Jul 24 - 30, 2000
National Bank of Pakistan
Declaration of PLS profit rates for the period January to June, 2000.
The National Bank of Pakistan declared new rates of return on the
Profit Loss Saving Accounts (PLS), on Tuesday, July 18, 2000, for the period ending June
30, 2000.
The amended rates of return are as follows:
Nature of Accounts |
Rate of Return |
1)
Deposits |
. |
1.
Special Notice Deposits |
. |
a.
7 to 29 days Notice |
5.20 |
b.
Over 30 days Notice |
6.10 |
2.
Saving Accounts |
5.50 |
3.
Term Deposits |
. |
a.
Three months |
7.30 |
b.
Six months |
8.00 |
c.
One year |
8.70 |
d.
Two years |
9.30 |
e.
Three years |
10.00 |
f.
Four years |
10.40 |
g.
Five years and above |
11.00 |
KCCI
Condemned demand for additional security deposit
Mr. Mohammad Hanif Lakhany, Senior Vice President and Mr. Abdul Sami
Khan, Vice President of the Chamber, in a press release issued have condemned the demand
for additional security deposit by KESC which has been included in its current bills.
They said that this demand which has been raised without any
notification, pre-intimation or consultation, has sent a wave of resentment among the
industrial consumers who has been experiencing serious resource crunch both due to
internal and external factors.
The KCCI Office-Bearers believed that additional security deposit on
the basis of 75 days of average billing and that to in cash, would have a crippling effect
on industry and would miserably nullify the efforts that are being made by the government
for economic revival.
They observed that this security deposits, combined with the proposed
reported increase in electric tariff, would raise the cost of production manifold,
rendering the accomplishment of export target of 10 billion dollar difficult.
Mr. M. Hanif Lakhany and Mr. Abdul Sami Khan pointed out: "It is
an open secret that KESC has been incurring colossal losses in transmission and
distribution (T&D). Instead of plugging such leakages, attempts are always made to
mobilize additional revenue either by raising the tariff or by charging the security
deposit etc., which apparently is not an enduring solution to the problem.
They revealed that the Chamber has convened a broad-based meeting of
industrialists of all Town Associations, on Monday, the 24th July, 2000 in the Chamber to
consider the implications of additional security deposit and also the impact of proposed
rise in electricity rates as well as to evolve a strategy to help resolve this critical
problem.
MCB Golf 2000 tournament played at Arabian Sea Country Club. Mr. Tariq
Ikram, Minister of State & Chairman Export Promotion Bureau was the guest of honour.
Photograph taken on the occasion shows Mr. Haroon Basheer Shaikh, Head of Consumer Banking
Group & IT-MCB Mr. Tariq Ikram with the winners & runner-ups of MCB Golf 2000
Tournament.
MCB Rates of Profit on PLS Deposits for Half Year ended June 30,
2000
S.No |
Categories of Deposit |
Rate of Profit applicable for
Jan-June, 2000
per annum(%) |
1. |
PLS Notice Deposits |
. |
| . |
7 days |
5.50 |
| . |
30 days |
7.00 |
2. |
PLS Savings Account |
5.25 |
3. |
PLS Term Deposits |
. |
| . |
1 month & over |
7.00 |
| . |
2 months & over |
7.25 |
| . |
3 months & over |
7.50 |
| . |
6 months & over |
8.00 |
| . |
1 year & over |
8.50 |
| . |
2 years & over |
9.00 |
| . |
3 years & over |
9.50 |
| . |
4 years & over |
10.00 |
| . |
5 years & over |
10.50 |
4. |
Savings 365 Gold |
. |
| . |
Rs. 10 M to 25 M |
7.00 |
| . |
Rs. 25 M to 50 M |
7.50 |
| . |
Rs. 50 M to 100 M |
8.00 |
| . |
Rs. 100 M to 250 M |
8.50 |
| . |
Rs. 250 M & above |
9.50 |
5. |
Rupee Maximizer Account |
10.00 |
6. |
Maal-a-Maal Deposit Certificates |
. |
| . |
2 months |
5.00 |
| . |
4 months |
6.00 |
| . |
8 months |
7.00 |
| . |
12 months |
8.00 |
7. |
Other Deposit Schemes |
. |
| . |
PLS Savings - 365 |
5.25 |
| . |
Khushali Bachat Account |
5.25 |
| . |
Khanum Bachat Scheme |
5.25 |
| . |
Mahana Khushali Certificate |
10.50 |
| . |
Capital Growth Certificate |
10.50 |
| . |
Hajj Mubarak - 2 years |
9.50 |
| . |
Hajj Mubarak - 3 years |
10.00 |
State Life
Convention 2000
The life fund of State Life Insurance Corporation of Pakistan has
exceeded Rs. 64 billion by December 1998 which is achieved due to the untiring efforts,
dedication, commitment and salesmanship of our entire work force. This was stated by Mr.
