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Mar 27, 2000

HBL Lead Manages Rs. 700 Million Syndicate for Dewan Farooque Motors

Habib Bank's Corporate Finance Division has lead-managed a loan of Rs. 700 Million for Dewan Farooque Motors Limited through a syndicate of local and foreign banks.

The syndicate agreement was signed by Mr. Zakir Mahmood, President of Habib Bank and Dewan Mohammad Yousuf Farooqui, Managing Director of Dewan Farooque Motors in the presence of Asad Amir Khan of the Corporate & Institutional Banking Group.

The Rs. 700 million loan syndicate includes The National Bank of Pakistan, Allied Bank Limited, Askari Bank, Saudi Pak Investment Company and Bank Al-Falah.

The project is being set up at a total cost of Rs. 1.8 billion, in Sujawal District Thatta for the manufacture of Kia and Hyundai Cars.

The success of the loan syndication reflects the banking sector's confidence in the automotive sector, and HBL's commitment to the revival of Industry and economic development in Pakistan.

Speaking on the occasion, Mr. Zakir Mahmood, President HBL underscored the vital role HBL and the banking sector were endeavouring to play in mobilising, and deploying resources on commercial basis and in doing so, acting as a catalyst to drive the economy towards sustainable growth.

National Bank refutes press reports on yellow cabs

The National Bank of Pakistan, has refuted press reports regarding irregular and inefficient auction of confiscated yellow cabs terming the news item as baseless and misconceived.

The factual position is that after impounding of the vehicles by different branches, they remained under their custody for completion of required auction procedures and other formalities.

The vehicles were placed for auction on February 17, which was conducted by M/s Pakistan Auction market, the reputed auctioneers, in the presence of an 8-member Auction Committee appointed by the Bank.

Bidding was finalized for 30 out of 33 vehicles, which were handed over to the highest bidders in the presence of a large number of potential buyers. There was no complaint of the missing accessories or parts from any bidder as the vehicles were thoroughly inspected by the buyers before taking part in the auction. Even the emergency tools and spare wheels were found intact.

Incorporated on November 8, 1949, the National Bank of Pakistan performs sub-treasury functions on behalf of the State Bank of Pakistan, and is also the largest commercial bank with over 1400 branches spread all over the country, with 23 foreign branches and 5 representative offices in 16 countries in the world.

Starwood signs 112 Hotel Management and Franchise Deals

Starwood Hotel & Resorts Worldwide, Inc. announced that the company signed management and franchise agreements for 112 hotels in 1999, exceeding its goal of 100 by 12 per cent.

Starwood's 1999 hotel development deals span the globe with 53 new contracts in North America; 28 in Africa, India and The Middle East; 13 in Europe; 12 in Asia Pacific and 6 in Latin America. In addition to Starwood's 112 new deals, the company also renewed 30 existing management contracts that were either expired or transferred to new owners.

Starwood Hotel & Resorts Worldwide, Inc. through its St. Regis, Luxury Collection, Westin, Sheraton, Four Points and W brands is one of the leading hotel and leisure companies in the world with more than 700 hotels in 80 countries and 120,000 employees at its owned and managed properties.

Pakistan's first international portal launched

Pakistan's first international portal hilinks.com has been launched on the World Wide Web. This portal like others in the cyber world is going to offer a variety of services such as free email, free chat, free greeting, free classifieds and e-shopping facilities. It will also provide news, information on business, education, science, entertainment and health.

The Pakistan community can log on to the Paklink on hilinks.com and use it as a platform for interaction with fellow countrymen across the world. New services and products are being developed and will be added to further expand the range of the portal.

Hilinks Pak (Pvt.) Ltd. with offices in Karachi, Lahore and Islamabad is the developer of the portal site www.hilinks.com, offering free services for greetings, chat, shopping, mail and classifieds.

