ANNOUNCEMENTS

Jul 31 - Aug 06, 2000

1400 NBP branches to be brought under automation; Half yearly results reviewed

The second meeting of business promotion and target monitoring committee of the National Bank of Pakistan reviewed productivity and efficiency of the bank and decided to bring its 1400 branches under automation fixing the deadline for online operations.

The meeting was held at the NBP Head Office under the Chairmanship of Syed Ali Raza, President, NBP, and attended by Regional Chief Executives and Divisional Heads to review the half-yearly results.

Emphasis was laid on standardization and formatting of credit processing where government priorities were given due consideration. Credit allocation and disbursement with effective implementation was deliberated at length with preference to exports and small and medium enterprises. The oil, gas and agriculture sectors were given top priority when it came to boosting their resources.

The committee decided to provide lucrative incentives to outstanding employees while penalizing those with a lethargic approach to their duties under a new punishment and reward system.

The NBP top brass decided to provide best facilities to the customers under the motto "Practice what you preach" with a friendly atmosphere. To achieve the objective, NBP branches all over the country were ordered to provide best and courteous service to the customers.

Floris Deckers, Regional CEO, ABN AMRO, Visit Pakistan

Floris Deckers, CEO of ABN AMRO, Asia Pacific, visited Pakistan last week to attend the inauguration ceremony of ABN AMRO Bank's new Country Head Office in Karachi.

Deckers, a Dutch national, began his career in 1977, with the Hollandsche Beton Group (HBG), firstly as Treasurer, International Division, and later as Finance and Administrative Manager for a joint venture between HBG and Philip Holzmann, Germany's largest construction group, in Dammam, Saudi Arabia.

In 1981, Deckers joined ABN AMRO Bank as Head of Construction Finance and in 1983, he was made the Director Adjoint Department des Grandes Enterprise.

Deckers has worked in many countries throughout his career. In 1985, he was sent to ABN Ireland, as General Manager and later on in 1989, was promoted as Country Manager. He also served as Country Manager. ABN Italy, from 1989 to 1991, heading 3 branches, a leasing company and a Finanziaria.

Floris Deckers became the Regional Manager, ABN AMRO Europe, in 1991, heading operations in 8 leading European countries and also the International Diamond Division. In 1994, he was assigned the office of CEO, ABN AMRO, for South and Central America, where he worked till March 2000, when he was appointed the CEO of the Asia Pacific region, the post he holds to date.

Deckers is the Director and also a member of the Senior Credit Committee of Bladex (Branco Latino de Exportaciones), a multilateral bank. He is also the proud recipient of the Rio Branco Medal of Merit, bestowed by the Brazilian government on those who render significant services to the country.

SZABIST wins 11th all Pakistan Dr. A. Q. Khan Software Competition 2000

Students of Shaheed Zulfikar Ali Bhutto Institute of Science and Technology (SZABIST) grabbed the 1st position in the Professional Category, 2nd position in Student Business Category and 2nd position in Student Education Category in the 11th All Pakistan Software Competition and Exhibition organized by Dr. A.Q. Khan Research Laboratories in Islamabad on July 22-24, 2000. This is 3rd consecutive year that SZABIST has won the 1st prize in All Pakistan Software Competition.

Software called "HAWKER" got 1st position in the Professional Category was designed by Azam Chandio, Muhammad Zubai Chatta and Obbia Barni. The Software is customized robot for searching news on various topics and it has the ability to make agents which can search the required information for users.

"Pak Medical Lab Online" software integrates the laboratories and provides online access to the medical laboratories databases to its users was created by Dr. Hassan Mehdi Zaidi, Abdul Wahab Fakih, Fahimuddin Khan, Shahid Ali, and M Boota Rana got 2nd position in Student Business Category.

"Zab Mag" software is a web application designed for publishing research articles was designed by Mr. Asif Khawaja, Asim Raza, Ghulam Nabi Khaskheli, Sajjad Haider and Mohammad Quaid Johar got 2nd Prize in Student Education Category.