Sameeul Hassan, Chairman, State Life while addressing the participants at the closing
session of State Life Convention 2000. Mr. Sameeul Hassan, said that there is a great need
to educate people about the unique benefits State Life offers through its life policies
and plans which provide financial protection and savings.
Policies plans issued by State Life enjoy the hedge as it attaches
attractive bonuses to the policyholders year by year till maturity date and ultimately
contributing to the greater savings. Mr. Sameeul Hassan said that policyholders be
extended optimum services as they are the real pillars behind our corporate success. Mr.
Sameeul Hassan, reiterated that State Life is committed to eradicate unemployment in line
with government's poverty alleviation programme by providing equal employment and training
opportunities to thousands of educated men and women in the country. He said that State
Life distributes 97.5% of its surplus to policyholders as bonuses. In 1999 the Corporation
paid Rs. 41.67 million as death and Rs. 68.27 million as maturity claims respectively, he
added.
Earlier Mr. Akram Hussain G.M. and Incharge (Marketing) presented the
overall performance of Marketing Division and said that the Corporation has secured Rs.
108.57 million First Year Premium for the month of June 2000 while it manages to procure
Rs. 340.57 million FYP on year to date basis. He said that the Corporation achieved Rs.
341 million First Year Premium target upto June 2000, which is 61% of the FYP. He said
that the Corporation has secured Rs. 48.42 million as Second Year Premium and have been
able to maintain 70.61% persistency upto June 2000. He added that during the month of June
2000, by virtue of collection of Rs. 315.57 million Renewal Premium we have also achieved
97.67% Renewal Persistency. On year to date we are able to secure 111.62% Renewal
Persistency ratio. Mr. Akram further informed that the Corporation secured Rs. 355.23
million as First Year Premium upto 12th July 2000. He said that the Corporation will
achieve its targest surpassing the base with healthy and quality business.
Lastly Mr. Taseer Yousuf Makhdoom Divisional Head Marketing thanked the
Chairman, Executive Directors, Regional Heads, Zonal Heads, Media Elite's and the
participants of State Life Convention 2000 and informed that Marketing Division is
planning to launch comprehensive recruitment campaign during the 2nd half of year 2000 in
order to procure the set business targets for the year 2000.
On the occasion Prizes and Shields on outstanding business performance
were given to more than 130 top business leaders.
A Ray of Hope for Schizophrenic Patients
Eli-Lilly Pakistan has launched its recently registered drug, Zyprexa
(Olanzapine), indicated for the treatment of schizophrenia, a mental disorder. Top fifty
psychiatrists from all over Pakistan participated in the formal launching ceremony and
seminar on schizophrenia.
Schizophrenia is a severe and debilitating disease in which the
patients seem to lose touch with reality and have trouble in distinguishing it from
fantasy, as they fail to think clearly and control their emotions. Schizophrenia is
usually associated with a disruption in the patient social roles and personal
relationships.
Zyprexa, which has been available in Europe and the USA for more than
five years, is now available in the Pakistani market for the treatment of schinzophrenia.
It is one of the most successful medications, to date, for the treatment of schizophrenia,
and is effective both in negative as well as positive symptoms of the disease.
Zyprexa won the prestigious "Prix Galien" award in 1997 in
the UK. Prix Galien is an international award specifically designed to recognize
achievements in the science of pharmacology. The 6 exacting criteria for the award are
conceptual innovation, complexity of development, quality of preliminary evaluation,
quality of clinical evaluation, therapeutic impact and anticipated cost benefit.
Speaking at the launching ceremony, Rehan Q. Saghir, Managing Director,
Eli-Lilly Pakistan, said, "Eli-Lilly has always been eager to promote healthcare in
Pakistan. We want to play a major role in removing the stigma attached to mental illness,
and stand committed towards mental health awareness and treatment".
Eli-Lilly has been extending its services to the Pakistani community
for the last many decades by providing research-based, innovative healthcare solutions. It
has contributed vastly to the growth and development of the pharmaceutical industry in
Pakistan.
