June 17 - 23, 2002

PSO BEGINS TRAINING 8,000-STRONG TANK LORRY CREW

Pakistan State Oil (PSO), the largest oil marketing (OMC) company in Pakistan, has started training 8,000 drivers and cleaners employed by its cartage contractors and the company.

Inaugurating the "Defensive Driving Training Course," on Wednesday at Keamari Terminal C, the Managing Director of PSO, Mr Tariq Kirmani, announced that PSO would reward those among them who drove safely and did not meet with any accident. He said that training is must for all professionals at all levels throughout their professional life and such programmes will be conducted in future as well.

Asking drivers and contractors to communicate with him directly for all their problems, Mr Kirmani announced that restrooms would be set up at major retail outlets, depots and terminals all over Pakistan for drivers. He added that freight rates had been increased by six per cent recently.

PSO has appointed Institute of Behavioral Psychology and Consult & Train to conduct training programmes not only in the areas of teaching techniques of defensive driving and safety skills but also covering the behavioral and health psychology of drivers. This includes changing the mindset of drivers and, therefore, bringing about a difference in their attitudes and behavior.

The training programs will be interactive and educational, based on lectures, discussions, games, roll play, slides, actual demonstrations and video.

PSO's objective in introducing the course is to see a significant reduction in oil tanker accidents and fatalities and create a team of responsible and skilled professional drivers.

Speaking earlier, Mir Mohammad Yusuf Shehwani of All Pakistan Tankers Owners Association (APTOA) expressed full confidence in the leadership of Mr Tariq Kirmani in bringing about a turnaround in the company's fortunes and its relationship with cartage contractors.

Mr M Z Tamimy, GM Logistics, and Mr Shehzad Manzoor, Manager HSE, also spoke on the occasion.

ICAP PRESIDENT INAUGURATES PAKISTAN CHARTERED ACCOUNTANTS FORUM IN DUBAI

Pakistan Association, Dubai has established a wing for Pakistani Chartered Accountants living in UAE by the name of PAKISTAN CHARTERED ACCOUNTANTS FORUM. Mr. Mohammad Nafees, FCA who has been in UAE for several years, is the Chairman of this wing. The formal inauguration was held on 30 May 2002 at the Pakistan Sports and Recreation Club in Dubai by A. Husain A. Basrai, President of the Institute of Chartered Accountants of Pakistan. On this occasion, Mr. Basrai also gave a comprehensive presentation on the developments at the ICAP, and the new laws and regulations which govern the auditing and accounting profession in Pakistan.

This Forum is the need of the day for some 130 Pakistani CAs living in UAE and will help them in keeping abreast with the developments in Pakistan and all over the world. The Forum, in close co-ordination with the ICAP will organize regular training programmes and lectures for the professional development of members of the ICAP living in UAE and assist Chartered Accountants in identifying suitable employment opportunities in the UAE .

UBL ARRANGES RS.400 MILLION SYNDICATED FACILITY FOR AMTEX SPINNING LTD.

United Bank Limited has recently arranged PKR 400 million syndicated term loan facility for Amtex Spinning Ltd. The facility received strong interest from the financial institutions and was heavily over-subscribed. Pakistan Industrial Credit & Investment Corporation Ltd., and Habib Bank Ltd. Are acting as Co-Arrangers for the transaction.

The funds arranged will be utilized to set-up a spinning unit comprising of 20,640 spindles and 720 Air jet spinning positions/heads. Amtex Spinning Ltd. is a project of the Amtex Group from Faisalabad. The Group is involved in the manufacturing and export of quality home textile products.

Currently, Amtex Group companies are equipped for all stages of manufacturing textile value-added products — from weaving till the stitching phase, except the spinning facilities. With the setting up of this spinning unit, the Group will be in a better position to ensure quality of the finished product. The Corporate Banking Group at United Bank Limited has been assisting the Group by providing financing for its various expansion plans.

The Investment Banking Group at UBL is working on a number of innovative transactions structured to meet the specific funding requirements of customers.