180 Software entries for various categories were included in the software competition from all over Pakistan. SZABIST sent 3 software entries and all these three entries got 1st and 2nd position.

Habib Bank AG Zurich

Following are the rates of distribution of profit for the half year ended 30th June 2000 as declared by Habib Bank AG Zurich (Incorporated In Switzerland) Karachi on 17th July, 2000.

1.

Special Notice Deposit

a. 7 Days

7.0%

b. 30 Days

8.0%

2.

Saving Deposit

3.

Term Deposit

a. 1 Month

9.0%

b. 3 Months

10.0%

c. 6 Months

10.5%

d. 1 Year

11.0%

e. 2 Years

11.5%

f. 3 Years

12.0%

g. 4 Years

12.5%

h. 5 Years

12.5%

4.

Habib Zurich Flexi-Deposit Certificates (As per Scheme)

Annualise rate of return

12.98%

5.

Habib Zurich-Monthly profit (As per Scheme)

Annualise rate of return

10.80%

International Industries Ltd.

"International Industries Ltd. (IIL), Pakistan's largest Galvanized steel pipes and tube manufacturing company, has successfully been recommended for ISO-14001:96 Environmental Management System, certification by BVQI. On July 5th, 2000 IIL became the first company in Pakistan to be certified to ISO/Draft International Standard 9001:2000 by BVQI.

President Muhammad Rafiq Tarar Inaugurates ABN AMRO Bank's New Country Head Office in Karachi

ABN AMRO Bank's new Country Head Office in the city of Karachi, was inaugurated by President Muhammad Rafiq Tarar; accompanying him were Mr. Floris Deckers, Regional CEO, ABN AMRO Asia Pacific, and Mr. Muhammad Aurangzeb, Country Manager, ABN AMRO Bank Pakistan.

This state of the art building located on main Abdullah Haroon Road, Karachi, offers ABN AMRO Bank's entire range of products and services. The new premises, equipped with ATMs, along with a 24 - hour telephone banking center and lockers, represent ABN AMRO Bank's strong commitment to the growth of its banking franchise in the country. From Corporate and Consumer Banking, to Investment Banking and Structured Finance, these new premises offer all financial services under one roof.

Speaking at the inauguration ceremony, President Tarar said, "During this time, ABN AMRO Bank has displayed strong commitment to this country. It has continued to invest in Pakistan, and especially over the last few years, has certainly increased its presence and profile in the country. In this regard I am also extremely pleased to see that it has continued to strengthen its ties with Pakistan, and today with the city of Karachi. The development of Karachi, and for that matter any great city, needs organizations that are active corporate citizens which work towards the socio-economic well-being of the country and its people."

ABN AMRO Bank's commitment to Pakistan and to its customers is apparent through the construction of its own office premises in two cities, as well as the launch of two additional off-site ATM centers, one each in Karachi and Lahore. ABN AMRO Bank has enhanced its distribution network through alliances with strategic partners, with the introduction of the first ATM sharing network in the country, in collaboration with Askari Commercial Bank. Just recently, the bank further strengthened its network by joining hands with Habib Bank Limited in the further expansion of its shared ATM network with Askari Commercial Bank

Mr. Floris Deckers, Regional CEO, Asia Pacific mentioned that ABN AMRO Bank has shown strong commitment and reposed great confidence in the country. The Bank has been a forerunner and partner in the development of the financial market and in the progress of the corporate and public sectors in Pakistan. Investment in the construction of this building and the branch in Lahore, and the establishment of a Software development house in Lahore, reaffirms the positive long-term outlook on the country.

In Pakistan since 1948, ABN AMRO Bank N.V., has shown strong growth in recent years, establishing itself not just as a corporate bank, but a customer-focused and dynamic consumer bank. It is the only foreign bank to have made long term commitments in Pakistan, which are reflected in the construction and ownership of its bank premises in Karachi and Lahore, and the expansion of its network to five branches in Pakistan. Additionally, it has also set up the largest software house in the country, at Lahore.