Asia University federation elects Dr. Leghari for executive committee

Asia University Federation (AUF) elects Dr. Javaid R. Leghari, Project Director, Shaheed Zulfikar Ali Bhutto Institute of Science and Technology (SZABIST) from Pakistan as a member of its Executive Committee, in its meeting held in Seoul, Korea. The objective of AUF is to create an academic world in which students live in peace, mutual prosperity, equality, cooperate with each other and respect individual rights and values, eventually becoming member of global society. To realize this goal, AUF seeks to bring Asian universities into cooperation and provide the international academic infrastructure for a wholesome education.

Caption

Dewan Mohammad Yousuf Farooqui, Managing Director of Dewan Farooque Motors and Mr. Zakir Mahmood, President of Habib Bank at the signing of the financing agreement.

According to the agreement Habib Bank's Corporate Finance Division has lead-managed a loan of Rs. 700 million for Dewan Farooque Motors Limited through a syndicate of local and foreign banks.

Caption

Emirates SkyCargo and Gerry's Express have joined hands to provide Airport to Door Facility on all shipments booked on any part of Emirates SkyCargo's network to be delivered to the consignees doorstep anywhere in Pakistan.

Picture shows Shareef A. Raheem, Area Manager, Emirates Pakistan, shaking hands with Akram Wali Mohammad, M.D., Gerry's Express. Also seen in the picture are F.D. Malik, Cargo Manager, Emirates SkyCargo Pakistan (L) and David Parker, G.M. Operations, Gerry's DNATA(R).

Dubai Hosts Airline Safety Meet

One of the most important bodies concerned with airline safety holds its annual meeting for the first time in the Middle East this week, to review the regulations relating to the carriage of dangerous goods on aircraft as cargo and in passenger baggage.

Emirates is one of 12 major airlines represented on the Dangerous Goods Board of IATA (International Air Transport Association), and is also a member of the IATA Dangerous Goods Training Task Force.

The dangerous Goods Board's recommendations are incorporated into ICAO's Annex 18: Technical Instructions for the Carriage of Dangerious Goods by Air, and are mandatory on all airlines.

The meeting was inaugurated by Mohammad Al Khaja, Emirates' Director Group Safety, Training and Standards. He said: "By Holding the meeting in Dubai, the importance that this region as a whole, and the Emirates Group in particular, attaches to safety is re-empahsised. The meeting also provides an opportunity for industry personnel to attend as observers and to gain from and contribute to the meeting.

"The challenge facing the board today is how to meet the demands of constantly increasing cargo tonnage involving new products without compromising safety. The secret is training, training, and more training".

Intel introduces PentiumŪ III processors at 866 and 850 MHz

Intel Corporation introduced Intel* PentiumŪ III processors at 866 and 850 MHz, providing high-performance processors for both home and business computing. The Pentium III processors at 866 and 850 MHz are designed to power an Internet experience filled with rich audio, video, animations and 3-D that make information come alive. These Pentium III processors are available now in systems from numerous PC manufacturers.

"The Intel Pentium III processor at 866 and 850 MHz enables powerful personal computers for running rich software and media, both in the home and in business," said Chak Wong, Director of Product Marketing and Business Management, Intel Asia Pacific.

Amnesty Scheme for non duty paid vehicles ends with great success

The Lahore Customs collected rupees 258.7 million in terms of duty and taxes under Federal Government Amnesty Scheme for non duty paid vehicle plying on roads. In all 1060 vehicles were brought to the Customs Dryport, Thokar Niaz Baig, Lahore, where special arrangements were made for assessment of such vehicles. During last three days of the Scheme the people thronged the dry port and more than 435 vehicles were assessed to duty and taxes and in these three days 114 million rupees were added to the National Exchequer. The Customs staff, NLC Staff & the National Bank staff remained present at the Thokar Niaz Baig till midnight and not a single vehicle which entered the dry port till 2400 hours was refused entry and the last vehicle was assessed at the moments of the 15th March 2000.

This year amnesty scheme has been a great success and the Customs authorities introduced a speedy and transparent system for the assessment. As compared to the last year Amnesty Scheme this year generated almost 3 time more revenue as compared to the last year. At that time only 35.3 vehicles were regularized and 89 million rupees were collected as duty and taxes.