Aug 21 - 27, 2000
ENGRO CHEMICAL: MID YEAR REPORT TO THE
On behalf of the board of directors of Engro Chemical
Pakistan Limited, we are pleased to present the un-audited accounts for
the half-year ended June 30, 2000.
Demand for urea fertilizer in Pakistan during this
period declined by 7%. Shortage of irrigation water was a principal
reason for the reduction in demand. However, more importantly the
domestic urea industry martins reduced significantly due to the 60 % gas
price increase of July/August 1999 and last year’s excessive import of
low cost urea which eroded product prices.
Production of Engro urea was 394,000 tons, which is
3% higher than last year and a new record for the Company. Urea sales on
the other hand declined by 15% and were 276,000 tons. Conservative
product pricing coupled with scarcity of water in the key market
segments of the Company caused market share to decline from 17% to 16%
during this period. The sales volume and margin of imported phosphatic
and potassic fertilizers also declined substantially due to extensive
involvement of traders. The Company sold 58,000 tons of these products
compared to 94,000 tons sold in the same period last year.
The unfavourable business environment described above
resulted in a sharp fail in the earnings of the Company. The profit
after tax for the first half was Rs. 73 million compared to Rs. 385
million posted for the corresponding period last year. It should,
however, be recalled that the 1999 results had benefited by Rs. 114
million on account of a refund from the State Bank and an exchange gain
on the Company’s dollar deposits. To minimize the squeeze on
profitability the Company embarked on programmes to contain fixed costs
and to improve liquidity through financial restructuring. On both counts
good progress is being made.
Engro Paktank our first joint venture was renamed
Engro Vopak Terminal Limited. The company’s un-audited profit after
tax for the first half of 2000 was Rs. 127 million compared to Rs. 106
million for the same period last year. Engro Asahi Polymer and Chemical
Limited, our second joint venture which is in it’s first year of
operation has an after tax loss of Rs. 226 million during the first half
of 2000. The company’s PVC plant achieved 60% capacity utilization
during this period. However, the smaller than expected market size with
low growth is the major limitation that needs to be overcome.
Development of the domestic market and exports are being pursued to
achieve greater capacity utilization of the PVC plant.
The outlook for the second half of the year appears
better due to an improvement in domestic demand and some export of urea.
Further the significant strengthening of international urea prices has
made it possible to pass through the more recent gas price increase.
The longer tems prospects of the industry also look
promising as the present government seems keen to reintroduce a
fertilizer policy that will help both the privatization of public sector
units and encourage new investments by private sector to expand
capacity. We welcome the consultative process adopted by the government
and look forward to development of a pragmatic fertilizer policy in the
near future which will stimulate this vital industry sector of Pakistan.
The board of directors after a thorough review of the
business results decided to declare an interim dividend of Rs. 2.00 per
share. In spite of reduced first half profitability, the directors
decided to maintain the dividend at the same level as last year due to
the availability of reserves. The Company is conscious of the challenges
it is facing and is committed to bring about operational and financial
efficiencies to improve it’s profitability.
ARTFEST 2000 OPENS AT THE KARACHI SHERATON
Karachi Sheraton Hotel and Towers is all set to
present their annual art and culture festival — ArtFest, which is
scheduled to take place from August 21-October 21, 2000. The event is
once again sponsored by the Standard Chartered Bank with the Dawn Group
of Newspapers being the official media sponsor. An official ArtFest
website has also been launched sponsored by Cybernet, highlighting all
the events in the festival this year. Promising to be a bigger event
than previous years, ArtFest 2000 offers a fabulous selection of local
and international events in the field of art, theatre, dance, fashion,
films, music and food.
Karachi Sheraton’s prime objective through ArtFest
is to raise sufficient funds to assist deserving students who have ample
talent but no financial resources to explore their talent.
Simultaneously, ArtFest also provides a platform for performing artists
and fine artists to promote themselves to the audiences of Karachi.
The events being held in the ArtFest are very diverse
and offer something for people belonging to all age groups. The popular
art exhibition titled Urban Voices is going to be on throughout the
ArtFest, giving an opportunity to all upcoming artists belonging to
different art schools of Karachi. A children’s painting competition
has also been arranged, running throughout Arffest, for children who
want to start young.
