May 20 - June 02, 2002
ICI PAKISTAN'S SODA ASH PLANT
MODERNISATION & EXPANSION PROJECTS IN KHEWRA, INAUGURATED
Mr Shaukat Aziz, Minister for Finance, Planning
& Economic Affairs, unveils the inaugural plaque of Modernisation
& Expansion Projects of ICI Pakistan's Soda Ash Plant in Khewra.
Mr Waseem Haqqie, Chairman Board of Investment, Mr Munnawar Hamid,
Chairman ICI Pakistan Limited, Mr Azhar A Malik, Chief Executive ICI
Pakistan Limited and Mr Pervaiz A Khan, General Manager ICI Pakistan
Soda Ash Business are also seen in the picture. The installed
facilities at the Modernisation & Expansion Projects include
installation of DCS Control System, 5.2 MW co-generation installation
and debottlenecking of various units, at a total cost of Rs 525
COLLABORATION BETWEEN AUDITOR
GENERAL'S OFFICE AND ICMAP
A meeting was held in Islamabad on today, between
the officials of Auditor General of Pakistan and the Institute of Cost
& Management Accountants of Pakistan (ICMAP) to discuss the areas
of collaboration between the two organizations. A working Group was
formed in the meeting which will finalise the areas of collaboration
including preparation of Terms of Reference (TOR) for conducting cost
audit by the practicing Cost and Management Accountants in the public
The Auditor General of Pakistan appreciated the
proposal of ICMAP for subjecting the public sector organizations to
Cost Audit with the objective of reducing cost, improving effeciencies
and curtailing wastages, so as to make these organizations financially
The meeting was attended by Manzoor Hussain,
Auditor General of Pakistan, Sheikh Naseer -ul-Haq, Deputy Auditor
General and Mr. Liaqat Chowdhry, Director General (Audit). The
delegation of ICMAP comprised of Badruddin Fakhri, President, Muhammad
Rafi, Vice President, Mutee-ur-Rehman Mirza, Honorary Secretary and
Abdus Sattar, Honorary Treasurer.
INTEL LAUNCHES EDUCATION
Intel Pakistan announced the launch in Pakistan of
the Intel® Teach to the Future program. Since 2000, the program has
helped more than 388,000 teachers worldwide to integrate technology
more effectively into their classrooms to enhance student learning.
The goal is to provide free training to 500,000 teachers in 24
countries. The program is presented with support from Microsoft
Christian Morales, Vice President and General
Manager, Intel Asia Pacific, and Dr. Ata-ur-Rehman, Federal Minister,
Ministry of Science and Technology, signed a Memorandum of
Understanding for the program and gave a keynote address to special
guests from the education field during the program's formal launch in
The program is designed to help teachers and
students become well versed in Internet and computer technology by
making education entertaining and effective.
UBE CONDUCTS TREASURY AUDIT
United Bank Limited held a specialized six days
training workshop on the Audit of Treasury Functions, the purpose of
which was to upgrade the treasury auditing skills of the people
working in this important division of the bank. Auditors from all over
the country participated in the workshop.
"Treasury operations are a vitally important
components of contemporary banking that also involve the factors of
risk", said M. Ejazuddin, Audit Chief UBL, and the brain behind
the training. "Given the risk factor, audit of the treasury
functions is imperative however, since treasury is a relatively new
concept in Pakistan, the auditors are not very adept at this
technique, hence the need to upgrade the treasury auditing
The program developer and treasury auditing expert
Abbas Merchant, who has an in-depth experience in this field with
various national and foreign banks said that the need for training in
this area cannot be over emphasized. The banks need to be extra
vigilant in this field because of the inherent risks involved. He said
that after the successful completion of his course, he expects the
participants to set new trends in effective control of the treasury
operations of the bank.
The training program on Audit of Treasury Functions
is the first of its kind in Pakistan. It is an important milestone in
training activities and is expected to have a positive impact on
Earlier, Jauhar Naqvi, Head of Training, UBL
welcomed the participants and thanked M. Ejazuddin, Audit Chief for
his continuous support for training and development of the staff.
At the end of the session Abdul Ghafoor Chief HRD
who was also the chief guest, distributed the certificates to the
participants and expressed hope that the training would prove to be
beneficial for both the trainees as well as the bank.
