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Traditionally capital market in Pakistan has been dominated by equities. Over the last five years companies enjoying good cash flow have floated TFCs to finance their specific projects. Most of the public offers were oversubscribed mainly due to higher rate of return in the declining interest environment. TFCs worth Rs 3.5 billion are expected to be floated during the year 2000. The forthcoming issues will carry a relatively lower rate of return. It is expected that the TFCs need re-moduling after the Supreme Court judgement regarding Riba.

The Pak-Iran Refinery project which had developed serious snags in the past and was revived through personal intervention of the Chief Executive General Pervez Musharraf during his last month visit to Tehran is again likely to suffer a serious setback.

Headed by a professional chartered Accountant of repute, Mr. Zafar Hijazi, the Monitoring and Enforcement Division of the Securities and Exchange Commission of Pakistan has played the most vital role in protecting the interest of small shareholders by streamlining the working of listed companies through close scrutiny of their accounts and taking them to task on various accounts.

Pakistan should not enter the export business this year unless careful estimation of the exact size of production is made. Sugar industry had produced around 3.5 million tonnes of sugar last year out of the crushing of 42.9 million tonnes of sugarcane. Sugar industry is not likely to repeat its performance due to unfavourable weather conditions, no timely rains, improper water supplies which consequently reduced the level of sucrose contains in the crop.

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