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Sep 20, 1999

First localy assembled Hyundai vehicle launched

The first locally assembled Hyundai Shehzore 1.0 ton Pick-up has been launched by Dewan Farooque Motors Limited, exclusive distributors and progressive manufacturers of Hyundai range of vehicles in Pakistan.

Shehzore Pick-up is a 4 x 2 single cabin, forward control type vehicle and is fitted with a powerful 2600cc Diesel engine and 5 speed manual floor shift transmission, and thus ideal for Pakistani roads and market conditions.

Shehzore Pick-up comprises of 28% locally manufactured parts. Dewan Farooque Motors Limited have already achieved the deletion target set by the Engineering Development Board for the first year and have undertaken to achieve the deletion target for the coming years.

The Shehzore 1.0 ton Pick-up is now on display at all authorised 35 Hyundai dealers in the country. It is available in 4 (four) colours namely, Swan White, Sunset Red, Ocean Blue and Gentle Grey. The Shehzore Pick-up has been very attractively priced at Rs. 535,000.00 (Ex-factory) inclusive of sales tax. Customers may book their order by making a deposit of Rs. 55,000.00. Dewan Farooque Motors Limited will do computerised balloting to determine the sequence of deliveries so as to ensure fair and equal opportunity to all customers.

Dewan Farooque Motors Limited has already ensured comprehensive availability of Genuine Hyundai parts and quality repair facilities throughout the country through a network of Hyundai dealers.

The next model to be locally assembled and produced will be a 1000cc car, a product of Hyundai's latest R&D with features like Electronic Fuel Injection (EFI), superior and spacious interior, exterior, safety features and fuel economy.

The construction of Dewan Farooque Motors Limited's plant at a cost of Rs. 1.2 billion is already underway after foundation stone laying on June 27, 1999. The plant is being built at Sujawal (District Thatta) and will cover an area of 100 acres. It will have a capacity to build 20,000 units per year on one shift basis.

Dewan Farooque Motors Limited; Pakistan's renowned industrial conglomerate is part of Dewan Mushtaq Group, which includes Dewan Sugar Mills, Dewan Salman Fibre, Dewan Textile Mill, Dewan Mushtaq Textile Mills and Dewan Khalid Textile Mills.

Visitors at the Zargalli — Unique Gold Jewellery Exhibition admiring the work of local designers. The exhibition was held recently in August as part of the Zargalli Gold Jewellery Design Contest organised by the World Gold Council, in which more than 1650 designs were submitted by local designers. Out of these, the best 46 designs were displayed at the exhibition, which was held at Karachi, Lahore and Islamabad.

Saudi Pak approves financing of Rs. 580 million

The Board of Directors of Saudi Pak Industrial and Agricultural Investment Company (Pvt) Limited met on September 09, 1999 under the Chairmanship of Dr. Abdullah T. Al-Thenayan, who is also Director General of Arab Company for Livestock Development, Kingdom of Saudi Arabia.

The Board approved a total financing of Rs. 580 million to six companies. The financing comprises of Rs. 200 million for one comppany in communication sector, Rs. 280 million for four projects in manufacturing sector and Rs. 100 million for a company in the financial sector. The financing will facilitate installation of additional production capacity and expansio of existing facilities. The tenor of financing ranges from three to five years.

The Board reviewed the performance of the company for the first eight months of the current financial year, January-August 1999 and expressed its satisfaction over the growth and volume of business. During the period, Saudi Pak approved financing of Rs. 940 million as compared to Rs. 526 million in January-August, 1998. The disbursement of fuds against various commitments amounted to Rs. 449 million in January-August, 1999 as compared to Rs. 385 million in the same period of 1998.

The Board also noted with satisfaction the amount of loan dues collected from long term financing portfolio. The amount recovered against long term financing portfolio increased by 21.3 per cent from Rs. 277 million in January-August 1998 to Rs. 336 million in the same period of 1999.

Since inception Saudi Pak has approved financing by way of direct equity investment and long term finance to 213 companies for an aggregate amount of Rs. 5,612 million. In addition the facility of short term financing of Rs. 1,998 million was made available to corporate sector. Underwriting of public issue of shares and guarantees have also been provided for a total amount of Rs. 1,645 million.