INAUGRATION OF KFC SIALKOT
Another golden day in the history of KFC Pakistan.
KFC launched its latest restaurant in Sialkot. A city famous for great
poets and sports goods has now added to its list the largest KFC
outlet in Asia. The inauguration ceremony was honoured by Maj. Gen.
Mohammed Sabir (GOC 15 Div) as the chief guest. The memorable occasion
was witnessed by offcers from the armed forces, District Nazim, Tehsil
Nazim and Nazimeen, officials from the district management, the Cantt,
Board, President and members of the Chamber of Commerce and a large
crowd of prominent businessmen and the citizens of Sialkot. This free
standing spacious restaurant with a drive-thru facility, open-air
theatre, a special party lounge, a lavish green park, state of the art
play area and a great view describes the grandeur of this outlet.
Ample parking, breath-taking ambiance, superb hospitality and
un-matched security arrangements make this restaurant safe and fun for
Colonel Sander's great tasting chicken meals have
been heartily welcomed by the people of Sialkot who have been coming
for more since the opening. KFC Sialkot is a great example of a
well-knit team effort from the KFC family. KFC's quest continues to
enter new cities after making its presence in Sialkot being the 6th.
Leaders in the fast food industry, KFC has already commissioned work
on two new cities of Pakistan. The company is on the road to grow
along with Pakistan and is totally committed to play its role in the
development of this nation and its economy.
MCB - SSGC SIGNED AN
AGRREEMENT FOR A NEW SERVICE TO PAY UTILITY BILLS THROUGH MCB ATMS.
Muslim Commercial Bank and Sui Southern Gas Company
signed a Memorandum of understanding (MOU), creating a mutually
beneficial alliance for a new service which will enable customers of
both the organizations to use MCB ATM's Network in near future to pay
their Sui Gas Utility Bills.
Agreement signed on behalf of their respective
organizations at Karachi by Mr. Mohammad Aftab Manzoor, President MCB
and Mr. Mukhtar Ahmed, Managing Director, Sui Southern Gas Co. Ltd.
SGS TRAINS OIL EXPERTS IN
The need to train oil industry personnel in the
latest international procedures, techniques and standards cannot be
overemphasized, said Mr Tariq Kirmani, Managing Director, Pakistan
He was speaking as the chief guest at the
certificate award ceremony of the four-day training course on
"Measurement Standards of Petroleum Products and Liquefied Gases
and Safety Codes of Practice." The course was organized by
Redwood Division of Societe Generale de Surveillance (SGS) Pakistan.
The course was attended by management and
engineering personnel from Pakistan State Oil (PSO), Shell Gas LPG,
Caltex, National Refinery, Attock Refinery, BP Pakistan, Pakistan Oil
Fields, Pakistan Petroleum, Sui Southern Gas, Orient Petroleum,
Kohinoor Energy, Kot Addu Power, International Power, Engro Vopak
Terminal, Overseas Trading Corporation, ESBI Contracting, Engro Esahi
Polymer & Chemicals, and Fuji Oil Terminal and Distribution Co.
Mr. Brad Cerny, fellow member of the Institute of
Petroleum and director of Redwood International Training Services, UK,
conducted the training course.
The training covered the latest international
procedures, techniques and standards involving measurement of
petroleum products and liquefied gases, terminal and jetty operations
in accordance with the International Safety Guide for Oil Terminal and
Tankers (ISGOTT) and Health & Safety at Work and Emergency
SGS Redwood derives its name from Sir Boverton
Redwood, a l9th century petroleum technologist who pioneered petroleum
inspection and measurement techniques, and whose business was
subsequently integrated into the SGS group.
Established in Pakistan in 1952, SGS Pakistan (Pvt)
Ltd comprises a dynamic team of over 140 specialists supported by
state-of-the-art testing laboratories and advanced computer
SEMINAR ON MULTIMEDIA HELD AT
MEHRAN UNIVERSITY OF ENGINEERING & TECHNOLOGY, JAMSHORO
A one-day Seminar on Multimedia Its Applications
and Career Prospects was organized at the Auditorium of the Mehran
University of Engineering and Technology (MUET) Jamshoro on Wednesday.