Swissair adds 4th weekly flight from Karachi
(by Hanspeter Wegmueller — General Manager for Pakistan)
It is with great pride that Swissair adds with effect of 17th of July
its 4th weekly flight between Switzerland and Pakistan. The additional day of operation is
on Mondays. At the same time, Swissair's already popular Saturday evening flight gets a
new routing and will henceforth operate via Abu Dhabi. Thus Swissair now offers also a
weekly connection between Karachi and Abu Dhabi, enhancing the possibilities for the
Pakistani passengers to use Swissair between Pakistan and the 2 major U.A.E, destinations
Dubai and. Abu Dhabi. The four weekly flights from Switzerland to Pakistan are now
operated on Monday, Tuesday, Thursday and Saturday — returning the same evening back
to Zurich with an early morning arrival at Europe's most passenger friendly airport, where
immediate connections are offered to a large number of cities in Europe and many important
gateways in the U.S. and Canada.
Swissair's new enhanced schedule reflects the airline's confidence in
being a popular European airline in Pakistan and its well known "tradition of
hospitality rooted in care" is much appreciated by the Pakistani travellers as well
as the foreign community residing in Pakistan and the many overseas visitors exploring new
opportunities in Pakistan.
BSJS financial results
BSJS Balanced Fund, the closed-ended mutual fund under the management
of ABAMCO Limited, has announced its results for the year ended June 30, 2000, being the
first company on the Karachi Stock Exchange to do so. The Net Profit of the Company was
reported to be Rs. 50,760,392 (fifty million seven hundred and sixty thousand three
hundred and ninety two only) as compared to Rs. 15,067,492 (Fifteen million sixty seven
thousand four hundred and ninety two only), which is an improvement of 236% over last
year.
The Company has declared a dividend of 31% for the year ended June 30,
2000 as compared to 10% last year. BSJS is the only closed ended mutual fund in the
country, which has consistently been paying dividend from the very first year of its
operations.
The Net Asset Value (NAV) of the Company was reported to be 11.75
rupees as compared to 10.83 rupees last year, which shows an improvement of 8.49% over
last year.
The total return for the shareholders works out to 37.11% for the
current year. The return includes dividend plus appreciation in the Net Asset Value of
Units.
NATIONAL INVESTMENT
TRUST LIMITED
Federal Government is striving hard to fulfil its commitment to bring a
turn around in the country's economy and the improved performance of Financial
institutions is an ample proof of that, Mr. Shaukat Aziz, Federal Minister for Finance
said during a visit of Head Offices of National Investment Trust and Investment
Corporation of Pakistan. He was given a briefing about NlTs financial performance in
1999-2000 and overall saving and investment climate, Stock Market and Mutual Funds
Industry in Pakistan. Governor State Bank Mr. Ishrat Hussain, Secretary Finance Mr. Younus
Khan, Chairman SECP Mr. Khalid Mirza, Presidents of HBL, NBP, UBL and Chairman N.D.F.C.
accompanied the Finance Minister.
Mr. Shaukat Aziz while commending the financial performance of NIT and
its turnaround in the last fiscal year 1999-2000 hoped that NIT would continue to
contribute towards strengthening the capital market and promote investment environment in
both the public and private sector.
While briefing the Finance Minister about the overall performance of
NIT in the fiscal year 1999- 2000, Chairman of National Investment Trust Mr. Istaqbal
Mehdi said that the Net Asset Value of NIT unit has registered a 49% rise since June 1999
and 56% total return has been earned by Unitholders in the shape of appreciation of unit
price and an interim dividend. As of 30th June 2000, the Fund value grew to Rs. 18.5
billion from Rs. 13.5 billion and NIT managed to sell units worth Rs. 920 million.
Chairman NIT, Mr. Istaqbal Mehdi stated that NIT, established in 1962,
manages the largest open-ended mutual fund in Pakistan, with investments in approximately
600 out of the 762 listed companies in the Karachi Stock Exchange has its nominated
directors on the board of 232 companies. NIT has got 65,000 unit-holders throughout
Pakistan with 1400 institutional accounts, constituting 80% of the entire customer base.
NIT is making efforts to attract individual investors by launching new funds namely,
Regular Income fund, Privatization Fund, Islamic Fund, and Information Technology Fund.
These funds would be tailor made to meet individual investment needs.
Mr. Istaqbal Mehdi who is also The Managing Director of Investment
Corporation of Pakistan made a brief presentation about the performance and restructuring
of ICP, the Finance Minister commended the performance of ICP funds.
