Sep 22 - 28, 2003



Arena Multimedia, leader in multimedia education, had a two-day multimedia work display for its Shahra-e-Faisal branch, which was arranged by its students, on 9th and 10th September 2003.

The work was displayed under the following categories:

Print Campaign
Web Designing
Video Editing/Video FX
2D Animation
3D Animation
3D Artwork/Modeling
2D Artwork (Illustration/Digital Painting)
Multimedia Authoring



The main objective of this work display was to bring the potential of students/young designers in front of the world and provide them a chance to gain appreciation and recognition for extra ordinary efforts along with healthy criticism.

The inauguration of the exhibition took place by Mr. Arshad Khalil, Master Franchisee, Arena Multimedia Pakistan Operations. The subject expert jury included Mr. Amjad Subhani, Creative Director Synergy Advertising, Mr. Mohd. Ahmed, Associate Creative Director Synergy Advertising, Mr. Furqan Kidwai, Incharge Animations ARY Digital, Mr. Aqeel Agha, Manager Animations ARY, Dr. Ahsen, Senior Director The Musik ARY Digital. The awards were distributed by Chief Guest, Mr. Gulab Chandio. Mr. Faisal Khwaja CEO Micro Vision, Mr. Sajid Hasan, famous TV Artist, Deepak Perwani well known Fashion Designer, Arshad Tareen, Fashion Photographer, Guests from the corporate, Press and Arena management along with the students visited the exhibitions.


Pakistan's leading photographic company, Kodak Limited. (Pakistan Branch) signed an MoU with the distributors of Samsung TV, Digital World Pakistan Pvt. Ltd (DWP) for initiation of a joint venture by the two leading brands.

The partnership is aimed at penetrating cameras into maximum households and promoting photography as a fun-filled everyday activity as watching television with family. Customers across the country can avail the offer of getting a Free Kodak KB-10 Camera on purchase of a Samsung TV set at any of the 500 electronic shops across Pakistan till September 30, 2003.

Speaking at the signing, Syed Awais Ahmed Country General Manager Kodak Ltd. Pakistan said, "Kodak is the only photographic marketing company in Pakistan with a representative office here. It started operation in Pakistan in 1929. Today we stand proudly as one of the most successful companies in the country, setting a good example for other foreign investors".


The Aga Khan Education Service, Pakistan recently organized a conference on Early Childhood Development (ECD) at the Aga Khan University Auditorium in Karachi. Inaugurating the conference, Habib Peermohamed Chairman AKES, P highlighted the importance of early childhood development especially for educators working with young learners and emphasized the commitment of the entire Aga Khan Development Network and especially AKES, P to develop children as world thinkers. During the conference, the essentiality to bring about a change in the approach to early childhood development at all levels including policy making, investment and education was brought to light.

It was clearly stated that ECD should be the entry point for poverty alleviation in the country and regarded as a critical national investment area. In order to nurture the crucial early years of a child with care and proper acknowledgment of his innate potentials, there was also a need for schools and other educational institutions to work collaboratively to transform the existing scenario of early education. This conference was a step forward in promoting ECD by strengthening linkages with other schools, institutions and NGOs. Recently AKES, P has also launched a four-year early childhood development programme in its Karachi schools. It is working as a partner with the Government to implement a one-year ECD programme called Releasing Confidence & Creativity (RCC) in 28 schools of rural Sindh.




The Hub Power Company Limited is pleased to announce that the Company's shareholders have expressed their complete confidence in the existing Board of Directors by re-electing the twelve Directors at the Extraordinary General Meeting held on September 12, 2003 in Islamabad. The full Board comprises sixteen Directors of which twelve are elected, in addition we have three nominee Directors and the Chief Executive who is also a Director.

We give below the name of the twelve Directors that have been elected for a further term of three years commencing September 12, 2003.