For the food connoisseurs, Karachi Sheraton is proud
to offer three different food and cultural festivals from Balochistan,
Turkey and Singapore. Special dancing groups and musicians are being
flown in from their respective regions. The chefs are also being flown
in especially from these countries to prepare authentic cuisine for the
food lovers of Karachi.
State life from strength to strength:
The role of Life Insurance in today’s society can
hardly be over emphasized. At the individual level it provides financial
protection to the family unit and at the national level, it helps to
generate funds for development projects. Unlike the earlier days when
the concept was not clear to general masses and there were suspicions
about life insurance, such fog has considerably cleared and life
insurance has come to take the form of an industry.
In Pakistan, Life Insurance remained under private
sector till nationalization in 1972, when State Life was established by
merging 32 private companies. Since then it has gone through various
phases of development. Presently the basic structure of the corporation
comprises a Principal Office, four Regional Offices and twenty six Zonal
Offices. On the Group & Pension side there are 5 zones operating
throughout Pakistan including newly created health zone. These zonal
offices are entrusted with the most important function, i.e. marketing
of life insurance policies and the policyholders’ services. Regional
Offices are headed by Regional Chiefs who lead and guide marketing teams
in their respective group of zones in the regions. The Principal Office,
based at Karachi, is responsible for key functions, such as Marketing,
Investment, Real Estate, Actuarial, International Division, Advertising
& Sales Promotion, besides overall strategic control and direction
to the Regions and zones.
State Life is effectively providing life insurance
cover to cater to individual needs of the country’s populace through
an organized and professionally trained field force, comprising several
thousand field workers and field supervisors. The policies issued by the
Stale Life are backed by the Life Fund exceeding Rs. 64 billion at the
end of April 2000. In addition, all individual life insurance policies
are guaranteed by the Government of Pakistan. State Life’s performance
both in individual life and Group and Pension, has been characterized by
exemplary growth, that was brought about by the concerned efforts of its
dedicated employees and members for its dynamic field force, under the
guidance of a top management comprising men with a vision and wisdom
State Life offers a large number of plans for the
benefits of Pakistani families. These plans meet varied requirements by
providing financial protection against odds and at the same time helps
to generate savings for future needs, like education and marriages of
children, mortgage redemption, old age and related requirements. Some of
the popular plans State Life offers are Jeevan Sathi, Shadabad, Child
Education and Marriage Plan, Child Protection Policy, Three Payment
Plan, Endowment Plan, Sunehri Policy and Shehnai Policy.
Some of the plans offered by the corporation have
been very popular. Our valiant field force are trained to analyze the
financial needs of the prospective buyers and then suggest such plans
that meets their needs most favourably. They also keep in view the
premium paying capacity of the policyholders, as this determines its
continuity which is of key importance to the policyholders and the
The performance of the corporation during the first
quarter of 2000 states that the premium income from life insurance
business within Pakistan which consist of First Year, renewal premium
and group premium is estimated at Rs. 1.62 billion, while the total
premium income stood to Rs. 1.66 billion during April 2000. The total
income of the Corporation stood at Rs. 4.49 billion and the book value
of investment portfolio at Rs. 7.62 billion by the end of April 2000.
The International Division of State Life operates in the United Kingdom,
UAE, the Kingdom of Saudi Arabia and Kuwait where it is engaged in
providing financial protection and savings to the Pakistani expatriates
and the policies issued by State Life are convertible to US $ and Pak
Rupee. The premium income in rupee terms from these operations was Rs.
40 million by the end of April 2000.
State Life is one of the biggest Real Estate owners
in the country. The corporation has more than 50 commercial buildings in
almost ail important cities; including a good number of residential
units and plots throughout the country having rentable office space of
34 lac square feet. To quote some of our landmark achievements in real
estate development. State Life constructed Rawalpindi’s tallest
building in 1978-81. State Life built prominent buildings at Karachi,
Lahore, Islamabad, Hyderabad, Peshawar and Multan. In fact we have plans
to construct elegant buildings at all district headquarters of the
country. State Life has also planned to construct a building in Quetta
for its own offices. Construction is in final stages for a 13-storey
building at Faisalabad. Other projects under construction include phase
two of State Life building, Hyderabad as well as State Life Buildings at
Mirpurkhas, Larkana, Gujrat and Dera Ismail Khan. At the end of the year
1999 the net investment in Real Estate was Rs. 2800 million.
