ANNOUNCEMENT

 

July 29 -Aug  04, 2002

 

PSO MANAGEMENT-CBA SIGN HISTORIC ACCORD

PSO management and PSO Workmen Union (PSOWU) on Wednesday signed an accord, which was described by the union officials as historic and momentous.

Speaking on the occasion, Mr Usman Lath, the President of the union, said the body had received unprecedented support from the PSO management, especially the managing director. He said the accord, which was signed in only four months, was in the interest of the workers.

The General Secretary of the union, Mr Naeem Siddqui, while expressing confidence in the PSO leadership, said that with the signing of the accord, a new era had begun. He said that more than 1,200 workers of PSOWU would now start working with new fervour.

The Managing Director of PSO, Mr Tariq Kirmani, said that the negotiations were held in a cordial atmosphere and were concluded quickly. He said transparency had been introduced to the company and the present team was a good mixture of new and old employees.

Expressing hope that the financial results of the company this year would be better than ever, Mr Kirmani said that his team was working with the challenges of the next 10 years in mind.

The managing director urged the employees to set up new standards of service and said that no discrimination exists between management and non-management employees.

General Manager Human Resources, PSO, Mr Jalees Siddiqi, said that the signing of the accord in a record time showed the management and the union had confidence in each other.

He said all PSO employees were working for the same cause and the union would be involved in all business development and challenges faced by the company. This is important so that we can achieve the targets and face competition in the fast-changing business environment, he added.

ARL, PSO LAUNCH MAJOR PIPELINE PROJECT

The Managing Director of Pakistan State Oil (PSO), Mr. Tariq Kirmani, and the Chief Executive Officer of Attock Refinery Limited (ARL), Mr. Raziuddin, on Monday July 15th signed a Memorandum of Understanding (MoU) on the Machike Taru Jabba Pipeline Project.

A simple and impressive signing ceremony was held at PSO House, Karachi. The project concerns the construction, ownership and operation of a 470-kilometer-long petroleum supply pipeline from Machike, Sheikhupura, Lahore, to Taru Jabba (near Peshawar) at an estimated cost of Rs. 10 billion. The pipeline will complete the missing section of the cross-country pipeline network and create a strategic backbone extending from Karachi to Peshawar, with feeder offshoots to all of the country's main supply areas for petroleum products.

The project will further augment the safe and environment-friendly means of petroleum product transportation in the north of the country and, at the same time, reduce road congestion and product losses through substantial reduction of inter-city movement of petroleum products through road.

This collaboration between ARL, the first ISO 9001:2000 accredited refining organization of the country, and PSO, the biggest petroleum marketing organization of Pakistan, is seen by the industry circles as another major step towards the infrastructure development of the country.

From PSO, Mr Javed Alam, GM Supplies, Mr Jalil Tarin, GM Finance, and Mr Abrar Bukhari, Senior Manager Legal Affairs, also attended the ceremony while Mr. Adil Khattak of ARL helped his CEO Raziuddin.

CONSULATE GENERAL OF FRANCE IN KARACHI

Contrary to the impression created by certain news items appearing in a section of the local press, the Consulate General of France in Karachi has not been closed. For security reasons, it has been temporarily shifted from its current premises, A-12 Mohd Ali Bogra Road, Bath Island, Karachi to the precinct of the British Deputy High Commission, Shahrah-e-Iran Clifton.

The temporary dislocation has entailed the suspension of visa facilities for the time being in Karachi. Till further notice, visas (business only) will be issued by the French embassy in Islamabad

Due to the excellent security arrangements available at the British Deputy High Commission some French nationals incharge of security affairs have been recalled to France. No Pakistani personnel has been laid off, all members of the local staff will continue to discharge their respective duties.

The old telephone and fax numbers 587 37 97 587 37 98 (Tel), 587 30 73 (Fax) will remain functional.

NIT ANNOUNCES FINAL DIVIDEND

National Investment Trust has announced dividend of Rs1.20 per unit, which will equate to a total payout of Rs1,919 million. The decision was announced after the Board of Directors reviewed the financial results for last fiscal year 2001-2002, said a press release issued on Thursday from NIT head office. Consequently, the total yield on the NIT unit for the year 2001-2002 would come to 37.9% including a dividend yield of 13.6%, from the date of last book closure.

NIT began a portfolio restructuring exercise last year, which saw the fund increase its market participation quite substantially during the previous three quarters. The fund maintained an active buying presence in the market during dips in order to pick up good values, which provided a boost to the portfolio when the market rallied from January 2002. This enhanced activity also gave a much needed support to the Stock Market.

This portfolio restructuring was carried on to the next level with the introduction of International Accounting Standard (IAS) 39, which has segregated the portfolio into a tradable component, and a component, which would be available for sale, both reduced in the books at current market prices. Under IAS 39, the impact of market price movements on the tradable portfolio will be routed through the income statement. This has absolutely no effect on NIT's Net Asset Value (NAV), as the fund's NAV was already being calculated and quoted at market value. This change would, however, result in proper reflection of market price movements in the Fund.