1. Mr. Mohamed A. Alireza, HI
2. Mr. Philip Atkinson
3. Mr. Robin A. Bramley
4. Mr. Philip G. Cox
5. Mr. Najam Farooqi
6. Mr. Peter Giller
7. Mr. Taufique Habib
8. Mr. S. Khalid Masood
9. Mr. Seiki Ogura
10. Mr. Simon Pinnel
11. Mr. S. Nizam A. Shah
12. Mr. M. Ashraf Tumbi


The Hub Power Company Ltd recently announced that it will donate two fully equipped ambulances to the Abdul Sattar Edhi Trust. The ambulances will be deployed in the areas surrounding the Hub Power Plant.

The donation was announced by Vince Harris, Chief Executive of Hubco, in a meeting held at the Company's offices with Faisal Edhi, the son of Maulana Abdul Sattar Edhi.

"Our decision to donate 2 ambulances to the Edhi Trust is an unequivocal verification of Hubco's commitment to community welfare," declared Vince Harris. "We earnestly hope that the people of the areas surrounding our plant will benefit greatly from this facility and we are confident that the Edhi Trust is the right partner for us to operate the ambulances," he added.




Air travelers between Dubai and North America will benefit from swift and simple new connecting services offered by a pair of leading airlines beginning next month.

Continental is one of the world's largest airline with more than 2,200 departures a day. With 130 domestic and 95 international destinations, Continental has the broadest global route network of any U.S. airline, including extensive services throughout the Americas, Europe and Asia. With 48,000 employees, Continental is one of the 100 Best Companies to Work For in America. In 2003, Fortune ranked Continental No. 2 on its list of Most Admired Global Airlines.

Emirates, the Dubai-based international carrier, and Continental Airlines (NYSE: CAL) will start codesharing on flights between Dubai and the U.S. via London/Gatwick airport. A new marketing link will also allow travelers on both carriers to enjoy access to one another's airport lounges, as well as enhanced frequent flyer benefits.

Ghaith Al Ghaith, Emirates' Executive Vice-President Commercial Operations Worldwide, said: "This link will offer customers of both airlines seamless connections between our two countries, helping to boost trade and tourism. "They will also pave the way for the launch of our own U.S. services from next year, when we begin non-stop flights between Dubai and New York, our first destination in North America," Mr. Al Ghaith said.

David Grizzle, Continental's Senior Vice President of Corporate Development, said: "We're proud to be associated with an internationally acclaimed carrier that is as committed to excellence in customer service and product delivery as we are. Our long-standing relationship with Emirates has proven particularly beneficial to Continental's customers who have energy-related travel to the Middle East and Indian sub-continent, and the start of codesharing creates additional benefits and opportunities for customers of both airlines."


A day-long workshop under the caption of "Quality Workshop for PVC Pipe Manufacturers" was organized by Engro Asahi Polymer & Chemicals Limited on August 29, 2003 at PC Bhurban.

PVC Pipe is one of the most extensively used materials in water supply throughout the world and is fast becoming the first choice of consumers for water supply and drainage in Pakistan. The pipe quality plays a very critical role in sustainable supply and conservation of water to areas of which some are totally dependent on one source.

This first of its kind quality awareness program was attended by around forty top executives from leading PVC Pipe manufacturing companies of Pakistan. Topics discussed during the seminar included PVC Pipe Market and Potential, Management Control System, and Testing of PVC Pipe. Apart from Engro Asahi presentations on quality control were given by PVC Pipe manufacturers.

This was an interactive workshop with some good suggestions from the manufacturers on how to work closely and how to use the pipe manufacturers forum to curb substandard pipes from the market.

The participants appreciated the efforts put in by Engro Asahi Polymer & Chemicals Limited to arrange the seminar and stressed that these workshops should be a regular feature.

Mr. Asif Qadir, President of Engro Asahi Polymer & Chemicals Limited concluded the workshop and reinforced the need of implementing quality controls by pipe manufacturers in order to realize the fullest potential of PVC Pipe in Pakistan.