PROF. FEROZUDDIN KAZI

Prof. Ferozuddin Kazi is Dean, Faculty of Commerce & Business Administration, Member Syndicate, University of Sindh, Jamshoro, Sindh, Pakistan & Member Board of Governors, Board of Intermediate & Secondary Education, Hyderabad. Prof. Ferozuddin Kazi, hails from the Studious family of Nasarpur town, district Hyderabad. He earned his Masters in Commerce and Diploma in Business Administration, from University of Sindh, Jamshoro, Sindh, Pakistan in 1972. Later, he also earned Diplomas in Personnel Administration and Industrial Relations from Pakistan Council of Legal Education & Research, Karachi Sindh, Pakistan.

Mr. Kazi started his career as a Lecturer in 1973 at St. Patrick's College, Karachi and gradually achieved ascendancy to professorship in Commerce in 1993 through dint of his devotion to the profession He has held several top slots of teaching and administration in the Faculty at University of Sindh, Jamshoro.

Prof. Kazi has an extensive academic, research and administrative experience. His academic endeavors focus on Human behavior and Management for competitive success and strategic change. His academic expertise also spans the areas of Accounting, Auditing and Marketing. During his 26 years teaching and research profession he has authored one book on Business Taxation in co-authorship and a wide variety of research articles published in National and International repute journals.

Mr. Kazi has also worked and completed a Research Report on "Export Marketing of Banana and its impacts on Foreign Earnings of Pakistan during 1985-90".

He is also Research Guide for M.Phil in Commerce and Co-guide of Ph.D. in Social Sciences at University of Sindh, Jamshoro, Sindh, Pakistan. He successfully participated in various Conferences, Seminars and Symposia.

Prof. Kazi is founder member of the Institute of Business Studies of the University of Sindh, and served both Department of Commerce and the Institute of Business Studies as Chairman and Director respectively, from time to time. He is the pioneer Professor and Director of MBA Executive Evening Program, University of Sindh, Elsa Kazi Campus, Hyderabad, Sindh, Pakistan.

(Academic Linkage with Edinboro University of Pennsylvania, USA and Dhaka University Bangladesh).

He has been working on numerous Committees in the University of Sindh, Jamshoro. He is a visiting scholar at different Business Institutes, Colleges and Universities of Province of Sindh. Prof. Kazi is also the member of Board of Governors, Board of Intermediate & Secondary Education (BISE) Hyderabad, Sindh, Pakistan.

The Governor Sindh / Chancellor, University of Sindh has nominated Prof. Kazi as a member of the Syndicate at University of Sindh for a period of three years amongst the category of Deans.

Mr. Kazi was awarded Shield by Managing Editor, Pakistan & Gulf Economist (PAGE) Karachi, Sindh, Pakistan in recognition to his Meritorious Services in the field of Education for the year 1997.

In recognition to his terrific contributions towards the educational cause in general and to the University of Sindh in particular, The Vice Chancellor, University of Sindh, Jamshoro awarded him Gold Medals for the years 1997 and 1998.

The Governor Sindh / Chancellor, University of Sindh has appointed Prof. Ferozuddin Kazi, Department of Commerce as Dean, Faculty of Commerce & Business Administration for further period of three years with effect from June 09, 2000.

American Express TCs business growing

According to Mr. John Chia, the visiting General Manager of the American Express Travellers Cheque Group for Japan, Pacific, Asia and Australia, the growth of travellers cheques in Pakistan has increased by 50 per cent in the last two years. He was talking to newsmen at a press conference called to promote the travellers cheque business in Pakistan. He added that most seasoned travellers prefer travellers cheques as their mode of payment. He said that American Express promises the replacement of lost or stolen cheques anywhere within 24 hours and are available in US, Canadian and Australian dollar, pound sterling, Euro, French franc, South African rand, Japanese Yen and Saudi riyal.

22.5% dividend declared by Unit Trust of Pakistan (UTP)

UTP, the first and the only open-ended mutual fund in the private sector, under the management of ABAMCO Limited, has announced its results for the year ended June 30, 2000, being the first security listed at the Lahore Stock Exchange to do so.