The Seminar was organised by the Directorate of
Industrial Liaison, MUET, in collaboration with the Arena Multimedia
In his welcome speech Dr. Dost Ali Khuwaja, Dean,
Architecture and City and Regional Planning and Chief Guest of the
occasion, highlighted the importance of Multimedia applications.
Dr. B.S. Chaudhry, Chairman, Electronics,
Telecommunication and director, Industrial Liaison, said, that
multimedia had diversified applications in tele-medicine, video
confirming, video-on demand, virtual, digital Libraries and istance
Behroz Jalil, Country Manager Arena Multimedia,
Pakistan said that Multimedla applications were being utilized in web
animation, games development, post production, graphics, virtual
reality etc and their worth was in billions of dollars.
The web industry will be worth $60 billion by the
year 2007 and will have ten million jobs available worldwide.
The animation industry has 30 per cent growth per
year and the industry is worth $30 billion at present which will reach
$70 billion by the year 2005.
The games development industry is worth $6 billion,
which will reach $15 billion by the year 2004.
Post-production is an industry worth $35 billion
while there is a lot of growth happening world-wide in the field of
graphics and virtual reality.
Irfan Qureshi, chief executive of the Arena
Multimedia, Hyderabad said that Pakistani youth had a lot of potential
and added that there was a need to have digital and online libraries
for the growth of IT education in Pakistan.
The Seminar was attended by more than 600 students
and faculty members.
"CASH PLUS" MCB
CASH MANAGEMENT PRODUCT
In line with the needs and requirements of its
Corporate Customers, Muslim Commereial Bank Limited has signed another
agreement with Agfa Geveart Pakistan Ltd. on May 20, 2002, in respect
of its produet namely CASHplus, facilitating collection of funds
through its branch network across the country.
The CASHplus product launched recently has further
strenghen the bank's corporate relationship and ensure that MCB's
network of branches are utilized to deliver cost effective and
efficient collection of funds with accurate and timely MIS.
Mr. Muhammad Shoaib Qureshi, Head of Corporate
& Islamic Banking Group, MCB and Mr. A. Majid Carim, Chief
Executive, Agfa Geveart Pakistan Ltd have signed the agreement in the
presence of Mr. Mohammad Aftab Manzoor, President MCB. Also present on
the occasion were Mr. Zafar ul Islam, Director Finance, Agfa and Mr.
Mudassar Anjum Sheikh, General Manager - Corporate South of MCB.
MERGER OF MUTUAL FUNDS
The Honorable High Court of Sindh has sanctioned
the merger of Security Stock Fund Limited (SSF) with BSJS Balanced
Fund Limited (BBF).
The management of SSF, a closed end mutual fund
with a paid up capital of Rupees one hundred million was acquired by
ABAMCO Limited, investment advisor of BBF on October 18, 2001 . On
merger the shareholders of SSF will be entitled to nine shares of BBF
for every ten shares of SSF. In accordance with the listing regulation
of stock exchanges, the book closure date for shareholders of SSF will
be shortly announced, after which date BBF will exchange its shares
with the shares of SSF.
BBF, a closed-end mutual fund was offered to public
on January 14, 1996 with a paid capital of Rupees one hundred fifty
million. Confidence Mutual Fund whose management was acquired by
ABAMCO on September 13, 2000 was merged with BBF and the paid up
capital of BBF was raised to Rupees two hundred and fifty million.
With the merger with SSF, the paid up capital of BBF will be raised to
Rupees three hundred forty million. ABAMCO will be the investment
adviser of the merged company.
BBF has emerged, as the second biggest closed end
mutual fund in the private sector in terms of the paid-up capital and
biggest in terms of the value of net assets. It will rank fifth in
terms of paid-up capital in the entire closed-end sector and second
after ICP SEMF in terms of the value of net assets. BBF has been
assigned AA (f) rating by PACRA. The merger will bring economy of
scale and the shareholders can hope to get better returns from BBF.
ABAMCO, the Investment Adviser of BBF is also
managing Unit Trust of Pakistan an open-ended mutual fund, which has
been assigned AA (f) rating by PACRA. ABAMCO has recently announced
its plan for launching of an open-ended Income Fund.