. In association with Vital Information Services, Pak-Libya
has recently arranged a consortium of six financial institutions to finance Rs. 500
million to four well known corporate clients under the recently developed M-VIS (Musharika
Variable Income Securities).
JEROEN VAN DER VEER VISITING PAKISTAN
Mr. Jeroen Van Der Veer, Managing Director of the Royal Dutch
Petroleum: Company and Group Managing Director of the Royal Dutch/Shell Group, is visiting
Pakistan from 22~ 25* June, 1999. During his visit he will meet the Prime Minister and
other important government officials including the Chief Ministers of Balochistan and
Punjab.
The opportunity for overseas experience was a major factor in Jeroen
Van Der Veer deciding to join Shell after military service following a degree in
mechanical engineering. Later he studied economics.
He joined the Committee of Managing Directors from the Shell Chemical
Company in the USA, where he was President and Chief Executive. In the USA, he vfas very
involved in the transformation of the Shell Chemical Co (a part of Shell Oil Company) and
he sponsored the reward and recognition initiative. This reflects his strongly held view-
that it is important to allow people to contribute to Shell in their own way, their
energies being directed in part by means of a reward system.
The management of change has been a constant feature of his postings,
especially at Shell Nederland, where he was Managing Director and oversaw the investment
of US$ 2 billion in the 'Per Plus' project at Pemis-one of the largest of Shell's
operations world-wide and including both refining and chemicals manufacture.
LEGO Mania at The Point!
Summer holidays are the relief for kids and the havoc for parents.
Children roaming about at home with their usual complaints of "I'm bored - I want lo
do something.." and you suggest a million things like "Why don't you paint?
Draw? (Scowl) Run around in the garden outside? ('Too hot')" Nothing can tempt enough
to entertain. It's this hopeless list of suggestions, which are the same old tiresome
stuff.
Seems like somebody at Cupola's The Point read your mind and decided to
give you a break. They announced the LEGO Competition, a joint effort between Wrapables of
The Point, and General Traders (Pvt) Ltd. the official distributors of LEGO in Pakistan
guaranteed to give your child the excitement that was otherwise missing in the summer
vacations. No worries about the ages - the competition has various age group sections: 35
yrs, 6-9, and 10+ yrs and will be held every Friday at The Point.
The first of the series of these Friday competitions was held last week
and generated tremendous enthusiasm and energy amongst the kids. Festivities began from
noon and went on till late evening - accommodating different age groups with corresponding
competitions. The younger age group was given the LEGO DUPLO blocks, bigger pieces that
are easier to build with and handle. Whereas, the older ones were given the more
complicated LEGO bricks and models which required greater finesse and creativity.
Most of the children came in from the Kids University summer camp, an
institution owned and run by Khushbakht Shujaat, a renowned TV personality. Children of
all ages participated in the colourful and lively competition and were clearly thrilled to
be there. "I think this is a fantastic activity for the children. We had promised
them a field trip but when the time arrived - we could not decide where to take them. This
is a brilliant opportunity for the children as not only do they have a safe and secure
environment - the entire process is educational as well," said Ms. Shujaat. "I
am so glad Cupola created this opportunity for our children. I am sure that they have
learnt a lot today and I can see that it has brought out a tremendous amount of creativity
in them," she added.
Children were seated on mats on the floor in Color4Kids and another
room where they were given a pile of LEGO pieces to assemble in any way they desired.
Thoroughly enjoying themselves, they sat comfortable and built castles, spaceships,
robots, cathouses..anything that caught their fancy. After an hour they were asked to stop
'building' in order for their creations to be assessed by the judges. Adnan Asdar, a
well-known architect, Mr. Raza Hamid, of Cupola, and Mrs. Nosheen Yaqub, and Mr. Waadullah
Masood (representatives of General Traders) judged the creations as they chatted with the
children, asking them what their LEGO creation meant lo them. Prizes were won by Mustafa
Hassan Khan, Taha Khalid, Saad Majeed, Osama Rabbani, Zain Saud, Sulaim Zakir Nansey,
Ayesha Ghani, Hassan Khan and Faiz Zaki. All the participants and their families were
provided with complimentary drinks by Pepsi.
The Point also celebrated Father's Day on June 19th (celebrated a day
earlier due to World Cup), by inviting fathers over to build some LEGO models. This was a
unique event as this day is generally ignored and hardly ever given much importance. There
were several enthusiastic dads all set to build innovative models and win a prize. Sitting
cross-legged on the floor and concentrating on their 'work', the fathers enjoyed this trip
back to childhood with spirit! The most creative father was Mehmood Siddiqui who won his
wife a beautiful vase from Wrapables.