Every year, thousands of new sales representatives
also known as agents are inducted into the field force, provided basic
training and deployed in the field to provide financial protection to
thousands of new policyholders who qualify for life insurance on the
basis of needs, paying capacity and health standards. Thus, State Life
is a major source of combating unemployment in the country, specially
among the educated youth, willing to make very profitable and lasting
careers in selling. The corporation is committed to elevate poverty by
way of providing gainful employment to educated youth including men and
women, through recruitment of field force. Moreover, State Life
distributes 97.5% as payment to policyholders, during 1999 the
corporation paid Rs. 41.67 million as death and Rs. 68.27 million as
maturity claims and the rest 2.5% is invested in the Government's
Economic development projects. It looks forward to rise above to meet
the challenges of life insurance in the country.
INTEREST FREE ISLAMIC BANKING:
The "Book Signing Session" of
"Interest Free Islamic Banking & Modern Banking System" by
prominent banking lawyer & economist, Mr. Saalim Salam Ansari,
Advocate, was held recently at a local hotel at Karachi "The book
containing 22 chapters and 8 appendixes, the book explicitly discusses
about (30) thirty different methods and modes of interest free banking,
the book on the topic of "Riba","non interest
financing" and "Interest free Banking" is in fact a
research thesis and study paper, which has been compiled and published
in shape of a book, and easily understandable for a common reader, the
instant book has contributed a comparative analysis of Islamic and
modern banking system, highlighting impact of interest free banking on
the national economy," Mr. Saalim Salam Ansari told the audience at
the book signing session.
Mr. Saalim Ansari also mentioned experimentation of
interest free banking done in their respective manners by Iran, Kuwait,
Saudi Arabia, Sudan, Malaysia, Luxembourg, Egypt, China, Canada and the
USA, the history of modern banking system, pre-lslam interest- based
financing and interest system’s opposed by Plato, Aristotle, Lord
Canes and Karl Marx is also described in his book. Opposition of the
interest in old testament of Holy Bible has also been illustrated in it.
Mr Saalim Ansari has said that there are 10 verses of Holy Quran related
to Surrah Al-Rum,Surrah Al-Nisa,Surrah Al-lmran and Surrah Al-Baqrah
and15 traditions of Holy Prophet Hazrat Muhammad (Peace be Upon Him)
according to which "interest" or "Riba" is
prohibited in the Islamic teachings.
Mr Saalim Ansari also defines about Mudarabah,
Musharakah, Leasing, (Ijara), Bai -Salam, Bai-Muajjal, Istisna
(Pre-production sale), Muzaraah, Musaqah, Agency, Service charges,
Qarz-i-Hassana, Buy-Back Agreement (subject to certain conditions),
Hire-purchase (Ijra), Sale on installments, Developmental charges,
Equity participation, Rental sharing, Sale and purchase of shares in
such companies which have tangible assets. Purchase of trade bills,
Financing through Auqaf, Charge Card System, "Hawalah" or
"Kafalah", Trade of shares on Portfolio Management’s System,
Commission, Profit and loss sharing accounts, Current accounts,
Travelers cheques, Non Interest Mutual funds, Shirkat-e-Inan and
Bai-Eenia the 30 modes of interest free banking or non-interest
financing, enforced in more than 40 countries, Ansari disclosed that 200
financial institutions are working at present on interest free banking
system throughout the world.
Mr. Ansari told the audience that his book contains
religious decrees (Fatwas) of Hazrat Imam Abu Hanifa, Hazrat Imam Abu
Muhammad, Hazrat Imam Abu Yousaf, Ahmed, Al-Hazart Imam Raza Khan
Barelvi and Mufti - e Azam Egypt Shaikh Nasar Fareed Wasal as well as
concept of conversion of interest-based foreign loans into interest-free
finances, the judgement of Supreme Court of Pakistan on the "Riba"
announced on December 23, 1999 reported as PLD 2000 SC 225 has also been
analysis in his book.