The adjustments emanating out of the above change, as a consequence of change in regulatory framework, would in no way hamper the profitability or the Unit Holders value. This change would, however, give more flexibility for the market operations, which would be beneficial for the profitable operations of the Fund.

This change would also increase the flexibility of the management to manage market fluctuations by enabling proactive decision making as the tradable portfolio will now be listed in the accounting books at market value as opposed to holding cost, which remained historically very high, due to a host of reasons, as compared to market prices.

Maintaining this philosophy of matching current year return to current year performance, the Rs1.20 dividend for the year FY2002 is being paid entirely from the profits earned during FY2002, without recourse to reserves.

NIT-PERFORMANCE
SHINING PERFORMANCE OF NIT RENEWS INVESTORS' CONFIDENCE

A 26% increase in profit for the year, appreciation of Net Asset Value, rise in profitability and tight control over expenditure by NIT has visibly improved the confidence of the investors.

Different heads of income particularly dividends, capital gains and others amounted to Rs 2.31 billion in fiscal 2001-2002 against Rs 1.83 billion in last fiscal year, evincing an improvement.

The modified strategy, devised by the present Management not only improved the efficiency and operational performance of NIT but also renewed the focus of the organization towards customer satisfaction, the report added.

Salient components of the new policy comprise portfolio restructuring, improvement in liquid resources of NIT, roll over and settlement of long-term borrowing, marketing for enhanced sale of units and revamping of the Trust which would help realize the medium and long term objectives.

The level of market activity was substantially increased in the previous year, with NIT being amongst the largest investors in the market from October onwards. The enhanced market activity was designed to capitalize on attractive values available in the market in the post September 11 market slump, with the focus also being to increase the composition of high yield stocks in the portfolio.

The resultant broad based buying not only provided excellent capital gains during the following market rally, but also increased the number of actively traded scrips in the market from a narrow band of 50 scrips to around 150 scrips.

Better results were achieved by NIT on all fronts, with income from dividends rising to Rs1.89 billion from Rs 1.684 billion in last fiscal, an increase of over 12%. Capital Gains income showed a massive improvement during the year, climbing to Rs540 million from Rs99 million in the previous year, an increase of 445%.

Expenditure continued to remain under strict check, resulting in decrease to Rs. 198 million in fiscal 2001-2002 against Rs 211 million in last fiscal year, down by 7%. The distributable profit increased to Rs1.92 billion from Rs1.43 billion in the previous year showing an increase of 34%.

Another aspect of the improved operational performance was the reduction in total borrowing by the fund, which declined to Rs970 million during the year, down 18% from the previous year's level of Rs1,189 million.

The Net Assets of the Fund (ex-dividend) increased by over 8.4% during the year to Rs17,413 million, despite heavy redemptions witnessed during the year which saw a net outflow of Rs1,594 million on account of Units redeemed during the year. However, the trend was reversed during the last two months of the year when sales of units increased substantially, and outstripped redemptions.

The NAV showed an appreciation of 37.9% during the year from the date of last book closure, with a dividend yield of 13.6% built into the NAV appreciation.

ANOTHER INITIATIVE BY DADABHOY UNIVERSITY

The dawn of 2001 saw the emergence of Dadabhoy University, on the map of the private sector as a bright star educational project of Dadabhoy Foundation. Although the University is a non-profit organization, yet it started its operation from a centrally located & fully equipped four-storied building in Defence Housing Authority. This University is committed to provide the best in higher education. The mission is to provide quality education at affordable cost to all within the country and abroad. The University aims at creating an educational system that will equip students with the knowledge, intellect and essential skills required for success in professional endeavours. Thus it will provide the much needed professionalism for current job markets in our Country. It will help in reducing the current large-scale urtemployment of the educated youths and promote development of qualified professionals in the areas of Computer Science, Business Administration, Law, Health Sciences, Engineering & Technology, Arts & Architecture, Islamic Learning, Economics and Commerce.

Dadabhoy University is one of the few private universities which not only caters to the needs of the students but also those of working professionals. Dadabhoy University is the first private university in Karachi to launch a 4 years BS degree program in Computer Science with 13 areas of specialization. At bachelor level, four-degree programs have been offered with emphasis on Computer Science and Information Technology. These programs are BS, BCS, BBIT (Hons), and BBA (Hons). At the postgraduate level, programs such as MCS, MBIT and MBA are being offered. These programs are offered both in the morning and in the evening. The evening programs meet the continuing educational requirements of working professionals.

Dadabhoy University for the first time in the Country is offering specialized MBA programs in the fields of Transportation & Logistics, Insurance, and Advertising. These programs are being launched from fall of 2002. All of these programs would be completed in four semesters i.e. two years.

MBA (LOGISTICS & TRANSPORTATION)

Dadabhoy University has taken upon itself the task of catering to the needs of the business world of the twenty first century by designing the MBA Logistics & Transportation Degree Program. The program focuses on the needs of managers desirous of acquiring high professional standards so as to be able to place their claim to higher-level careers in constantly changing transport business environment. This program is being launched in association with Chartered Institute of Logistics & Transport Pakistan.

