ANNOUNCEMENT

 

June 02 - 08, 2003 

 

 

ENGRO WINS HIGHEST NUMBER OF KSE AWARDS

Engro has won the Top 25 Companies Award for the year 2001. The award instituted by the Karachi Stock Exchange in 1978 has been distributed annually for 24 times. This is the 20th time that Engro has won this award, more times than any other company in Pakistan.Top companies award is given to 25 listed companies on the basis of a selection criteria comprising of sound financial performance, dividend payout and timely disclosures in compliance with the code of good corporate governance.

 

 

Engro was presented the award by Mir Zafarullah Khan Jamali the Prime Minister of Pakistan in a ceremony organized by the Karachi Stock Exchange on May 20, 2003 at a local hotel in Karachi. Mr. Zaffar A. Khan, President, Engro Chemical Pakistan Ltd. received the award on behalf of the Company.

THE BANK OF PUNJAB DISBURSED AGRICULTURE LOANS TO FARMERS IN EXCESS OF TARGET FIXED BY SBP

The Bank of Punjab has not only achieved but surpassed its SBP allocated credit target of agriculture finance for the year 2002/2003. This was disclosed by Mr. Hamesh Khan, Managing Director of the Bank. He said that up to 15-05-2003, the bank had financed agri sector to the tune of Rs.1 billion embracing about eleven thousand small farmers under different Kissan Dost Agriculture Finance Schemes. The bank has disbursed Rs. 400 million during the first four months of 2003. He also informed that by the end of December 2003, the bank will disburse Rs. 2 billion to small farmers through its various schemes.

RUPEE DRAWING AGREEMENT BETWEEN UNITED BANK LIMITED AND BANK ALFALAH

United Bank Limited, through it's Financial Institutions Group (FIG) and Cash Management Services (CMS), entered into an arrangement for inland drawings with Bank AlFalah (BAF), whereby customers of BAF would use UBL's branch network for the drawing of payment instruments issued by BAF. In this regard, an agreement was signed by Mr. Mansoor M. Khan, Group Head Corporate Banking and Mr. Saqib Mukhtar Head of FIG of UBL with Mr. Sirajuddin Aziz, Executive Incharge International Division & Treasury and Mr. Muhammad Yousaf, Executive Incharge Credit Division from BAF UBL has developed an efficient cash management package offering complete payment solutions to institutions, using its flagship products like UBOnline and UniRemote.

UBOnline is a web-based product for account access/information. This facility can be accessed through multiple media like PC, Mobile phone, PDA, Telephone, etc. Main features of the product are obtaining on line Account Statement, Electronic Data Interchange, Graphical analysis, ALERTS Service/Facility etc. UniRemote is a product that enables UBL's branches to do online transactions with each other on behalf of customer. Customers can make transaction from any of the selected online branch in any city. Main features of UniRemote are Cash Deposit, Cheque Encashment, Funds Transfer (Account to account) etc.

 

 

UBL has banking history of more than 40 years and has a very strong presence in the domestic market with 1100 branches all over Pakistan. It is also represented in 10 countries worldwide through 22 offices, including USA, Middle East, UK and Switzerland.

CRESCENT LEASING CORPORATION LIMITED
REVISED RATES OF COIS
Figures are calculated on Rs. 100,000/-.

CresSave (Quarterly)

Tenor

Rate

Return

Net return

Effective

3 months

4.00%

1,000

900

4.06%

6 months

4.25%

1,063

956

4.32%

1 year

4.75%

1,188

1,069

4.84%

2 years

5.25%

1,313

1,181

5.35%

CresEarn (Monthly)

Tenor

Rate

Return

Net return

Effective

3 years

6.00%

500

450

6.17%

4 years

6.50%

542

488

6.70%

5 years

7.50%

625

563

7.76%

CresPrime (Growth)
IRR/Ann. Growth Rate7.7%

Year

Rate

%

100,000

145,000

1

107

7.00

1.45

 

2

115

8.00

   

3

124

9.00

   

4

134

10.00

   

5

145

11.00

9.00%

 

 

 

PPL'S COMMITTMENT TO AGREEMENTS

In the last few days, news items related to Pakistan Petroleum Limited (PPL) have appeared in a few local newspapers of Balochistan which contain an allegation against the Company of delaying or avoiding its obligations under the agreements related to providing jobs to locals which is incorrect.

PPL's spokesman has clarified that the allegation against the Company for non-compliance of any Agreement pertaining to recruitment of deceased/retired employees' sons is totally false, misleading and contrary to the facts. Actually, the Company has always discharged its legal obligations as committed in the CBA Agreements. The 1984 Agreement with the CBA categorically provides that sons of deceased/retired employees will be given preference in employment if no other son is already in Company employment while the vacancy is to be filled as per operational requirements of the Company. Suitability, security clearance and medical fitness of the candidates are also required as per terms of the Agreement.

The sons of deceased/retired employees of PPL/Sui Southern Gas Company (SSGC) had gone on hunger strike w.e.f. 03 March, 2003 which continued till 12 March, 2003 when in a meeting held with the Nawab Muhammad Akbar Khan Bugti the Company decided to recruit 22 sons of deceased/retired employees of PPL although there had been no operational requirement to do so.

Immediately thereafter, pre-employment formalities in respect of 22 eligible sons of deceased/retired employees were completed and they were advised on 08 April, 2003 to collect their appointment letters and report for duty. But to-date they have neither collected their appointment letters nor reported for duty, for reasons best known to them, and instead they are staging sit-in at Gates 1 & 4 of Sui gas field and have now also started taking part in the hunger strike.

A similar attitude has been experienced in connection with the employment of 19 eligible sons of deceased/retired employees of SSGC agreed under the recently concluded Memorandum of Understanding (MoU) dated 15 May, 2003 between the Managements of SSGC and PPL and Sui Southern Gas Company's Workers' Union in which a significant role was played by the present Chief Secretary, Balochistan.

It is surprising to note that 19 eligible sons of SSGC have not reported to the Company for completing the pre-employment formalities despite repeated requests to the concerned Union Official, who is also a signatory to the said MoU. According to him, the eligible workers will not report for completing the formalities till the demands of all those persons who have staged sit-in protests at Sui fields' gates are not met.

Although the Company has been fulfilling its responsibilities under the agreements but pressure tactics are being exerted relentlessly on it for further employment of the locals without having any operational requirement as such. From 24 April, 2003 to date employees of Sui field have observed one hour illegal strike on daily basis at the instigation of the Union representatives. In addition to that, on 14 April, 3 May and 26 May, 2003 daylong strikes were observed. Protest rallies, anti-Management slogan raising and provocative speeches by Union leaders are daily routines during the one hour strikes. No heed has been paid by the Union representative who have been advised time and again to refrain from violating the law.

In the above perspective, it is not very difficult to understand that situation at Sui field is being intentionally destablised with the sole purpose to falsely accuse the Company that it has contravened the terms of agreement while sons of retired/deceased employees of PPL & SSGC are reportedly being stopped from starting their duties or completing their pre-employment formalities. By committing these illegal actions, vested interests seem to have only one purpose pressurize the Company to employ more locals for which neither there is any operational need nor there is any legal obligation.