ANNOUNCEMENT

 

April 14 - 20, 2003 

 

 

ENVIRONMENT FOR FOREIGN INVESTMENT FAVOURABLE IN PAKISTAN VINCE HARRIS

Chief Executive of Hubco Power Company, Vince Harris has said that at present Pakistan is a well-balanced country for foreign investment. He made these comments following a long meeting in the Sindh Governor's House that was chaired by the President and where Harris was the only foreign head of a business and representing foreign investments. 

 

 

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 Karachi.

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 compromising quality.

 

 

ALLIANZ EFU OFFERS HEALTH INSURANCE SERVICES FOR THE COMMON MAN

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.

SAFA CONFERENCE

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 Zahir.

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 in 2002.

 

 

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 and Technology.

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.