Mr. Ansari said that he is a firm believer that by
adopting the "non interest banking system" or "interest
free financing system", the inflation rate can be reduced and
equalizer rate can be declined to the tune of 4% to 9% per annum which
is at present 16% to 19% per annum, the adoption of the interest free
banking system is among one of the eight modes which Mr. Ansari proposed
for economical rehabilitation of Pakistan, the plan which is known as
"Ansari’s (8) eight points economical revival plan", the
silent features of eight modes of Ansari’s economical revival plan
are: (1) Rescheduling of foreign debts with
"Moratorium" of 3 years or "voluntary default", (2)
Nationai Tax Card Scheme & Taxation Reforms, (3) Revival of
5000 sick industries through 24 points industrial revival plan
(Estimated results = New jobs for 50 Lac Persons and Increase in Exports
of Pak Rs.2500 billions.), (4) Scientific & Transparent
privatization for 50 billions US Dollars instead of 15 billions US
Dollars on 2300 billions Pak rupees can be earned through comprehensive
scientific privatisation in Pakistan,which known as "Saalim Ansari’s
Privatization plan"(5), Interest free Islamic Banking by
adopting 30 modes that (Resulting Mark-up rates will be decreased from
16% to 19% P.A. to 4% to 9% p.a), (6) 95% Literacy rate within 10
years and one educational system, (7) Nationalization of gold
(Estimated income from 4500 metric tons gold = 52 billions US Dollars or
2600 billions Pak Rupees) and (8) Population growth rate will be
1% in 10 years instead of 3% p.a.
The book has been published by the Pakistan Institute
of Banking Studies, Karachi.
E-Business Solutions Advance With Microsoft, Intel
Microsoft Corp., Intel Corp. and Lycos Inc. announced
that Microsoft and Intel have been selected to provide the primary
technology platform for the Lycos Network. The Lycos Network is one of
the leading Internet hubs, reaching a nearly half of all U.S. Web users.
The combination of Microsoft software and Intel-based servers will
deliver a significant performance upgrade, increased scalability and
greater reliability to the Lycos Network which is accessed by more than
32 million Lycos customers monthly. This includes the www.lycos.com and
the my.lycos.com portals. In addition, the technology provided by
Microsoft and Intel will help Lycos to achieve aggressive new product
implementations and realize rapid time-to-market objectives.
Microsoft and Intel additionally announced an
E-Business alliance, working together to deliver joint customers, best
of class, end-to-end E-Business solutions as well as offering
integration and services to E-Businesses such as Lycos. "Lycos
selected Microsoft and Intel technology, not only because they deliver a
rich user experience and help us meet our aggressive goals with
new-product implementation, but also because their E-Business solution
makes economic sense, both in terms of capital expense and operating
expense," said Tim Wright, CIO at Lycos. "We’re looking
forward to continuing our relationship with Microsoft and Intel,
utilizing their E-Business solutions to help us deliver industry-leading
services to our customers."
The Microsoft and Intel technology-based
implementation, already in progress, covers a majority of the Lycos
Network sites, including the popular www.lycos.com portal. Lycos is
utilizing the enterprise-ready platform featuring Intel Pentium® III
and Pentium® III Xeon* processors, and the Microsoft Windows® 2000
operating system, as well as the soon-to-be released Microsoft
Application Center 2000, to meet the performance and availability
demands of its expanding Internet communities and services. The
Microsoft and Intel e-Business solution for Lycos utilized development
and deployment assistance by Microsoft Consulting Services (MCS) and
ongoing support through Microsoft Premier Support Services (PSS)
throughout the implementation cycle.
"We are excited to work with Intel to provide a
solution that helps Lycos meet the increasing scalability and
performance demands that its customers require in this next phase of the
Internet," said Peter Boit, Vice President of E-Commerce solutions
for Microsoft. "Microsoft is delivering an e-Business platform that
helps businesses realize growth and profitability today, while preparing
for the .NET software services of tomorrow."
