Dewan Motors goes for
Dewan Farooque Motors Limited has sought stock market listing and the
company is understood to have asked for regulators' permission to offer 18.5 million
shares to the general public, at par value of Rs 10 each.
Export Promotion Bureau organized a one-day seminar on the export of
medicinal herbs. Director general agriculture Abdul Hameed Bajoi was the chief guest,
while Hakim M. Zubair Hamid, principal Tibia College Quetta, Imam Bukhsh regional chief
WorldCall offer subscribed heavily
WorldCall Payphones Limited has received Rs 286.0 million in
subscription from general public against the company's offer of the shares of the value of
Rs 142.5 million, a company official told.
Joint venture for health insurance
Allianz Aktiengesellschaft (Allianz AG) and EFU Group signed a joint
venture agreement to form a new company that will provide health insurance.
The agreement was signed by Michael Diekmann, member of the board of
management and Heinz Dollberg, executive vice president, both of Allianz AG and Rafique
Bhimjee, Jahangir Siddiqui and Saifuddin N. Zoomkawala.
Zero duty on packing bag
Central Board of Revenue has notified, the zero rating duty on imports
of PAT packing bags of more than one ton capacity by the ICI Pakistan Ltd. Through a
notification No 6 (25)/97-CB, dated March 28, 2000, the CBR has also reduced the duty
rates on VCM, a raw material used in production of PVC, and on polyester yarn. Duty on
these two items has been reduced from 25% ad val to 15% ad val.
Iraq to buy rice at $285 per ton
The Irri-6 rice deal finalized during a recent visit of an official
delegation to Baghdad was brokered at a much higher than world market rates, traders said.
They said the Pakistani delegation headed by commerce minister secured
this deal at $285 per ton as against the prevailing world market rates of aroumd $195 per
It would mean higher earning of up to $2.250 million or Rs117 million
on the export of 25,000 tons of Irri-6 rice to Baghdad.
Market sources said during same period another rice export deal was
finalized by private sector exporters for export of 50,000 tons of Irri-6 rice (1999-2000
crop) to Indonesia.
This was secured through participation in an international tender
called by official Indonesian agency Bulgo for a total of 100,000 tons of Irri-6 rice.
The Pakistani exporter was awarded the contract on his two bids of
25,000 tons each at $194.88 per ton and $196.47 per ton c&f Jakarta. The balance
contract of 50,000 tons was awarded to China in two equal portions at the rate of $193.95
and $195.50 per ton c&f Jakarta.
Highest bid of Rsl .03bn for Mohib
Mohib Textile Mills that is up for sale has attracted six final bids
four of them for the entire mills and two for one unit each. There are three units
of the mills located in Muzaffargarh covering 50 acres of land with buildings spread over
about half a million square feet.
Joint official liquidators for the mills received the bids in Lahore on
Saturday, sources close to them told by telephone. On March 13, the liquidators had
received 16 bids but a couple of them were not accompanied by the earnest moneyand
liquidators chose to reinvite the bids on March 25.
The sources said the highest bid of Rs 1.030 billion came from Maqbool
Textile Mills followed by Fazal Cloth Mills (Rs 1.009 billion); Mountfield Trading (Pvt)
Ltd (Rs 1.000 billion) and Green House HTN Joint Venture (Rs 900 million). First two
bidders are from Punjab and others from Karachi.
PASSCO buys 1000 tons of potato
PASSCO (Pakistan Agricultural Storage Corporation) has so far procured
1000 metric tonnes graded potato from Punjab at a support price of Rs 145/- per 40
PASSCO sources said here on Saturday that PASSCO has fixed initial
target of procurement of 9,000 metric ton of graded potato from the Punjab while 1000
metric ton from NWFP. The sources said that 1000 metric tonnes potato has been procured so
far from Okara, Burewala and Hafizabad districts of the Punjab. They said that procurement
centres have been set up in seven zones comprising Okara, Hafizabad, Sargodha, Toba Tek
Singh, Mian Channu, Sahiwal and Burewala areas. They said that procurement will commence
soon in Nowshera and Pabbi areas of NWFP.
Twenty companies de-listed by LSE
The Lahore Stock Exchange (LSE) has de-listed 20 companies during the
last two years.
Now the total number of listed companies at LSE stands at 616.
According to LSE sources, with the listing of the payphones company,
WorldCall, the number will increase to 617.
The main factors responsible for the de-listing of the companies
include the bankruptcy, mergers and even the closure of the business by certain firms.
The companies delisted so far are: 1st DG Modaraba, Universal Textile,
BRR 2nd Modaraba, Equity International Modaraba, Punjab Building Limited, AuVitronics
Ltd., Pak Chrome Mines Ltd., Sun Shine Cloth Ltd., Electric Lamps Manufacturers, Elahi
Spinning Mills, Dannemann Fabrics Ltd., 1st Premier Modaraba, Zafar Textile Mills Ltd.,
Naveed Textile Mills Ltd., Prince Glass Works Ltd., Novartis (Pakistan) Ltd., Sitara
Spinning Mills, A1Ata Leasing Modaraba, Rex Baren Batteries Ltd. and Mohib Textile Mills
32.9 pc rise in carpet exports
Carpet exports during the first eight months of this fiscal year
increased by 32.9 per cent.
During July-February 1999-2000, carpets worth $154.187 million (Rs 7.97
billion) were exported, while in the same period last fiscal carpet exports fetched
$116.017 million (Rs 5.79 billion).
There was 32.1 per cent improvement in quantity, 37.68 per cent in
rupee terms, and 32.9 per cent in dollar terms.
Polyester filament yam prices surge 31 per cent
The prices of polyester filament yarn increased up to 31 per cent in
just a couple of weeks widely disturbing the equilibrium of the market.
The manufacturers increased the prices of polyester filament yarn 150
Denier from Rs 38/kg to Rs 50/kg.