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July 26 - August 1, 1999

Engro helps cyclone victims

Engro Chemical Pakistan Ltd, has made a contribution of Rs. 600,000 towards the cyclone relief operations in Thatta and Badin where the life and property of the residents was badly affected. The donation includes a sum of Rs. 400,000/- contributed by the Company and Rs. 200,000 by the employees.

Company's joint venture partners Engro Paktank Terminal Ltd, and Engro Asahi Polymer and Chemicals Ltd, and the employees donated Rs. 200,000/-.

The contribution amount was presented to Pakistan Red Crescent Society, a renowned international organization engaged in cyclone relief operations in Thatta and Badin Districts. Part of the contribution was utilized to cover the immediate needs of the affectees in the form of food stuff and the rest towards provision of emergency medical assistance and rehabilitation programme.

Mr. Gusher Khan from Engro presented the contribution to Mr. Maher H. Alavi, Chairman, PRCS and alsso personally monitored the relief operations.

Caption

Mr. Gulsher Khan (Right) of Engro Chemical Paksitan Limited presenting the contribution cheque to Mr. Maher H. Alavi, Chairman, Paksitan Red Crescent Socety.

Corolla Gets Smarter

In an entertaining evening, Indus Motors introduced the new look Corolla with Hi-Tech Crystal lights in front and rear. Since its introduction in the market on May 13, 1999, the world renowned Corolla has taken over the 1300 to 2000 cc segment by storm capturing a market share of over 50%. In 1998-99, 10,000 unit sales of locally produced Corolla and Hilux was achieved. "This growing demand for the Corolla in spite of increasing competition reflects the customers confidence in the Quality, Technology, Safety and Reliability of the current model of Corolla which continues to outsell all other," chlaims the Managing Director of Indus Motors.

Over the years, Indus has introduced 11 different versions of Corolla ranging from the XE Grade to the Special Editions in GLi and 4 versions in its 2000cc Diesel models. "These variants have all been introduced keeping in mind the customer demands. Introduction of the crystal lights and new rear garnish is also in line withthe same approach," exlained the managing Director.

HBL announced CPDC phasing out procedures

Habib Bank has announced the procedure of phasing out its famous Crorepati Deposit Certificate (CPDC) scheme, following the instructions of the State Bank of Pakistan that all such prize-based deposit schemes should be winded up by December 31st 1999.

HBL has assured its CPDC holders that their certificates will remain valid for five more draws until 31st December. However, the Bank has instructed its branches that they should not sell CPDC of six months and one year maturity anymore. But CPDC of three-month maturity will be sold till 30th September, so that these certificates are due for encashment by 31st December.

The Bank has also decided that no certificate will be renewed beyond 31st December 1999. This means that all 1-year and 6-month certificates maturing after 14th July, would not be renewed for a like period, instead they will be renewed for three months tenure only.

All the certificates maturing after 31st December will however continue to earn profit at normal rate declared for these deposits, but there will not be any lucky draw for prizes on these CPDCs after December. HBL has mobilised Rs 20 billion deposit through its CPDC scheme, which helped it to improve its liquidity, reduce lending rates to private sector and encouraged savings among the people. Now that the bank's liquidity has improved significantly, the SBP has asked the banks to wind up deposit schemes that offered prizes.

Emirates Bank International

Emirates Bank International PJSC has declared the following rates of profit on PLS deposits on 14th July 1999, for six months ended 30th June 1999.

Types of deposits Rates (%)

07 to 29 days notice 10

30 days and over notice 10.25

Emirates Xtra (upto) 11.50

Emirates Pakistani (upto) 12.40

Saving Accounts 10.00

 

Time Deposits 1 Month 10.50

Time Deposits 3 Month 11.00

Time Deposits 6 Month 11.60

 

Time Deposits 1 Year 12.65

Time Deposits 2 Year 13.48

Time Deposits 3 Year 14.38

Time Deposits 4 Year 15.37

Time Deposits 5 Year 16.49

Caption

The winner of Grand Bumper Prize of Mobilink Week, Mian Maqbool Hussain, (R) of Karachi receiving "The World Trip Ticket" from Mr. Asif Pervaiz, Corporate Customer Services Manager-Mobilink GSM, and Mr. Atif Anwer, Regional Marketing Co-ordinator is also seen in the picture. The ticket includes visits to more than 10 countries.

Record Increase in Profit of BOP

Mr. M Asif Director, BOP has said that the beneficial schemes launched by the bank have made positive contribution to national economy. He was speaking at 9th draw of the BOP, Prize Saving Scheme in Lahore. The Acting Chairman/ M.D. Dr. Asif Hafeez Shaikh and General Managers Kh. Iqtidar Ahmad, Masaud A. Shaikh and Arshad Ahmad Khan were also present on the occasion.

