May 06 - 12, 2002
PROSPECTIVE STUDENTS EVINCE
IMMENSE INTEREST IN PRESTON'S EDUCATION SEMINAR
Preston Institute of Management, Science and
Technology (PIMSAT), Karachi organized an Education Seminar at its
campus in Islamabad for students desirous of seeking admission in its
graduate and postgraduate programs. Prospective students who thronged
the seminar evinced immense interest in the academic programs being
offered by the Institute at its campuses located in nine major cities
of the country. The purpose of the Seminar was to provide information
to prospective students about Preston's BBA, BBA (IT), BS (IT), MS
(IT), and MBA (Marketing, Finance & Accounting) programs. The
participating students lauded the sustained endeavours of Preston
Institute to provide top quality market-driven academic programs to
those who are aspiring to become future business leaders of the
Addressing the students on the occasion, Chairman
Preston Institute of Management, Science and Technology Dr. Abdul
Basit gave a detailed account of the institution from its inception,
in 1984, to date. He said Preston was the first institution of higher
learning to have been established in the private sector in Pakistan.
The enviable stature Preston has attained today and the impeccable
reputation it enjoys in the comity of reputed institutions of higher
learning in the country amply supports this claim, he said. While
highlighting the significance of Preston's graduate and postgraduate
(BA, BBA (IT), BS (IT), MS (IT), and MBA (Marketing, Finance and
Accounting) programs, he said all Preston academic programs were
market driven and students who have sought admission in these programs
tremendously benefited in the professional careers. They were readily
absorbed by national and international business and other
organizations both within the country and abroad, he said. In his
concluding remarks Preston Chairman Dr. Abdul Basit informed the
prospective students that Preston Institute of Management, Science and
Technology (PIMSAT) Karachi is a chartered and recognized Degree
Awarding Institute. The government of Sindh conferred a charter on
PIMSAT vide Sindh Ordinance No. XXVI of 2001 in August last year, and
in recognition of this charter the University Grants Commission (UGC)
has duly enlisted the Institute in its consolidated list of
chartered/recognized public and private Universities and Degree
Awarding Institutes of Pakistan, he said.
Earlier, speaking on the occasion, Preston's
Director Marketing & Public Relations, M. Fazal Elahi gave a
detailed presentation on the academic programs being offered by the
Institute at graduate and postgraduate level. Mr. Elahi highlighted
the academic policies of the Institute and said that its policies were
directed towards the attainment of two basic objectives — provision
of top quality education to its students, and ensuring utmost
discipline both on academic and non academic fronts to guarantee over
all grooming of its students. These two factors, he said, were very
crucial from its students' career point of view. He thanked the
students for participating in the seminar with enthusiasm, and
expressed the hope that they would join the academic programs of their
choice and give Preston the opportunity to groom them for a bright and
Dr. Abdul Basit, Chairman Preston Institute of
Management, Science & Technology (PIMSAT) Karachi addressing the
participants to the Information Seminar organized at the Institute's
AKPBS, P WORKSHOP ON IMPROVING
THE LIVING CONDITIONS OF RURAL COMMUNITIES
The Aga Khan Planning and Building Service,
Pakistan (AKPBS, P) recently organized a daylong workshop on
"Improving the Living Conditions of Rural Communities in Sindh"
at Ali Muhammad Ismail Village, Khyber, district Hyderabad. Nazim and
Naib Nazim of the District and other members of the local government,
Directors of AKPBS, P and representatives of various other NGOs were
among the 200 people who attended the program.
Representing the village, Mr. Mansoor Ali,
Secretary of the Village Development Association (VDA) appreciated the
work of AKPBS, P and said, "This will go a long way not only in
improving the living conditions of individual households but also help
beautify our village. Making us partners in their work they have shown
us that we, the people, can improve our own living conditions."
He also thanked them for providing cost efficient smoke free stove,
drain covering. Bio gas plants and simple construction tools and said,
"These will help provide a healthy environment and help reduce
diseases like malaria, food poisoning, diarrhea etc. from our
MCB — ACCOUNTS FOR QUARTER
ENDED, MARCH 31, DECLARED — BOARD OF DIRECTORS MEETING AT LAHORE
The Board of Directors of Muslim Commercial Bank
Limited in the meeting held on April 29, 2002 approved the accounts
for quarter ended March 31, 2002 of MCB and the consolidated accounts
of MCB and its subsidiaries.
The board recommended to issue interim bonus shares
@ 10%. The pre-tax and after-tax net profit for the quarter ended
March 31, 2002 was Rs. 664.94 million and Rs. 374.94 million
respectively. Out of profit available for appropriation Rs. 74.99
million were transferred to Statutory Reserve.
The board appreciated the performance and endorsed
policies of management team in the present economic scenario where
reduced margins and depressed volumes due to limited industrial,
economical and commercial activities may undermine past profit trends.
They expressed confidence that despite all these factors best results
will be reflected in the remaining period of current year by focusing
more attention on I.T related services to customers, launching of new
products and best use of human resources.
PSO ANNOUNCES ANOTHER INTERIM
CASH DIVIDEND OF 20 PER CENT
The Board of Management of Pakistan State Oil
Company Limited met on April 26, 2002, at PSO House, Karachi, to
review the company's performance for the nine-month period of the
financial year 2001-02.
During July '01-March '02, the company earned an
after tax profits of Rs. 1,711 million, up by 4.8% over the
corresponding period last year. For the quarter ended on March 31,
2002, profit before tax had stood at 1,880 million vs. Rs. 452 million
earned during the reviewed period, while after tax profit stood at Rs
1,260 million. Based on the results, the Board of Management was
pleased to announce another interim cash dividend of 20% (Rs. 2 per
share) which, combined with the earlier cash dividend of 30%, raised
the YTD cash dividends to 50% as the fundamentals of the company
remain sound and are improving.
The POL industry grew by 2.6% with total demand of
4.3 million tonnes over the prior year period. Against an industry
growth of 3.6% in Mogas sales, PSO sales grew by 4.0%. On YTD basis,
PSO's Mogas sales declined by only 0.5% vs. an industry decline of
1.7%. Despite extensive construction work at 173 stations, HSD
registered a growth of 5.5% during the 3rd quarter of the FY-02. After
the chronic and steady decline in lubes market share, the company
regained market leadership in lubricants sales by increase of 18.8%
over last year against an industry increase of only 0.5%. Fuel oil
sales have struggled during the period due to erratic demand by WAPDA/
Hubco and IPPs.
The company has undertaken a number of steps to
improve its brand image, productivity and financial performance
through expansion of New Vision retail network, launching of
successful sales promotion campaigns.
The Board of Management expressed its satisfaction
that, with the upward revision in OMCs' margins and strategic
initiatives undertaken by the management, the company is now
well-positioned to face the challenges of impending deregulation and
can take advantage of the opportunities arising from the changing
business environment to free market conditions.
AGA KHAN MEETS PUTIN AT KREMLIN
His Highness the Aga Khan, Imam (spiritual leader)
of the Ismaili Muslims, met with President Vladimir Putin of the
Russian Federation at the Kremlin.
The two leaders discussed the potential for
expanding activities of the Aga Khan Development Network within the
Russian Federation and reviewed together the context in which the
Network has established and grown its development initiatives in
Central Asia and Afghanistan.
During the Aga Khan's brief visit to Moscow, he
also held discussions with Foreign Minister Igor Ivanov and other
senior government officials.
The Aga Khan Development Network has been working
with agencies of the government of the Russian Federation since it
began its humanitarian assistance programme in Central Asia in 1992.