Feb 04 - 10, 2002
28th Convocation of Preston University
The President of the Small and Medium Enterprise
Bank (SMEB), Mr. Qaiser H. Naseem, said that the present government is
encouraging private sector investment in social infrastructure, such
as education. He said this while addressing the graduating students at
the 28th convocation of Preston University held at a local hotel in
The President SME Bank eulogized the role played by
Preston in promoting the cause of higher education in the country. He
said Preston's contribution towards higher education in Pakistan is
indeed laudable and must be acknowledged by every segment of the
society. He said Preston's nineteen years of dedicated service to this
nation is commendable. Very few private institutions of higher
learning in the country has been able to attain the position that
Preston has attained in the comity of private institutions of higher
learning, mainly due to its sustained and untiring efforts to provide
quality education to the future leaders of this country, he said. He
expressed the hope that Preston University will continue to serve the
nation, with the same zeal and dedication as it has been all these
years, to meet the manpower requirements specially in newly emerging
fields such as information technology.
He heartily congratulated the graduating students,
particularly the gold medal winners, on accomplishing a glorious
achievement in their educational career. Addressing them, he said
"the credit goes to you for your hard work and your efforts that
you must have put in to see this momentous day in your life". He
also lauded the efforts of the professors and instructors of Preston
University who, he said, have unquestionably played a pivotal role in
Earlier, in his welcome address Dr. Abdul Basit,
President Preston University extended the gratitude of the management,
faculty and staff of the university to Mr. Qaiser H. Naseem, President
of the SME Bank for gracing the 28th Convocation Preston as the chief
guest, in spite of his heavy official preoccupations.
Dr. Basit also briefly talked about the
achievements of Preston and unfolded the institution's future
development plans. He informed the distinguished gathering about the
charter that was conferred on the Preston Institute of Management,
Science and Technology (PIMSAT), by the Government of Sindh in August
2001. In view of this charter, the University Grants Commission has
granted recognition to PIMSAT and listed it in UGC's consolidated list
of chartered and recognized degree awarding universities and
institutes of Pakistan.
Charity Bake Sales at IBA
Charity Bake Sales at Institute of Business
Administration (City Campus) was conducted by "Community Works
Society" (CWS) of Executive Student Forum. The income from this
event is donated to two charity organizations (One of them is
"Eye Care Clinic"). This event was proved to be a very
successful when the whole campus was turned to purchase the items of
charity, to support this noble cause. Saneeah Farid (Secretary CWS)
and Rasha Tariq (Asst. Secretary) were the organizers of this event.
This proved that students of IBA are not only good
in their academics but also in the "Extra Curricular
Activities", which are the permanent part of life of the students
of IBA. This event of charity bake sales is conducted regularly in
Sui Southern Gas Company Limited
The Managing Director, Sui Southern Gas Company
Limited (SSGC) Mukhtar Ahmed has assured industrialists that gas bills
will be issued on a Heating Value Basis from February 2002, for the
gas consumed in the month of January 2002. He was addressing members
of the Executive Committee of SITE Association of Industry on the
invitation of its Chairman, Dr. Arshad Vohra. he stated that billing
on the basis of heating value was an equitable arrangement announced
by the Government of Pakistan, due to the variations in the heating
values of gases now becoming available from the various gas fields.
Mukhtar Ahmed said that SSGC is operating in a
transparent and fair manner and had nothing to hide. He explained that
the BTU content of gas keeps on varying due to the depletion of old
fields and connection of fields to the gas transmission network.
Recently, in March 2001, the induction of gas from the Zamzama gas
field had reduced the BTU content at certain points on the left bank
system, while on the right bank system the new fields inducted had a
higher BTU content. Revision of gas prices on BTU basis retroactively
was, however, not a practical proposition since it would require
back-dated increases in gas prices in certain areas and reduction in
certain other areas. Further, there was no legal basis for such price
adjustments. He informed the members of SITE Association that SSGC had
installed heating value measuring instruments at various points on its
distribution network. The members were invited to witness the
implementation of the new system of BTU measurement and gas billing.
Mukhtar Ahmed said that the increase in the pretax
profit of the Company during the financial year ended 30th June 2001
was not due gains from the supply of low quality gas from the Zamzama
field. He clarified that financial charges had reduced substantially
which is the main factor of increase in profit.
Peek Freans new Tiffin's re-launch
The House of Excellence for the past 33 years in
manufacturing and marketing of quality biscuits has once again
fulfilled its commitment of offering quality biscuits by re-launching
Peek Freans Tiffin.
Peek Freans New Tiffin is very sweet and crunchy
biscuit for any and every time. New Tiffin can be eaten alone and also
used as a crunchy ingredient for cakes and ice creams.
Madraswala elected Chairman KBC
Mushtaq Ahmed Madraswala elected Chairman Karachi
Branch Council (KBC) — 2002, of the Institute of Cost &
Management Accountants of Pakistan (ICMAP) at a meeting held today.
Sayyid Mansoob Hasan and Muhammad Iqbal Lalani
elected Vice Chairman and Secretary of KBC, respectively.
Euromoney: "Best Bank in Pakistan" award
to Muslim Commercial Bank Ltd.
Euromoney Magazine award presentation Ceremony was
held at a local hotel. Euromoney has awarded The "Euromoney
Excellence Award to Muslim Commercial Bank Ltd., for being the Best
Bank in Pakistan. The award was presented by Mr. Shaukat Aziz, Finance
Minister of Pakistan to Mian Mohammad Mansha, Chairman, Muslim
Commercial Bank Ltd.