MBA (INSURANCE)

Dadabhoy University has also designed MBA Insurance Degree Program. This program focuses on the needs of managers who are aspiring for higher-level careers in the growing Insurance business. This program ensures employability of fresh graduates as well as those who are contemplating Insurance sector as their future career path. With growing globalization of trade and services, the share of insurance industry would increase at an annual rate of at least 15%.

MBA (ADVERTISING)

Dadabhoy University is also offering MBA (Advertising), as a specialized degree program. Advertising is one of the largest industries in the world and its scope would literally multiply in the foreseeable future with continuing information revolution. MBA (Advertising) degree program would ensure complete understanding of the theory and practices of management, state-of-the-art knowledge and skills essential for facing the challenges in the Advertising industry. This program will cater to the need of professionals as well as fresh graduates desirous of a prosperous career in Advertising.

Adequate emphasis is laid on the placement and internship of graduates of Dadabhoy University. The Dadabhoy Job Placement Bureau, in liaison with various multinationals and large public corporations, arranges internships and jobs for the students. To facilitate the placement process, various activities are undertaken. Student profile books are developed and mailed to corporate HRD managers.

BIZTEK HOLDS A SEMINAR ON 'BRAND MANAGEMENT"

Pakistan to get handsome financial assistance for software development and export. This was stated by Syed Hamza Matin, President, Pakistan Software Houses Association-P@SHA. He was addressing the seminar on the subject "Brand Management" which was organized by BlZTEK-Institute of BUSINESS & TECHNOLOGY. The seminar was also addressed by Noman Abid, President & CEO, BIZTEK, Tahir Hussain, General Manager-Marketing, EBM (Pvt) Ltd. and Dr S.M. Makhdumi, Director Academics, BIZTEK.

Syed Hamza Matin further said that the private sector of Pakistan was rendering excellent services towards build,ng a sound economy of the country on firm footings. Therefore, .keeping in view the ever growing challenges on the I.T horizon of the world, Pakistan and Pakistani institutions must respond to the global calls.

Earlier, Noman Abid, President & CEO, BIZTEK-Institute of Business & Technology, highlighted the importance of quality education and the subject of the Seminar. He opined that it was only due to forceful brand management which results into brand loyalty.

Tahir Hussain, G.M Marketing, EBM, created a stir in the audience by making a well prepared presentation on Brand Management. Mr. Hussain was able to prove that brand loyalty comes through strong brand image and consistent Brand Management.

SERVICE ADVISOR SKILL CONTEST

Service Advisor Skill Contest Award Ceremony was held at a local hotel. Mazhar Valjee, CEO and Shah M Saad Hussain, Director Sales & Marketing, Indus Motor Company Limited (IMC), awarded the trophy and plaque to the champion service advisor, Rehan Pasha of Toyota Central Motors Karachi. He was adjudged as 'best service advisor' following a skill contest. Salim Godil, CEO Toyota Central Motors received the award. Also present on the occasion were, General Manager Service, IMC and Service Manager, Toyota Central Motors.

TEXTILE EXPORTS

Access to additional textile quota worth $ 11 million, granted by Turkey will serve as catalyst toward bolstering Pakistan textile exports.

Briefing the media persons, the Denim Manufacturers of Pakistan; Mr. Yaqoob Ahmed of Artistic Denim Mills, Mr. Tariq Shafi of Crescent Group, Mr. Ibrahim Weldon of X-Pertex Denim Mills, Mr. Amin Bandukda of Al-Amin Denim, Mr. Hanif Machera of Kassim Textile Mills Ltd, Mr. Khalid Majid of Meco Textile and Mr. Zain Dilawar of Abbas Dyeing, termed the grant of extra 3000 metric tonnes of textile related exports quota as major achievement of Commerce Minister of the government. Congratulating the Minister and Secretary on this achievement, they said greater market access to Pak exporters in Turkish market with additional quota of $ 11 million per annum will unleash another boost to the economy in general and exports regime in particular, they added.

Aggressive policy pumped by the government towards roping new market access, they viewed would jack up exports to new heights, adding the government deserved all credit and praise for this success. This approach, they expressed the confidence would harness untapped potential in the promotion of textile exports, improving overall exports earning. Turkey was asked for greater market access for which the brotherly country agreed and allowed extra 3000 metric exports in any category, but not more than 2000 metric tonnes in one category.

Pakistan having the capacity of enhanced production in denim material will exploit the opportunity in an effective manner to export up to 2000 metric tonnes of extra denim to Turkey.

ITCN 2002

The escalating business activities in Karachi have attracted foreign officials, delegates and visitors to come to Karachi and the Karachi Sheraton Hotel & Towers over the years has proven itself as THE business-meeting place in this metropolitan city. ITCN Asia 2002 Exhibition and Conference, starting on August 10th 2002, is the business forum that gathers the industry's leading vendors, implementers, and users and has selected the Karachi Sheraton Hotel & Towers as its "Official Hotel".