Mr. Asif said that the management and staff have earned a record profit of 206.579 million during the first half of the year by dint of hard work and strenuous efforts. We hope that the bank will achieve still better results by end of December this year.

Speaking on this occasion the Acting Chairman, Dr. Asif Hafeez Shaikh said because of tremendous growth in the profitability of the BOP, its share price has jumped high within a week's time. It ranks at number one among the peer group. He said the present management is wedded to the cause of improving the overall operational activities of the bank. It is hoped that still better results will be achieved by the end of this year.

Dr. Asif hoped that the bank will initiate more saving schemes to promote small savings. He congratulated the winners who are Shakeel Javed (Sahiwal), M. Munir (Rajanpur), Bashiran Bibi (Baghbanpura, Lhr), M. Afzal (Main Br. Lhr), Mozam Ali (Bhawana Bazar Fbd), Fatch Ullah (Railway Road, Skp), Ghulam Sarwar (Mirpur AJK), Malik Abdul Rafique (Mumtazabad Multan), Zulfiqar Ali (Township, Lhr), Tariq Ahsan (Sheikhupura), Farzana Yasmin (D.G. Khan), M. Bashir A. Zaheer (Kamalia), M. Zafar Ullah (Wahadat Rd, Lhr), Jahanzib Khan Niazi (Bhakkar), Malik Akhtar Hussain (Main Br. Lhr).

Caption

Mr. M. Asif Director, BOP inaugurating the 9th draw of the BOP prize saving scheme. The Acting Chairman / M.D Dr. Asif Hafeez Shaikh is seen next to him.

First Women Bank Limited

First Women Bank Limited has declared the following profit rates on various categories of PLS deposits for the half year ended 30th June 1999.

Special Notice Deposits Per Annum

7 day sntd

5.5%

30 day SNTD

6.5%

savings

7.0%

Home Management Savings

7.5%

Women's Own Savings

7.5%

Student Savings

7.25%

Saving cum current

(One Month Business Deposit)

9.1%

Term Deposits

3 MTHS

8.5%

6 MTHS

9.0%

1 YR

10.0%

2 YR

11.0%

3 YR

11.25%

5 YR

12.0%

 

Unit Trust of Pakistan

The Board of Directors of ABAMCO Limited, the management company of Unit Trust of Pakistan (UTP), have announced the result on the working of UTP for the year ended June 30, 1999.

The income for the year ended June 30, 1999 was Rs. 48.611 million. This works out to an income of Rs. 685 per unit.

During the year under review, 6,130 units with a value of Rs. 33.214 million were sold, and 3,486 units with a value of Rs. 17.58 million were redeemed. Net sales were therefore, 2,644 units with a value of Rs. 15.634 million. As on June 30, 1999 units outstanding were 70,943 with a value of Rs. 358.281 million.

After the announcement of dividend for the year ended June 30, 1998, the ex-dividend offer and redemption prices of units were fixed at Rs. 5,112 and Rs. 5,011 respectively for the period from July 6, 1998 to July 9, 1998, based on the net asset value (NAV) of units on July 3, 1998. Subsequently the unit prices were announced weekly on every Saturday for the following week, based upon the NAV of units on previous Friday. At the end of the year on June 30, 1999, the offer and redemption prices stood at Rs. 5,742 and Rs. 5,641 respectively. The register of unit holders was closed from July 1, 1999 to July 15, 1999 for determining the entitlement to dividend. The sale and redemption of units will recommence from Monday July 19, 1999 and the ex-dividend offer and redemption prices have been fixed at Rs. 5,186 and Rs. 5,085 respectively for the period July 19, 1999 to July 22, 1999 based on NAV of July 16, 1999.

The Management Company has declared a dividend of Rs. 675 per unit for the year ended June 30, 1999. This is equivalent to 13.5% on the par value of units of Rs. 5,000 each. As 98.5% of the income for year is being distributed to unit holders, there will be no liability for income tax. After setting aside the dividend amount, the NAV of units comes to Rs. 5,050 on June 30, 1999. To a unit-holder investing in units, when the transaction commenced in July 1998 after the declaration of dividend and holding the units for one year till the transaction in units recommences after the declaration of dividend for the year ended June 30, 1999, the total return (i.e. dividend and appreciation in value of units) comes to 15%.

The dividend warrants and units certificates / accounts statements for units acquired through reinvestment of dividend are under preparation and will be dispatched to unit holders by August 7, 1999. The Annual Report is under printing and will be dispatched to unit holders and the stock exchanges by August 7, 1999.