'Challenges to Building Pakistan's Economy'
The regional conflicts have affected Pakistan's
economy but gains are more than the losses. While many positive moves
offers enormous potential, it is up to the nation to capitalize the
opportunities. Unless the local entrepreneurs take the initiative,
they should not expect any significant inflow of foreign direct
To highlight the prospects and difficulties, a
seminar was organized by the Public Relations Management in
collaboration with the Pakistan Economic Forum. While Altaf M. Saleem,
Minister for Privatization was the key note speaker other presenters
were: Zaigham Mahmood Rizvi, Mohammad Rajpar, Mahmood Gaffar, Jawaid
Bokhari and Dr. Ahsan Khan.
Altaf Saleem's key note was brief. He preferred to
talk more about his preferred topic of privatization. He reiterated
that efforts were being made to ensure swift but transparent
privatization of state-owned enterprises. However, one must keep in
mind that after September 11, 2001 much have changed and the GoP has
to move accordingly.
Zaigham Rizvi was of the opinion that before this
incident Pakistan faced a situation and there was no visible way out.
However, once Pakistan attained the status of front-line state things
changed altogether. He was of the view that in the emerging economic
equation between the US, China, India and Pakistan is yet to be
established. Commitments towards Afghanistan offers ample
opportunities to Pakistan but concerted efforts have to be made to
capitalize the potential.
Mohammad Rajpar, belonging to shipping sector and
taking the advantage of presence of the minister, highlighted the
weaknesses of the present shipping policy. He was of the view that
Pakistan must expand its flag carriers. Since the state-owned shipping
line faces severe financial constraints, the impediments affecting the
private sector should be removed at the earliest.
Earlier in his welcome address, Masood Zaidi,
Chairman, Pakistan Economic Forum highlighted the fact rescheduling of
Pakistan's external debt was not enough to take care of the problems
facing the country due to synchronized recession.
Work remained normal at Export Directorate despite
Despite strike observed by Customs staff, work at
the Collectorate of Customs (Export) remained normal. According to the
information available working of 'Export Wing' at Port Qasim, East and
West wharves and rebate groups was not affected. Duty drawback claims
amounting to Rs 50 million were disbursed besides routine functions.
During the strike period about 900 shipping bills were filed and
processed at various export stations and no cargo remained unattended.
All the export consignments were processed on priority basis to ensure
timely shipments, particularly textile products falling under quota
regime. This processing of textile consignments not only saved the
country from huge losses but also helped exporters to meet their
Engro announces full year 2001 results
The Board of Directors of Engro Chemical Pakistan
Limited met on January 30, 2002 to review the full year 2001 business
results of the company.
The salient features of the company's audited
results are as follows:
Production (Thousand tons)
Engro Urea 790 808
Engro NPK 31 -
Revenue (Rupees million) 8,220 8,394
Net Income (Rupees million) 1,064 1,126
Earning per share (Rupees) 7.65 8.10
The Company's sales revenue declined due to supply
limitation and demand shrinkage on account of drought conditions
prevailing in the country. The Company held its urea market share of
20% due to strong sales in the fourth quarter. The production of Engro
urea was down 2% from the previous best level of 808,000 tons achieved
last year. The shortfall is due to equipment malfunction issues which
were significantly smoothened towards the end of the year. The Company
launched into NPK and Seeds businesses which were well received in the
The profit after tax of the Company is down 5.5%
compared to 2000. The profit numbers were impacted by a number of
favourable and unfavourable events which cumulatively resulted in the
profit decline. Gains were made through margin improvements and
increase in joint venture dividend income, but these were more than
offset by the cost of GST absorption, loss of production and sales
volume, high maintenance costs, and startup loss on the new NPK
fertilizer and seed businesses. The Board of Directors have proposed a
final dividend of Rs. 3.5 per share. This brings the cumulative cash
dividend for the year to Rs. 7.50 per share, vs Rs. 7.00 per share
declared for 2000.
The Board elected not to recommend the issuance of
bonus shares versus the 15% bonus share announcement of last year. The
Board expressed their disappointment at the recent levy of a 10%
withholding tax on bonus shares. The Directors expressed their
confidence and optimism in the emerging macro economic situation of
the country and stated that the Company will continue to pursue its
twin strategy of growing its core fertilizer business and seeking
opportunities to diversify in business areas that are aligned with the
fundamental strengths of the country.
Hubco, Wapda meet to strengthen ties
Testament to their commitment to improve and
develop a sustainable working relationship with its only customer
WAPDA, the management of the Hub Power Company Limited (HUBCO) paid an
official visit to WAPDA House Lahore recently and met with a team of
WAPDA officials headed by its Chairman, Lt. Gen. Zulfiqar Ali Khan.
The HUBCO team was headed by Vince Harris, Chief
Executive, and Ashraf Tumbi, Director. The two companies reviewed
progress since their signing of the Settlement Agreement in December
2000, and then mutually resolved all pending irritants.
Shortly after the meeting, the HUBCO Chief and
Chairman WAPDA opined, "WAPDA and HUBCO have developed an
excellent working relationship which is built on trust and confidence,
and we now look forward to a stronger and healthier long term
relationship in the future."
Standard Chartered launches off-site ATM at Karachi
Standard Chatered launched an offsite ATM at
Karachi Sheraton Hotel & Towers recently, making it the first
international bank to install an ATM in the only internationally
managed 5-star hotel in the country. The bank now has a total network
of 16 ATMs, the largest amongst international banks in Pakistan, of
which 4 are off-site machines.
Speaking at the ceremony, Abid Sattar, Head of
Consumer Banking stated, "This marks yet another first for us in
Pakistan. Our focus in 2002 is on bringing our customers
technologically enhanced products and convenient value-added services
amidst a friendly and comfortable environment. By increasing customer
access points across the country, we aim to take the bank to our
customers rather than bring them to us."