. .



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