"The collaboration between Intel and Microsoft
offers our customers a flexible e-Business architecture to accelerate
their time to deployment with new Internet services," said Mike
Fister, Vice President and General Manager of the Enterprise Platform
Group at Intel. "Lycos is a great example of a company that has
taken full advantage of the modular ‘scale-out’ methodology that
makes Intel-based servers a scalable and reliable platform for today’s
unpredictable Internet economy."
By adopting the Windows 2000 platform for its
next-generation Web services, Lycos is also enabling a rich XML
environment in its Web solutions. The XML-based infrastructure will help
Lycos integrate easy information exchange within the heterogeneous Lycos
network, while this XML foundation, which forms the very core of Windows
2000 and the .NET enterprise framework, will also help Lycos capitalize
on .NET opportunities with software and services as they become
Intel-based servers are increasingly powering the
rapidly growing server infrastructure of the worldwide Internet economy,
including some of the largest Web sites in the world. Intel has
established a business group and designated more than $100 million for
developing solution centers; design, certification and integration
programs; industry initiatives; and e-Business alliances to help drive
Internet growth and evolution. Intel Architecture delivers an open,
high-performing and reliable e-Business platform powered by both Intel
Pentium III Pentium III Xeon processors and the forthcoming Intel®
Itanium(TM) processor. All processors includes unique server design
technology and a variety of frequency speeds, memory and cache levels
that work with a choice of operating and application environments.
Intel Architecture affordably and reliably addresses
the needs of e-Businesses, which include quickly adding more Internet or
Web servers to their server infrastructure (scaling out) and adding
processors within a server for application and database or the back end
of the datacenter (scaling up). Intel, the world’s largest chipmaker,
is also a leading manufacturer of computer, networking and
communications products. Additional information is available at
Euromoney declares Muslim Commercial Bank as the
"Best Domestic Bank in Pakistan"
Euromoney, one of the best financial magazines in the
world, has declared Muslim Commercial Bank as the "Best Domestic
Bank in Pakistan." The Euromoney Awards for Excellence 2000,
published in the magazine’s July issue, choose Banks worldwide for
excellence in their field.
Privatized in 1991, Muslim Commercial Bank is the
largest private sector Bank in the country. The Banks post-privatization
performance is exemplary with deposits and advances rising by over 300%.
The Bank’s 1999 results portrayed a jump in profits of 45% to Rs. 569
For the year 2000, Mr. Aftab Manzoor, President and
Chief Executive, said that "we hope to maintain the same momentum
and estimate a 25% increase in profits. This will be achieved primarily
through an increase in our market share and reduction in intermediation
costs. At the same time the Bank is focusing on consumer products and
will support the goverment’s policies for Small and Medium
The Bank’s two leading consumer products are ATMs
and Rupee Travelers Cheques. MCB ATM cardholders touched the 100,000
mark, the highest for any Bank in Pakistan. The MCB ATM network has
grown from one city in 1990 to covering 11 cities with 80 ATM machines.
This year the card has also been connected globally in partnership with
A strategic decision has also been initiated to
establish an ATM switch called MNET. Four foreign banks have already
signed agreements with MCB to utilize the 24 hour, 365 days service
provided by the Bank. In addition, MCB plans to make substantial
investment in technology to further enhance its service levels and cater
to the future e-banking needs of its customers.
The sale of MCB Rupee Travelers Cheques grew by 45
per cent to Rs. 100 billion in 1999. This volume is double the amount
sold by all other Banks in Pakistan. Three foreign banks, ABN Amro Bank,
Faysal Bank, and Gulf Commercial Bank also sell the product through
MCB, with a healthier balance sheet, an efficient
cost structure and a well-established brand name is ready to address
future challenges, to progress towards the achievement of the Bank’s
vision of being the premier quality provider of financial services in
the country and to maintain it’s position of being the "Best
Domestic Bank in Pakistan."
Flag hoisting ceremony at mcb main branch I.I.