The Net Income of UTP was reported to be Rs. 109.30 million as compared to Rs. 48.61 million, which is an improvement of 124.85% over last year.

The Management Company has declared a dividend of 22.5% i.e. Rs. 1,125 per Unit of the par value of Rs. 5,000 for the year ended June 30, 2000 as compared to 13.5% i.e. Rs. 675 per Unit last year. The dividend will absorb Rs. 99.55 million, which is equivalent to 91.08% of the year's total income. UTP has been maintaining a record of declaration of dividend from the very first year of its operations. The net asset value (NAV) of UTP as on June 30, 2000 was reported to be 5,300 rupees after appropriation of dividend as compared to 5,050 rupees on June 30,1999, which shows an improvement of 4.95% over last year. Together with the appreciation in the net asset value and dividend payout. the total return on UTP Units comes to 27.22%

During the year under review, 30,838 Units were sold as compared to 6,130 Units last year. The redemptions in the current year were 13,285 Units as compared to 3,486 Units last year. The net sales for the year were 17,553 Units amounting to Rs. 119.52 million in terms of value as compared to 2,644 Units i.e. Rs. 15.63 million during last year. As on June 30, 2000, Units outstanding were 88,496 with a value of Rs. 469.046 million, as compared with 70.943 Units with a value of Rs. 358.28 on June 30, 1999. This reflects an increase of 24.74% in outstanding number of Units and 30.92% in their values.

The Board of Directors of ABAMCO Limited has approved the issuance of class "D" Units, carrying "Contingent Sales Load" subject to the approval of Securities and Exchange Commission of Pakistan. Under this class of Units, no sales load will be payable by investors when investing in Units. Sales load will be payable on redemption of Units and the rate will decline for every year Units are held. For long term investors there will be no sales load.

After the dividend declaration. the transaction in Units of UTP will recommence from Monday, July 24, 2000.

Want a deal? — SCB 123 Auto Loans Special Summer Promotion

Standard Chartered Pakistan announced the formal launch of its Auto Loans Program, SCB-123, at an impressive and grand opening held at the lawns of the Beach Luxury Hotel on March 29, 2000. Through the launch of SCB-123, Auto Loans Program, Standard Chartered Pakistan has firmly established its position as a provider of customer oriented, innovative products and services in the Consumer Banking business in Pakistan.

Standard Chartered Bank's latest promotion is a tie-up with the banks authorised Suzuki dealers network, offering all Suzuki models at incredibly low monthly installments. For example, the Suzuki Mehran is now available for only Rs. 6,970 per month; similarly, the Suzuki Cultus is available for only Rs. 9,389 per month. The deal is centered upon waivers of processing fees (Rs. 4,000), vehicle registration fees and the first month's installment. There is an instant savings realization of up to Rs. 20,000 when a customer finances a Suzuki vehicle through SCB-123 Auto Loans. To further spice up the deal, a low insurance premium of only 4.5% of the vehicles value, and free seat covers and mats are offered to the customer.

Keeping in mind the convenience and easiness to obtain an Auto Loan, the promotion has been specially designed to ensure that the customer can drive away with the hottest selling car in the market, the Suzuki Cultus, in only 72 hours. Priority delivery requests for the Mehran and other models (including all metallic colors) have been accommodated by the bank's authorised Suzuki dealerships, thus ensuring that all cars are driven away by the customers within 4 days.

The flexibility offered by SCB-123, to finance cars for up to 7 years, ensures that your monthly contribution amount can be reduced significantly. The mark-up rates and loan installments are fixed over the loan tenor, thus making it easier for customers to manage their finance. All vehicles financed through Standard Chartered Bank are registered in the customer's name (unlike leasing companies where the car is registered in the company's name).

The new mass-market product helps Standard Chartered continue with its goal to increase its customers base whilst continuing to help in the development of Pakistan and its economy. Not only has the bank been in the region for over 137 years, but also its investment and expansion plans in the country continue to grow. Commenting on the banks continued commitment to Pakistan, Standard Chartered's Chief Executive, Mr. Zahid Rahim stated. "We have had a long and historical association with Pakistan and its people and are now renewing this commitment by setting global standards. In order to provide our customers with a diversified product and service portfolio, it is only natural for us to make further investments fin new banking solutions that meet our customers' high expectations."

