ANNOUNCEMENT

 

July 28 - Aug 03, 2003 

 

KEDAK TO INVEST IN TOURISM

Kodak Limited (Pakistan Branch) recently announced a contribution of Rs 6 million for the promotion of tourism and theme parks in Pakistan, becoming the first Multinational FMCG Company to invest in this sector. The company just signed a MoU with Somansi Adventure Park, at Lower Topa, Murree to support the project.
Somansi is the only adventure park existing at any tourist resort in Pakistan that offers a complete package to its visitors. There are a variety of rides; entertaimnent and food options available that make one's visit to the park a memorable experience. Kodak has joined hands with Somansi to add further value to the project.

 

 

Kodak Master Blaster, a 230 ft tall giant slide is expected to be the main attraction for the visitors to the park, as it happens to bethe largest slide in Pakistan.

STATE BANK GOVERNOR VISITS HUB POWER STATION FIRST INDIVIDUAL VISIT TO PLANT BY A SBP HEAD

The Governor of the State Bank of Pakistan, Dr. Ishrat Hussain made a visit to the Hub Power Plant recently, becoming the first SBP Governor to do so individually and not as a member of a group. The visit was a part of an ongoing programme the Governor is undertaking, to tour different large scale industrial units in the country.

On arrival at the Power Station, Dr. Hussain was warmly received by Vince Harris, Chief Executive of Hubco. All visitors to the Power Station are first shown an induction video to familiarize them with the premises and the rules to be followed while remaining in the area and Dr. Hussain was no exception. This was followed by a showing of the Hubco corporate video and a presentation by the Hubco Chief Executive. Later the Governor was taken around the Power Station and given a detailed briefing.

SHELL AND JOINT VENTURE PARTNERS

Shell Development and Offshore Pakistan BV (Shell) is pleased to announce that Premier Oil Pakistan Offshore BV (Premier) and Kufpec Pakistan BV (Kufpec) have agreed to acquire 50% of Shell's 95% working interest in Block 2365-1 Offshore Indus E, a deepwater oil exploration licence in the Indus basin, approximately 150 kilometers south of Karachi.

 

 

The new partnership, finalisation of which is subject to regulatory approvals, will comprise Shell (47.50%), Premier (23.75%), Kufpec (23.75%), and Government Holdings (Private) Ltd (GHPL 5%). As a result of this agreement, investment in exploration activity is expected to rise significantly from the Shell/Government Holdings Joint Venture's present commitment of US$2 million to over US$11 million during the current licence period.

MCB BEST BANK IN PAKISTAN EUROMONEY AWARDS FOR EXECLLENCE-2003

Muslim Commercial Bank (MCB) was declared the Best Bank in Pakistan by the prestigious Euromoney Awards for Excellence-2003. MCB has been awarded the Euromoney award for excellence thrice in the last four years. Mohammad Aftab Manzoor President Muslim Commercial Bank received the award at a grand ceremony for Global Awards, held recently at the Natural History Museum, London. Neil Osborn, Managing Director Euromoney Institutional Investors PLC presented the award.

Leadership in technology, initiatives in new products and growth in balance sheet have led to sustained overall improvement in operations with a positive impact on financial strength, customers franchise and brand equity.

On the technology front MCB operates the largest network of 170 ATMs and offers the widest range of transactions to its ATM/Debit card holders. Convenience of using the ATM/Debit card to shop is available on the growing network of Point of Sale (POS) machine, at retail outlets. Mobil Phone Banking is another unique free service being offered by the Bank. The new core Banking Solutions is also under implementation, which would help in costeffective products delivery to customers, including e-banking.

Furthermore recently introduced products in Consumer Financing, Islamic Banking and Cash Management are focused on meeting the needs of the diversified customer base of MCB.

SAUDI PAK COMMERCIAL BANK JOINS MCB M-NET SWITCH

Saudi Pak Commercial Bank Ltd. became member of MCB M-NET switch family after signing an agreement at Muslim commercial Bank, Principal Office, Karachi to share MCB's largest ATM Network across the country. This mutual beneficial alliance will enable the customers of Saudi Pak Commercial Bank Ltd to use ATM facilities offered by MCB and other M-NET partner Banks.

Mr. Ali Munir, SEVP, Muslim Commercial Bank Ltd and Syed Hassan Iktedar, President and CEO, Saudi Pak Commercial Bank Ltd. signed the agreement. Also present on the occasion were Mr. Aarij Ali, EVP, Consumer Banking, Mr. Javed Adhi, SVP, I.T. MCB, Mr. Mahmood Siddique, EVP/Divisional Head, I.T. and Ammar Bin Mujeeb, V.P, ATM & E-Banking of Saudi Pak Commercial Bank Ltd.