Textile mills refuse to
The June 30 deadline for induction of the last of the listed securities
into the Central Depository System (CDS) was frustrated by the refusal of textile spinning
mills to join the System, market sources disclosed.
The Central Depository Compamy of Pakistan Limited (CDC) had declared
all listed securities as eligible for CDS on June 20 last year, when a schedule of
"dematerialization" (induction) of various sectors listed on the stock
exchanges, was unveiled. Starting with Modarabas, which made the first foray into CDS on
Aug 26,1998, the process was envisaged to be completed by June 30,1999 when the textile
mills were to trail into the System.
That, however, was not to be. And almost all the 200 odd textile mills
and a number of modarabas are said to have revolted and refused to be pushed into the CDS.
Their major grievance appears to have been the sum of deposit and yearly fees.
The CDC asks for one-time refundable deposit of Rs 0.1 to Rs 0.8
million, the amount depending on the individual company's paidup capital and between Rs 25
thousand and Rs 0.1 million as the annual fee, levied according to the number of
outstanding shares and their turnover.
Seized of the gravity of the matter, the chairman Securities and
Exchange Commission of Pakistan (SECP) is said to have formed a Committee to find ways to
resolve the dispute.
The Committee is chaired by Tariq Iqb al, Commissioner SECP, while the
members include chairman All Pakistan Textile Mills Association (APTMA) and two other
representatives of the textile lobby; Presidents of The three stock exchanges; Chairman
ICP; Chief of a leasing company, Chief executive CDC and a Partner of Orr Dignam, the law
firm. A meeting of the Committee is slated to be held on Wednesday, July 14.
Balochistan expects bigger fruits crop
Balochistan is expected to have more than 1448000 tons of various types
of fruits and over 396000 tons of vegetables valued at more than Rs 30 billion in 98-99 as
a result of increase in acreage and out put.
Mr Abdul Salam Baloch, DG (Agriculture), Balochistan, said here Tuesday
that the area under fruits was estimated at over 130000 hectors in 98-99 as compared to
more than 127000 hec in 97-98.
Similarly area under various types of vegetables is estimated at over
27000 hectors in 98-99. Fruits production in 1997-98 was over 1419000 tons as compared to
1448000 tons in 98-99.
Balochistan government is reported to have received first tranche of Rs
600 million from the federal government in lieu of district tax and octroi abolished by
the centre under the budget for the fiscal year 99-2000.
China's delegation to visit Saindak project
A high powered Chinese delegation is scheduled to visit the Saindak
Copper and Gold Project site gathering on-the-spot information for further cooperation in
production of copper and gold in Pakistan.
The Chinese have built the huge copper and gold complex at Saindak at a
cost of $140 million in mid 1990s by providing financial and technical assistance to
The project completed its trial production and its 30 days output was
sold at Rs. 200 million in the international market.
The quality of copper was so good that it fetched orders from
international companies buying in advance the production of next eight to 10 months, with
the conditions that it's production will remain uninterrupted.
New variety of wheat to be released soon
A new variety of wheat would be released to the provincial peasantry
during 1999-2000, optimizing wheat production and making Balochistan, an agrarian frontier
of Pakistan in the 21st century.
Balochistan director general(agriculture), Mr Abdul Salam Baloch said
here that as a first step agriculture department had already released to the wheat growers
during 1998-99 five high yielding variety of wheat: zarghoon (for irrigated condition)
zamindar 80 (for rainfed condition and saryab 96(barley) (for rainfed condition).
These high yielding variety of wheat, are giving positive and
productive results to meet Balochistan deficiency in its wheat acreage and production.
FCSC to launch internet service
First Capital Securities Corporation (FCSC) Ltd. which has formed World
Call Dot Com (WCDC) Ltd to launch its nationwide internet service from August, will invest
about $1.5-2 million on the project.
'The project is being completed on a turnkey basis by a French
telecommunication equipment supplier,' FCSC official Amer Chishti told.
'We wish to establish ourselves as nationwide internet service provider
(ISP) by setting up our network in Islamabad, Lahore and Karachi in one year and later
expand it to other cities,' Chishti said.
Italian firm shows interest in setting up hydel power unit
The NWFP government has entered into negotiations with a leading
Italian firm for the establishment of a small hydel power generation unit at Khan Khwar in
Bisham district, sources said.
"Impregilo, an Italian firm presently leading the consortium of
five construction companies which is carrying out the multimillion dollar Ghazi Barotha
Hydro Power Project, has shown keen interest in establishing a 72mw capacity hydel power
unit at Khan Khwar," official sources said.
A three-member high ranking official team of the NWFP government held a
meeting on June 25, last with the Pakistan-based representatives of
The firm's representatives were given briefing on the feasibility
reports of atleast six such sites on which the small hydel power generation units could be