Such type of seminars will help the industry to supply a quality product which satisfies the end user. Pakistani PVC pipe industry has tremendous growth potential both domestically as well as internationally and product quality will play a major role in achievement of this potential. The growth of industry will have a positive impact on the national economy in terms of creation of jobs, GDP growth and increase of exports.

We as a nation need to realize that product quality will play a critical role for developing countries like Pakistan in the WTO environment.




While welcoming to Islamabad Chamber of Commerce & Industry (ICCI) the WAPDA delegation consisting of Lt. General (R) Zulfiqar Ali Khan, Chairman of WAPDA, Brigadier (R) Waseem Zafar Iqbal, Chief Executive of Islamabad Electric Supply Company (IESCO) and their senior staff members, Mian Akram Farid, President of ICCI and a large gathering of businessmen expressed their concern that the high cost of utilities was grossly hurting the industrial units production and causing closure of several units. The industrial units which were involved in export-led production were particularly hard hit and were loosing their competitiveness in the international market.

ICCI laid out a comprehensive agenda for discussion with the WAPDA delegation. The agenda emphasized that WAPDA's line losses of over 25 percent and KESCO's line losses of over 42 percent were unjustified and had invited severe criticism from IMF and the Asian Development Bank. The Government levied heavy charges on the consumers such as Petroleum Development levy, gas development surcharge, GST, excise and customs duty. These charges contribute heavily to the cost of utilities and should be brought down to provide necessary relief to the consumers.


Shaheen Insurance in one of the main upcoming companies in the market which is making its presence felt with each passing year. Ever since the change in the top management in the year 1998, the Company has been showing a fairly satisfactory growth in premium volume and profitability year on year. The growth thus reflected is the result of a well thought out operational strategy focused on serving in the due measure the interests of all the stakeholders in the Company viz. the policy holders, the reinsurers and the shareholders etc.

The gross underwritten premium of the Company grew from Rs.117 million in 2001 to Rs.231 million 2002. The Company has underwritten Rs.210 in the first seven months of 2003.

Shaheen's underwriting profitability is one of the highest in the insurance industry, which is a remarkable achievement for a new insurance Company. It is pertinent to note that majority of their more established and much older companies are making money only from the investment income.


The Board of Directors of Pakistan Premier Fund Ltd. have recommended a bonus issue for the year ended to 30th June 2003 and simultaneously declared an interim cash dividend for the current financial year, the first announcement since management of the Fund was taken over by Arif Habib Investments.

Pakistan Premier Fund Ltd. declared a bonus of 12.5% (one share for every eight shares held) and an interim cash dividend of 12.5 % (Rs.1.25 per share) out of current year's profit. Earlier the company had issued 50% rights shares which were subscribed on 30th July 2003. Both the cash dividend and the bonus are applicable on all shares held as on 17th October 2003. The book closure shall be for the period 18th October 2003 to 25th October 2003 (both days inclusive). The interim cash dividend shall be payable on shares held prior to the bonus issue.

The net income before distribution for the financial year 2002-3 was Rs.336.61 million, as against Rs. 20.41 million for the previous year. Major constituents of the income are realized capital gain of Rs. 174.98 million, appreciation in the value of portfolio of Rs. 132.4 million and dividend income of Rs.30.8 million. Arif Habib Investments took over the management of Pakistan Premier Fund Ltd. from KASB towards the end of December 2002.

Arif Habib Investments also manages three open-end mutual funds, the Pakistan Stock Market Fund (PSM), Pakistan Income Fund (PIF) and MetroBank-Pakistan Sovereign Fund (MSF).

All the three open-end funds have already announced their income distribution earlier this year. While MFS had been operational for less than one year, both PSM and PIF closed their first full year operations on 30th June 2003 and announced the highest payouts in the equity and fixed income categories respectively. Arif Habib Investments currently manages over five billion rupees of institutional and retail investor funds. The growth in size of funds is remarkable in terms of a short period of one and a half year of operations.