He further said, "Environment for foreign
investment in Pakistan is more favourable than before. He said IPPs
are working successfully and playing an important role in the power
sector that is proving helpful in the overall progress of the country.
He said that the relationship between the present government and the
IPPs is excellent.
Vince Harris said that the stock market of Pakistan
was performing well on its fundamentals and there is a ray of hope
that it will become still better in future because the overall
condition of law and order in the country have improved. He applauded
the economic policies of the government and said all credit goes to
President Pervez Musharraf who, with his dedication, has improved the
governance in the country. He said, "Now we are hopeful that
overall condition in Pakistan is investor-friendly and foreign
investors are being urged to invest in Pakistan."
EBM & URS SIGN TO PROMOTE THE SAFE FOOD CONCEPT
An agreement signing ceremony was recently held
between English Biscuit Manufacturers (Pvt.) Ltd. (EBM), and United
Registrar of Systems, UK (URS). Under the agreement, EBM and URS will
work collectively to promote and create awareness about the Safe Food
Concept in Pakistan and also hold National Safe Food Conference for
the next three years.
Ms. Saadia Naveed, Executive Director EBM and Mr.
Ali Khan, Chief Executive URS Pakistan signing the agreement.
DEWAN FAROOQUE MOTORS
Dewan Farooque Motors Limited (DFML), progressive
manufacturer and distributor of Hyundai and KIA range of vehicles in
Pakistan, held its First Vendors Convention at a local hotel in
Speaking at the occasion, the Chief Guest,
Secretary Ministry of Industries and Production who also chairs the
EDB, Dr. Muhammad Akram Shaikh, appreciated the joint efforts of Dewan
Farooque Motors and vendors for achieving deletion targets set by the
Engineering Development Board (EDB). He emphasized that Original
Equipment Manufacturers (OEMs) and vendors should concentrate on
increasing volumes to meet local demand of vehicles without
ALLIANZ EFU OFFERS HEALTH INSURANCE SERVICES FOR THE
Allianz EFU the specialized healthcare insurer in
Pakistan striving to bring health care facilities to the common man,
offers a comprehensive, convenient and cost-effective range of
products to the masses.
The health insurance schemes offered by the company
have a wide choice and flexibility for the common man. The carefully
packaged schemes also have an attractive rate structure and it is
expected that its products be destined to reach a huge audience.
Commenting on the product offer, Mr. Ahmirud Deen,
Chief Executive Officer of Allianz EFU recently said, 'We understand
the local market needs and plan to manage these with international
expertise. Furthermore, we would like to introduce affordable quality
health care facilities throughout Pakistan. In addition, to achieve
our strategic objective, we plan to continuously develop new and
innovative products for both individual and corporate sectors.'
By budding customer-specific products Allianz EFU
sees high growth market opportunity in Pakistan. It intends on
changing trends and wants to be a partner by contributing towards a
better life for the people of Pakistan.
Allianz EFU is Pakistan's first and only
specialized health insurance company. It is the only company that
offers health insurance situations to individuals, families, companies
and voluntary groups. Allianz EFU Health Insurance is a joint venture
between Allianz Group and EFU Group. Founded in 1890 in Germany,
Allianz AG has 60 million clients in over 70 countries, with a broad
range of services via an international network of subsidiaries.
GOOD CORPORATE GOVERNANCE
Preston University organized a talk at its
Islamabad campus on "Corporate Governance: The Regulatory
Perspective." Ms. Sadia Khan, Executive Director (Specialized
Companies Division), Securities & Exchange Commission of Pakistan
(SEC), who was the guest speaker on the occasion stated that good
corporate governance was necessary to ensure transparency and
accountability in the corporate sector and safeguarding the interest
of the stakeholders, especially the minority shareholders.
Addressing a large gathering of students, faculty,
senior management of Preston University and other distinguished guests
Ms. Khan said it has been empirically tested that jurisdiction that
have implemented good governance measures are able to attract more
capital. Dilating on the framework of code of good corporate
governance, she said the initiative to develop a framework for good
corporate governance, which addresses the objective circumstances in
Pakistan, was taken by the Institute of Chartered Accountants of
Pakistan (ICAP) in December 1998. This initiative, she said, was fully
supported by the SEC and a Committee representing the SEC, ICAP, the
three Stock Exchanges in Pakistan, and the ICMAP was set up.
The South Asian Federation of Accountants (SAFA)
Conference on the theme "The Accounting Profession: Way
Forward" to be held on May 2 and 3, 2003 at Karachi. The
conference is being jointly organized by the Institute of Chartered
Accountants of Pakistan (ICAP) and the Institute of Cost and
Management Accountants of Pakistan (ICMAP).
SAFA was formed in 1984 and is now recognized as an
apex body of SAARC. The accountancy bodies of Bangladesh, India,
Pakistan, Sri Lanka and Nepal are the members of SAFA. The broad
objective of the federation as a forum of professional accountancy
bodies is committed to positioning, maintaining and developing the
profession in its member countries and ensuring its continued eminence
in the world of accountancy. The permanent secretariat of SAFA is
based at New Delhi, India.
SAUDI PAK BANK APPROVES ANNUAL ACCOUNTS FOR THE YEAR
ENDED DECEMBER 2002
The 59th meeting of the Board of Directors of Saudi
Pak Commercial Bank Limited was held in Karachi at Central Office of
the Bank on March 29, under the Chairmanship of Mr. Muhammad Rashid
The Board approved the annual audited accounts of
the bank for the year ended December 31, 2002 and showed its
satisfaction over the financial performance of the Bank during the
year 2002. The Bank achieved remarkable growth in business, which was
driven primarily by the dramatic improvement in its corporate image.
Deposits base of the Bank increased by 156 per cent to Rs.12.3 billion
and advances by 95 per cent to Rs.9.8 billion. Investment including
lending to financial institutions also rose by 166 per cent to
Rs.7,410 million. The total assets base, which as on December 31, 2001
was Rs.9,513 million, surged to Rs.19,167 million as on December 31,
2002. The Bank also expanded its branch network to twenty-eight
branches. Financial discipline balanced sectoral exposure, prudent
risk management and stringent expenses controls helped the Bank in
strengthening its financial position. Notwithstanding the softening in
interest rate regime and narrowing down the spreads, the Bank enlarged
its revenue base and earned net profit after tax of Rs.202.2 million
The Board expressed satisfaction over the role
performed by the management of the Bank in achieving the remarkable
results during the year 2002.
The Bank achieved remarkable growth in business,
which was driven primarily by the dramatic improvement in its
corporate image by the Branches, the outstanding performance by the
Bank's Treasury Division and excellent Global Business Relationship,
established with the correspondent by the International Division.
M. A. MANNAN JOINS AS UBL'S DEPUTY CHIEF EXECUTIVE
UBL has further strengthened its management team
with the induction of Mr. M. A. Mannan from Citibank New York as the
Dy. Chief Executive Officer to oversee, among others, Consumer and
Commercial Bank, International Business, Human Resources, Operations
An MBA from IBA Karachi, Mannan started his career
from Citibank Pakistan in 1991 where for the first nine years he
worked in sales, distribution and marketing, launching most of
Citibank's new credit and depository products during the nineties. He
rose to become the Director of Marketing, Sales and Distribution at
Citibank Consumer bank. He was then transferred to the US, the most
matured and competitive consumer market in the world and was promoted
to Senior Vice President, Cross Sell Division covering a comprehensive
array of customers and products.