POLICY

 

July 15 - 21, 2002

 

1.INTERNATIONAL

2. INDUSTRY

3. FINANCE

4. POLICY

5. TRADE

6. GULF

 

NINE PARTIES IN RUN FOR ICP FUNDS BID

The Privatization Commission on Wednesday recommended nine parties for pre-qualification for the sale and transfer of the Management Rights of Lot 'A' of ICP Mutual Funds from Investment Corporation of Pakistan (ICP).

 

The Commission had received 16 expressions of interest (EoIs) from various local and foreign parties in this regard, said a press release issued by the Privatization Commission.

The parties, which have been recommended for pre-qualification on the basis of the information provided by them in response to the request for statement of qualification (RSoQ) and completing the required process, include: ABAMCO Limited; Consortium of Arif Habib Securities Limited and Arif Habib Investment Management Limited; Charless Schmitt & Associates Limited (CSA), Hong Kong; Consortium of Pakistan Kuwait Investment Company (Pvt) Ltd. and Al Meezan Investment Management; Javed Omer Vohra & Company Limited; Khadim Ali Shah Bukhari & Co Ltd; National Development Leasing Corporation Limited; Pakistan Industrial Credit & Investment Corporation Ltd (PICIC); and Sulaiman Ahmad Al Hoqani, UAE.

Sufficient period was given to these parties for submitting EoIs and were provided with a package, containing RSoQ.

These parties have also completed their due diligence process. The bidding is being scheduled early next month.

The interested bidders will bid for the whole lot, which comprises of 12 funds.

The successful parties will manage the fund under relevant rules prescribed by the Securities and Exchange Commission of Pakistan. Once this transaction is completed, the management rights of the remaining Mutual Funds of ICP will also be offered for transfer.

NIT READY FOR PRIVATIZATION

National Investment Trust (NIT) is now well positioned for privatization and can fetch much better price than before owing to its restructuring and surging performance.

Turnaround of NIT has not only boosted the confidence of investors but also protected the interests of the unit holders, said Chairman, NIT, Tariq Iqbal in an interview on Wednesday.

With 26 per cent hike in various heads of income including dividends, capital gains and others, the income totalled at Rs2.31 billion in fiscal 2001-2002 against Rs1.83 billion in last fiscal year, he added.

TWO NUCLEAR POWER PLANTS TO BE SET UP

Pakistan Atomic Energy Commission (PAEC) is working on a plan to set up one unit each at its nuclear power plants at Karachi and Mianwali.

PAEC Chairman Pervez Butt disclosed this during his speech at the 7th convocation of KANUPP Institute of Nuclear Power Engineering (KINPOE) on Thursday. He said that in order to keep up with the global trend of using nuclear power and to increase the country's power generating capacity, the PAEC was working on a plan to establish a second unit at CHASNUPP and another at the KANUPP site, which would be called K2.

GAS PRICING ACCORD

The government on Thursday signed a formal agreement with Pakistan Petroleum Limited (PPL) that would allow the country's largest gas producer to operate on a market based gas price formula.

This brings PPL pricing system at par with other local and foreign exploration and production companies and would replace the existing gas price agreement (GPA).

CABINET AGREES TO WITHDRAW PROPOSAL

The federal cabinet on Wednesday agreed, in principle, to withdraw the proposed amendment that empowers the president to nominate the prime minister.

A cabinet meeting, presided over by President Gen Pervez Musharraf, also agreed to make the State Bank a "constitutional body" to ensure that there is no freezing of foreign exchange accounts in future, informed sources told.

Referring to the proposed constitutional amendments, many cabinet members said the government should avoid introducing those amendments which were being opposed by various segments of society.

GENERAL ELECTION ON OCT 10

President Pervez Musharraf on Wednesday announced that the general elections to the National Assembly, the Senate and provincial assemblies will be held on October 10, 2002.

The official announcement said: "The President and Chief Executive is pleased to announce that the general elections to the National Assembly, provincial assemblies and the Senate of Pakistan, shall be held on October 10, 2002."

Elections to both the upper and lower chambers of parliament as well as the provincial assemblies will be held the same day.

EOIS INVITED

Privatization Commission has invited expressions of interest (EoIs) for the sale of minimum of 90 per cent shares of Thatta Cement Company Limited 'on as is where is basis'.

NWFP NET HYDEL PROFITS

Non-payment of the net hydel profit share to NWFP on monthly basis during the out-going financial year by Water and Power Development Authority (Wapda) has come in defiance to President General Pervez Musharraf's instructions on the issue, according to official sources.

EXPORTS FACILITATION

The Export Promotion Bureau has provided pro and re-active facilitation to exporters as part of the national drive to improve the country's exports.

According to the EPB on Monday, the Bureau has launched an exporters' education programme to guide and educate small and medium enterprises and emerging and potential exporters.

NBP RAISES DRAFT CHARGES

The state-run National Bank has increased the bank drafts and mail transfer (MT) charges from July 1, 2002.

Banking sources say according to the new NBP tariff people transferring money within Pakistan will have to pay 0.20 per cent charge if the amount of the draft or MT is up to Rs 10,000. And if the amount is between Rs10,001-Rs50,000 the bank charge will be at the rate of 0.15 per cent.