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Apr 03 - 09, 2000

  1. International
  2. Finance
  3. Industry
  4. Policy
  5. Trade
  6. Gulf

Dewan Motors goes for listing

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.

Herbs export

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 executive.

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 ton.

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 money—and 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 kilogram.

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 Ltd.

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.