Open bidding for the sale of Lot-B of ICP mutual
funds has been scheduled for October 24, 2002. Eight parties including
Abamco, the successful bidder for Lot-A of ICP mutual funds, have been
pre-qualified to take part in bidding. The other pre-qualified bidders
include: Arif Habib Investment, PICIC, AKD Securities, Pak Kuwait
Consortium, Westminster Financial Services and Khadim Ali Shah Bukhari &
Company.
PLATINUM BANK
Khadim Ali Shah Bukhari & Company (KASB), has taken
over the management of Platinum Bank upon acceptance of its acquisition
plan by State Bank of Pakistan. The central bank had already approved
the sale of bank to KASB. The previous sponsors failed to raise paid-up
capital of the bank to the required level of one billion rupee Platinum
Bank has 18 branches across the country. The bank was initially
sponsored by Chakwal Group which sold it to the previous sponsors due to
financial problems. Earlier, Pak Libya Holding Company was interested in
acquiring Platinum Bank, but the deal was cancelled after the
intervention of United States Department of Treasury.
KASB PREMIER FUND
Arif Habib Investment Management Limited, the Fund
manager of the Pakistan Income Fund and the Pakistan Stock Market Fund
has entered into an agreement with KASB to takeover its investment
advisor role of KASB Premier Fund. This takeover is subject to the
approval of SECP and shareholders of the Fund. The KASB Premier Fund was
launched in 1995. It is a closed-end fund with net assets of around Rs
400 million. The net asset value of KASB Premier Fund is currently
around Rs 10 per share.
NATIONAL BANK OF PAKISTAN
The second offering of 5 per cent shares of GoP in
the bank has been oversubscribed by four times. The final figures
indicate subscription for 72 million shares as against an offer of
18.652 million shares. This offer was made to the general public at a
price of Rs 21 per share. The break-up value of the bank's share as at
June 30, 2002 was Rs 33.62 excluding surplus on revaluation of fixed
assets.
PICIC
Pakistan Industrial Credit and Investment Corporation
(PICIC) has posted operating profit of Rs 381 million for the year
ending June 30, 2002, as against a profit of Rs 529 million for the
previous year. However, it has declared Rs 451 million profit after tax
for the year 2002 as compared to a profit of Rs 358 million for the
previous year. This may seem a little strange but the situation becomes
clear after a little probe. Two factors can be attributed to this:
reversal of provisions and reduction in tax liability. PICIC had made a
provision of Rs 60.46 million during the year 2001 but made a reversal
of Rs 71.17 for the year 2002. The tax liability was as high as Rs 87.9
million for the previous year that reduced to Rs 1.36 million for the
year under review.
PAK SUZUKI MOTOR COMPANY
The company seems to be on the road to recovery, as
compared to its performance during the previous year. It has managed to
improve sales and control cost of goods sold. It is evident from the
financial results for the nine months of year 2002. Sales went up from
Rs 6,620 million to Rs 8,152 million. Whereas, cost of goods sold hiked
from Rs 6,187 million to Rs 7,124 million. The other factors
contributing to higher profit were a small increase in selling and
administrative expenses and nearly three times increase in other income.
Selling and administrative expenses went up from Rs 154 million to Rs
168 million. Other income hiked from Rs 48 million to Rs 170 million.
All these factors contributed towards increase in profit before tax that
grew from Rs 295 million to about Rs 950 million. However, the Board did
not announce any interim dividend.
SAUDI PAK LEASING COMPANY
The company has released its financial results for
the year ending June 30, 2002. It has posted Rs 17.44 million profit
before tax for the year 2002 as compared to a profit of Rs 39.36
million for the previous year. The Board of Directors did not approve
any dividend for the year 2002, whereas the company had distributed
12.5 per cent dividend to the shareholders for the year 2001. The
company managed to improve its revenue, though marginally, the
advantage was completely eroded due to increase in expenses. Revenue
increased from Rs 385.4 million to Rs 390.5 million. Expenses went up
from Rs 356.5 million to Rs 372.9 million. The company registered
massive erosion of earnings per share that came down from Rs 1.56 for
the year 2001 to Rs 0.62 for the year under review.
|
MOVEMENT
AT A GLANCE |
|
SCRIP |
HIGH
(Rs.)
|
LOW
(Rs.)
|
CLOSING
PRICE |
TURNOVER
(SHARE) |
|
Hub Power |
24.80 |
24.00 |
24.80 |
171,435,500 |
|
P.T.C.L.A |
20.10 |
19.70 |
20.10 |
65,064,500 |
|
National Bank |
24.00 |
21.90 |
24.00 |
51,768,000 |
|
M.C.B. |
29.20 |
27.75 |
29.20 |
48,804,000 |
|
P.S.O. |
206.00 |
188.00 |
206.00 |
26,474,600 |
|
B.O Punjab |
14.05 |
13.10 |
14.00 |
9,216,000 |
|
Dewan Salman |
14.75 |
14.25 |
14.75 |
4,932,500 |
|
Shell Pak |
339.00 |
306.45 |
339.00 |
4,257,700 |
|
Ibrahim Fib |
18.40 |
17.70 |
18.04 |
2,338,500 |
|
Union Bank |
7.30 |
6.70 |
7.30 |
553,000 |