Suggestions put forward by NIT Chairman to provide impetus and
stimulate to stock market and mutual fund industry were appreciated by the Finance
Minister and Governor State Bank.
Series of Arena it guru seminar "Multimedia on Internet"
Fulfilling the basic purpose of information technology and Multimedia
education, Arena Multimedia chalked out a series of IT Guru seminars from June to December
2000. Mr. Faisal Khan of Net Access Communications Pvt. Ltd. (Karachi) one of our IT Guru
conducted a seminar on "Multimedia on Internet" at Hotel Marriott on July 19th
2000. He presents a state-of-art IPEX camera highlighting the effectiveness of this tool
in displaying virtual reality on the World Wide Web and in CD Rom authoring. People from
different frame of mind attended this seminar and enhanced their knowledge and developed
the importance of Multimedia in their respective field of specialization. The presentation
was followed by a lively question and answers session.
Arena Multimedia was launched as an independent division of Aptech
Worldwide Inc. USA. Within the short span of 3 years it has become the dominant market
leader in its segment.
Arena (A division of Aptech Worldwide Inc. USA, the global IT company)
courses are designed as specialized programmes to teach students effective usage of
Multimedia Technologies such as Computer Graphics, Animation, Imaging, Digitizing,
Scanning, 3D Modeling, and Rendering Visualizations for creating interactive multimedia
applications, internet technology. Students completing these courses can look forward to
exciting careers as Graphic and Fashion designers, Visualizes, Animators, Web Designers
and Special Effect Specialists.
For Further Information, please contact:
Corporate Communications
Arena Multimedia Center, Pakistan
E-mail: kt@digicom.net.pk
Contact No. 4310960-66
Net Asset values of ICP Mutual Funds as on 12.07.2000
Name of Fund |
As on 12/07/2000 |
As on 12/07/2000 |
| . |
(Rs. Per Share) |
(Rs.
Per Share) |
1stICP |
13.87 |
7.00 |
2ndICP |
12.25 |
6.75 |
3rdICP |
18.43 |
10.00 |
4thICP |
45.67 |
17.00 |
5thICP |
9.92 |
8.00 |
6thICP |
26.28 |
13.00 |
7thICP |
13.80 |
10.00 |
8thICP |
28.03 |
15.50 |
9thICP |
42.33 |
22.50 |
10thICP |
21.34 |
9.40 |
11thICP |
20.98 |
9.50 |
12thICP |
18.34 |
8.10 |
13thICP |
40.77 |
20.00 |
14thICP |
13.61 |
7.00 |
15thICP |
13.27 |
5.00 |
16thICP |
9.81 |
2.05 |
17thICP |
13.69 |
7.05 |
18thICP |
11.70 |
7.10 |
19thICP |
17.81 |
10.75 |
20thICP |
19.62 |
9.00 |
21stICP |
5.46 |
1.80 |
22ndICP |
8.35 |
2.90 |
23rdICP |
4.13 |
1.70 |
24thICP |
4.73 |
1.80 |
25thICP |
8.76 |
3.35 |
SEMF-A |
33.86 |
16.20 |
Pakistan
Machine Tool Factory (Pvt) Ltd.
Pakistan Machine Tool Factory (PMTF) 62nd Board of Directors fMeeting
was held under the Chairmanship of Engr. Hussain Ahmad Siddiqui, Chairman, SEC on 17th
July, 2000. The Board appreciated the performance of PMTF for the fiscal year 1999-2000 in
which ever highest sales of around Rs. 808 million was achieved by crossing previous
highest sales of Rs. 777 million during prior year 1998-99. The company also sufrpassed
its previous highest production record set in 1988-98, eleven years ago. The Board noted
with satisfaction the continued trend of all-round investment and achievement made by PMTF
during the previous years.
Elaborating further tails MD PMTF, Engr. Syed Nayyer Hassan said that
the company has made sagnificant contribution in import substitution of high-tech
engineering products. More than 80% share of private sector in total turnover of PMTF
indicates the confidence of this sector on PMTF. The comapny is successfully competing
very local and foreign suppliers in securing orders for their different products.
consecently it touched the peak level of sales for Fiat tractor components and die coast
of gas meters & motorcycles in year 1999-2000. The Company is also making to increase
sales by diversification of products. The achievements of far were mainly due to
execellent relationship between the management and the wokers and aggressive marketing
efforts. The Board desired that the management whould
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