Saudi Pak, a joint venture of Kingdom of Saudi Arabia and Islamic Republic of Pakistan, is playing an important role in promoting brotherly relations between the people of Pakistan and Saudi Arabia. It is committed to accelerate industrial development in Pakistan by providing loans and investment facilities to industrial projects sponsored by private sector. Its financing is spread over all the key economic sectors including chemicals, engineering, textile, cement, communications etc. The projects financed by Saudi Pak are located throughout the country. The paid up capital of the company is Rupees two billion held in equal proportion by the Goverment of Kingdom of Saudi Arabia and the Government of Pakistan.

The Board expressed satisfaction over the role performed by Saudi Pak in promoting growth of industrial sector in Pakistan.

Intel invests in Formus to speed the deployment of wireless broadband communications in Poland

Intel Corporation and Formus Communications announced that Intel has invested in Formus. Formus is currently deploying "last mile" broadband wireless access (BWA) networks in Poland and other countries to provide Internet and data services.

Intel's investment will help Formus in its efforts to build out its networks, providing improved broadband Internet access to small and medium-sized businesses, as well as to finance business development activities in Europe. In addition to its investment, Intel will work with Formus in seeking opportunities to market Formus' BWA services through resellers of Intel products in certain Polish cities.

"Intel's investment is consistent with the company's ongoing commitment to facilitate the deployment of broadband services that help fuel the growth of the Internet for e-Business," said James H. Yasso, vice president, Intel Architecture Business Group, and general manager, Reseller Products Division. "In emerging markets such as Poland, offerings such as Formus' are critical to enabling companies to participate in the Internet economy".

"We at Formus are indeed delighted to be working with Intel," said Osmo Hautanen, CEO of Formus. "Clearly, any company doing business on a global scale needs to have the resources to deliver its products and services. Intel's investment and its marketing support wil help us in our efforts to expand our offerings".

With BWA, Formus seeks to extend into geographic markets where expensive wireline alternatives may not be readily feasible or cost effective, or where a broadband infrastructure does not currently exist.

About Formus Communications

Formus Communications, Inc. intends to integrate cost-effective, high-capacity broadband wireless access (BWA) technology to provide its customers with reliable high-speed Internet service, high-speed data transmission, video and voice services. Formus is focusing primarily on markets in Europe. Through an affiliate, the company is presently involved in projects delivering BWA services in Poland. Callino, a wholly owned Formus subsidiary, recently launched CLEC services in Germany. Formus also holds licenses in Finland, and is operating under temporary test licenses for BWA projects in France and Hungary. In August 1999, Formus contributed its Latin Amercian assets and cash to VeloCom Inc. and became a 20.5 percent shareholder in VeloCom. VeloCom holds broadband licenses in Colombia, Peru and Argentina, and mirror licenses in Brazil, covering 206 million population units in Latin America.

About Intel

Intel, the world's largest chip maker, is also a leading manufacturer of computer, networking and communications products. Additional information about Intel is availabe at: www.intel.com/pressroom.

Net asset values of ICP Mutual Funds as on 23.08.1999


Name of Fund

N.A.V. As on 03.09.1999 (Rs. Per Share)

Market Price As on 03.09.1999 (Rs. Per Share)

01ST ICP 11.74 07.90
02ND ICP 11.31 07.50
03RD ICP 15.36 10.00
04TH ICP 29.99 18.00
05TH ICP 10.95 09.00
06TH ICP 21.53 12.00
07TH ICP 12.04 08.75
08TH ICP 24.94 14.00
09TH ICP 35.47 25.00
10TH ICP 17.78 09.50
11TH ICP 15.75 07.05
12TH ICP 15.49 12.00
13TH ICP 30.35 15.50
14TH ICP 13.85 05.50
15TH ICP 11.23 09.25
16TH ICP 09.13 09.90
17TH ICP 11.79 11.20
18TH ICP 08.87 08.15
19TH ICP 13.86 11.10
20TH ICP 14.66 06.50
21ST ICP 04.09 01.55
22ND ICP 06.91 02.25
23RD ICP 03.19 01.00
24TH ICP 03.66 01.05
25TH ICP 07.23 02.30