Chundrigar road Karachi
A simple and impressive Flag Hoisting ceremony held
at MCB, Mr. Aftab Manzoor, President, MCB hoisted the National Flag. All
members of MCB Team sang the National Anthem along with the Nation.
Photo taken on the occasion shows Mr. Aftab Manzoor,
President MCB performing the flag hoisting ceremony. Among others
prominent are: Mr. Haroon Basheer, Head of Consumer Banking Group/IT,
Mr. Hanif Khan, Area Head Corporate Karachi, Mr. Shoaib Qureshi, Head of
Commercial Banking Group, Mr. M.U.A. Usmani, Head of Treasury.
Lunch in honor of Senior Journalists: To celebrate
MCB being declared ‘Best Domestic Bank in Pakistan’ by Euromoney,
Mr. Aftab Manzoor, President - Muslim Commercial Bank hosted a lunch for
Senior Journalists. Photograph taken on the occasion in the center Mr.
Aftab Manzoor, President - MCB & Haroon Basheer, Head of Consumer
Banking/IT/Overseas Operations/Training - MCB, Sultan A. Khan Arshad
Zuberi, Ilyas Shakir, Mukhtar Akil, Sajjad Mir, Mehmood Sham, Kazi Asad
Abid, S.M. Fazal, Farooq Moin, Abdul Qadir Qureshi, Salahuddin Hussain
LUMS IT Growth
Lahore University of Management Sciences (LUMS), has
recently received a donation of A Sun Lab from Sun Microsystems Inc.
U.S.A through the courtesy of Mr. Masood Jabbar, President of Sun
Microsystems Inc. U.S.A.
A a result of continued growth in LUMS IT related and
Computer Science programmes, a need was felt to significantly upgrade
the computing facilities being provided to LUMS students. As a result,
The Java Development Center came into existence due primarily to the
continuous efforts of Pakistan Technologies (Pvt.) Ltd., the authorized
Sun partner in Pakistan.
The Center was inaugurated on July 14, by Mr. Justice
Khalil-ur-Rehman Ramday, Member, Board of Trustees of LUMS. Among those
who attended were Mr Razak Dawood, Minister of Commerce, Industries and
Production, who is also the Rector of LUMS, Mian Altaf Saleem, Chairman,
Privatization Commission, Mr. Shahi Hussain, Chairman Servis Group of
Companies and Lt Gen (Retd) Mohamrnad Akram Khan, Vice Chancellor, UET.
LUMS was represented by Dr Wasim Azhar, Pro-Vice
Chancellors and Dr Syed Zahoor Hassan, Dean of the Business School,
while Sun was represented by Mr Iqtidar Zaidi (President, Pakistan
Technologies) and Mr Amin-ul-Hafeez (Country Business Manager, Pakistan
The Sun Lab is currently equipped with 16 Sun Ray-l
Enterprise appliance, with 17" monitors and a Sun E-250 server with
2 Ultra Spare CPU's, 2 GB memory and 36.4 GB disk space.
The Sun Ray-1 requires no desktop management and has
a Smalt Card for users to access their own session from anywhere in the
The lab is aptly named JAVA Development Lab, a
prospective hub for the development of Java based applications and
software where the students of BSc and MSc would be educated and trained
on the latest hot-desk technology from Sun -the Sun Ray 1 Enterprise
The lab will provide an enormous impetus to the
creative research projects of LUMS students who in a short span of four
years have already established their credentials worldwide. Graduates of
the LUMS B.Sc. & M.Sc Computer Science programs are getting admitted
into the top universities in the world like Stanford, Carnegie-Mell on
and Cambridge and are also getting offers from High -Tech firms in US
Microsoft and GOP Hold Fruitful Discussions
Microsoft, the world's leading personal and business
software provider, and the Government of Pakistan, recently had a very
fruitful meeting in Islamabad, to discuss ways and means to jumpstart
the local IT industry.
The first meeting in this regard was held in
Islamabad between the officials of the Ministry of Science and
Technology, led by Prof. Dr. Atta-Ur-Rahman, the Federal Minister for
Science and Technology and senior executives of Microsoft Corporation.