Want a Deal?

Promotion Highlights

Low down payment of 20%

Instant savings of up to Rs. 20,000

Lowest mark-up rates

First installment waived

Vehicle registration fee waived

Processing fee waived

Low insurance premium at only 4.5%

Free seat covers and mats

Free ATM card, chequebook and 24-hour Phonebanking.

SITE association welcome the KESC decision

Imran Shaukat, Acting Chairman, SITE Association of Industry, has hailed the realistic decision taken by Lt. Gen. Zulfiquar Ali Khan, Chairman KESC, to withdraw the additional Security Deposit on electricity bills. He described this as a bold and pragmatic step and stated that it would bring about a more positive reaction among the industrialists. Imran Shaukat further praised the untiring and selfless efforts of past Chairman, Zubair Motiwala, who was instrumental in convincing the KESC hierarchy that the demand for additional Security Deposit would detrimental to the industry of the country.

Imran Shaukat added that the industrialists of Karachi, especially of SITE, pledge to assist KESC in recovering the outstanding amounts from industrialists, if any. He said that the SITE Association does not & nor will ever support or cooperate with wilful and habitual defaulters. He also stressed that it is also the duty of KESC personnel to ensure that there is uninterrupted power supply, that there is increased efficiency and motivation, and that there is an end to any and all malpractice. He said that KESC is a very vital organization for the country and its survival and sustainability is paramount to the prosperity of Pakistan since this prosperity strongly depends on the continuous operation of industrial units in Karachi.

Shell affirms white oil pipeline plan

Shell Pakistan Limited confirmed that it was moving to the detailed phase of its ongoing dialogue with the Pak-Arab Refining Company (PARCO) aimed at Shell Pakistan's taking a 26 per cent equity stake in the $530 million white oil pipeline project to transport petroleum products from Port Qasim to Mehmoodkot. "We still have work to do, but we feel positive about this project based on what has been done so far." "It underpins our marketing investment and fits closely with Shell's emphasis on safety and the environment. This pipeline will deliver substantial economic benefits to Pakistan for years to come, and there is no cleaner, safer way to feed the market heartland. It is also an opportunity for Shell to build on its 100-year relationship with Pakistan."

Shell increased its equity stake in Shell Pakistan Limited earlier this year by inward remittance of Rs. 1.0 billion and Shell Pakistan is investing Rs. 900 million in its operations (including 100 new and upgraded retail stations) in the year 2000. Shell companies in Pakistan have invested over Rs. 11.0 billion in the country over the last five years.

ADAMJEE INSURANCE ACHIEVES QUALITY APPROVAL FROM LLOYD'S REGISTER QUALITY ASSURANCE

Adamjee — the largest insurance company of Pakistan now stands approved as an ISO 9002 Company by the leading international certification body Lloyd's Register Quality Assurance. Thus, Adamjee becomes the first general insurance company in Pakistan to achieve this prestigious quality standard.

While conducting their assessment, Lloyd's auditors were impressed by the level of commitment and standard of professionalism demonstrated by Adamjee officers and executives. Lloyd's termed it as the highest experienced by them in Pakistan.

Adamjee's Managing Director Mr Mohammed Choudhury was verv pleased with the achievement of his team. He said that Adamjee Insurance is now even more firmly committed to supplying its customers with a consistent level of quality service.

ISO 9002 certification coming in the wake of MAP's " Corporate Excellence Award won by Adamjee twice in a row coupled with Duff & Phelps "AA -" Claims Paying Ability augurs well for the insuring public in Pakistan.

Javed Jabbar, Minister for Information, Media Development and National Affairs formally inaugurating the website, www.mappak.com, of Management Association of Pakistan

The Minister for Information, Media Development and National Affairs, Javed Jabbar, addressing a seminar organized by Management Association of Pakistan. The topic was Pakistan's Image — Reality and Distortion, Fact and Fiction"