Contrary to what has been recently reported in some
sections of the press, the meeting was successful, as both parties
underlined the necessity for protection of Intellectual Property Rights
(IPRs) as an essential prerequisite for any meaningful investment,
either local or foreign, in Pakistan's IT industry.
Dr. Atta-Ur-Rahman's team also gave its solid
commitment for the respect and implementation of IPRs in Pakistan, which
would be vital for the growth of the local IT industry.
Commenting on his meeting with the GOP team, Jawwad
Rehman, Business Development Manager, Microsoft Pakistan, said,
"This was the first of several meetings with the Government of
Pakistan. We are very optimistic about the successful outcome of these
discussions, as there is a commonality of purpose and we look forward to
a strategic partnership with GOP, since both GOP and Microsoft are
committed to the rapid development of the local IT industry".
Founded in 1975, Microsoft is the worldwide leader in
software for personal and business computing. The company offers a wide
range of products and services designed to empower people through great
software — any time, any place and on any device.
Lucky Wall's customers
Wall's announced the names of 300 lucky Wall's
Customers who had participated in the Wall's Umra Mubarak Scheme at a
Lucky Draw ceremony held at a local hotel here on August 15, 2000.
Wall's ice cream evolves attractive incentive schemes
from time to time to show appreciation and recognition to its customers.
In contribution of these efforts, this year Wall's launched 'Umra
Mubarak' Scheme for its customers in the South Region. The scheme
offered two free return air tickets to Jeddah and many other attractive
prizes including branded wall clocks and cricket bats. Retailers
purchasing stocks worth a minimum of Rs. 2000/- were entitled to a lucky
Like previous trade promotions, Wall's Umra Mubarak
Scheme also generated grew excitement among the Wall's customers. Name
of the lucky winner who is entitled to 2 Umra Returns Tickets is
M/s. Shalimar Bakery from R-Code 1060, Karachi
M/s. AI-Madina Bakery from R-Code 1451, Karachi
Speaking to a large gathering of journalists, Mr.
Henk Hermsen, Director Wall's Ice Cream, said "Walls delights its
consumers with its quality, variety of flavors and affordable
prize." Explaining the strategic advantage Wall's has over its
competitors, Mr. Henk Hermsen said: "Quality is the key. Wall's
provides consumers international quality Ice Cream, which they can
consume without any fear of getting sick."
Also speaking on the occasion, Sheikh Ijaz Ahmed
(General Customer Manager) said that "Wall's strives to be
recognized by its customers as the foremost supplier of ice cream in all
channels by satisfying the consumer better than competitors and
achieving excellence in Customer Management."
* Other lucky retailers are receiving their gifts
via Wall's sales force. The complete list of winners is available with
Wall's Ice Cream office.
ANZ Grindlays Bank to set ATM at McDonald’s:
McDonald’s, the world’s leading and fastest
growing food chain and ANZ Grindlays Bank signed an agreement to setup
ANZ Grindlays 24 hour ATM facility at McDonald’s, Golden Gate, North
Nazimabad Branch. The signatories for the agreement were Amin Mohammad
Lakhani, President / CEO, SIZA Foods (Pvt.) Ltd and Abid Sattar, Head,
Personal Financial Services, ANZ Grindlays Bank. This agreement further
endorses the two institutions’ common objective and sincere commitment
to the society, to continue providing their customers with the best
possible service. The ATM at Golden Gate not only furnishes the patrons
of McDonalds’s with an additional facility but basically serves the
entire area. It is for certain that McDonald’s which is renowned for
its community services and ANZ Grindlays Bank who are reputed for their
customer care are going to pursue similar projects in the future.
Also present during the signing ceremony from
McDonald’s were: Jamil Mughal, Manager Real Estate Development; Andrew
McCulloch, Operations Manager and Farhan Khalid, Asst. Manager Real
Estate Development. The representatives of ANZ Grindlays Bank present at
the signing ceremony were: Hasnain Khoja, Head, Card Services; Asad A.
Batla, Manager Marketing; Tooran Asif, Manager Marketing Cards; Rahid
Sami, National Sales Manager, Cards; Aasim Akhtar, Area Sales Manager,
Personal Financial Services and Maryam Jaafar, Assistant Manager