Oct 06 - 12, 2003



Ezycargo, the new Internet-based cargo portal involving a partnership between leading Asia-Pacific carriers Cathay Pacific Cargo, Japan Airlines Cargo, Qantas Freight and Singapore Airlines Cargo, recently announced the official launch of full commercial operations in Hong Kong.

The milestone, which sees the airlines significantly expanding their e-business capabilities, was marked by an event in Hong Kong.

Ezycargo (known in its development phase as ACE Air Cargo Exchange) was established by two of the industry's most successful cargo community systems.



Cargo Community Network Singapore Pte Ltd (CCN) and Global Logistics System (HK) Co. Ltd (GLSHK), also known as Traxon Hong Kong, have developed the initiative, with the four airlines the first to offer Ezycargo's benefits to their customers.

Initially, customers will be able to make allotment and free-sale bookings, conduct tracking and tracing, and review flight schedules on the four carriers through Ezycargo.com. Additional features are under development for introduction later in the year.

With Ezycargo now online in Hong Kong, other markets will follow Singapore in October, Australia in November and Japan in December.


Eminent scholar, Dr. Sayed Riaz Ahmad has recently been appointed as Vice Chancellor of Preston University, Kohat, NWFP. Dr. Riaz Ahmad brings to Preston over 40 years of invaluable experience of academia and the corporate sector.

Dr. Riaz Ahmad took a first class masters degree in Political Science from F.C College, Lahore and Ph.D from the University of Durham, England. He also obtained a post graduate diploma in Management Training from Royal Institute of Public Administration, London. Dr. Riaz also attended a number of courses in various areas of management at different institutions of international repute including one on policy analysis and development at UN Asian Institute of Development Administration, Kuala Lumpur.


In order to put the record straight, APTMA is issuing this press release in respect of election for the office of Chairman for 2003-04.

(a) Central Managing Committee in its meeting held on 18th September, 2003 carried a decision based on majority votes regarding election for the office of Chairman in the subsequent meeting held on 25th September, 2003 the Managing Committee of APTMA deferred a part of the minutes due to the restraining order received from the Honorable Sindh High Court at Karachi. The Central Managing Committee re-affirmed its earlier decision of the 18th September, 2003 and resolved to strongly defend all its actions at any forum including courts of law.

(b) It is further clarified that there has never been direct involvement of the Central Managing Committee on the issue, which has appeared in a section of the press. APTMA Management showed its concern on the issue being taken to the press as well as the Court and suggested to avoid unnecessary litigation and consequently legal expenses of the Association thereon.

APTMA Management is pleased to announce that in the meeting of Central Managing Committee held on 25th September, 2003 it has successfully resolved the issue of election for the office of Chairman APTMA for the year 2003-04 and unanimously carried the following resolution:



"RESOLVED that in view of the letter received from Mr. Waqar Monnoo and consent received from Mr. Shahid Anwar to withdraw all litigation against APTMA on his behalf and on behalf of Island Textile Mills Limited, Managing Committee is pleased to decide that there will be elections held for the post of Chairman between Mr. Waqar Monnoo and Mr. Shahid Anwar for the year 2003-2004 on October 11, 2003.

This resolution will become effective on the date of actual withdrawal of all court cases against APTMA filed by Mr. Shahid Anwar and Island Textile Mills Limited by 30th September, 2003".

The Committee appreciated the gesture of Mr. Muhammad Waqar Monnoo for offering to contest Elections despite earlier decision of the Central Managing Committee relating to his Election. The Committee also appreciated the gesture of Mr. Shahid Anwar for announcing the withdrawal of all litigation filed against APTMA.


Mian Akram Farid, President of Islamabad Chamber of Commerce & Industry (ICCI) has announced the "Award of Excellence in Diplomacy" in favour of Dr. Maleeha Lodhi, Pakistan's High Commissioner to U.K.

Mian Farid has stated that the chamber and the business community feel proud of Dr. Maleeha Lodhi's unprecedented contribution both as a front rank journalist and as an outstanding star diplomat of Pakistan. The Award is a simple recognition of her contribution at various levels of career. We are confident that Dr. Lodhi will strive hard to improve Pakistan's image in U.K. as well as help boost Pakistan's bilateral trade with U.K.


Capital Development Authority (CDA) would build a new and modern Industrial zone along with Islamabad-Lahore Motorway to remove the extra load on Islamabad Industrial area and to facilitate the Industrialists of federal capital.

This was announced by the chairman CDA Chaudhary Abdul Rauf while addressing an extra ordinary meeting of traders and industrialists at Islamabad Chamber of Commerce and Industry (ICCI) here.

The Chairman CDA also ordered for suspension of auction called by the CDA on 30th September for awarding the contract of entry and parking fee in Fruit and Vegetable market on the complaints of traders and ordered for complete probe of the matter.

Chairman CDA approved the formation of Industrialists Club on the model of Islamabad Club and said that federal city would be further developed and beautified. He said that development work in 'F' series residential sectors, the expansion of Islamabad Highway from Faizabad to Zero Point and Murree road from Faizabad to Serena Hotel would also be started soon.

He further informed that after the approval of Ecnec committee CDA was in the process to import latest fire fighting system and improve sewerage system as well. He said that the latest equipment for fighting fire in 20 story buildings would be imported soon.


The Commerce and Consumer Affairs Ministry said recently that the European Union has confirmed a massive tariff reduction on garments from Sri Lanka by recognizing the adherence to good labour practices. The move effective from October 13, will reduce the effective tariff rate of 12% to around 4% and 5% and it was based on an application made by Sri Lanka last year under social labour clause of the enhanced tariff reduction scheme under General System of Preferences, (GSP). Following the application a labour audit was conducted by the EU early this year. Based on the audit Sri Lanka was qualified for the tariff preference scheme after certain clarifications. The EU is the second biggest market for Sri Lanka's apparel exports behind the US. Of the exports to EU, apparel account for over 50%.




10th Annual General Meeting of Modaraba Association of Pakistan (MAP) was held on 29th September, 2003 at Sheraton Hotel, Karachi.

Speaking at the occasion, Chairman, Mr. Waqar Ajmal Chaudhry summarized MAP's achievements during the past year. Amongst other things, MAP has worked on building the Modaraba profile and attracting investment from other friendly Islamic countries. In this respect, MAP attended the 9th Private Sector Meeting of the OIC countries held in December 2002 at Sharjah where 57 Islamic countries participated.

Modarabas have also been successful in diversifying their products and are getting into newer lines of businesses. MAP has actively worked with Securities and Exchange Commission of Pakistan (SECP) for the approval of a Listed Islamic Term Finance Certificates.

SECP in consultation with MAP, is in the process of rationalizing the Modaraba Ordinance and Rules together with the Prudential Regulations for Modarabas. These amendments are expected to benefit the Modaraba sector.

Above efforts have translated into improved profitability and increased payout in the sector. Market's confidence in the sector is reflected by approximately 100% increase in market capitalization since early this year.

Mr. Chaudhry presented plaques to the top three Modarabas distributing highest dividend for the period ended 30th June, 2002, First Imrooz Modaraba with 50%, First Grindlays Modaraba with 40% and First Habib Modaraba with 20% cash dividends qualified for the recognition and appreciation.


Sui Southern Gas Company (SSGC) declared a cash dividend @ 18% (Rs.1.8 per share) for the financial year ended June 30, 2003. The Board meeting was held here at Company's Head Office on September 30, 2003 to review the audited accounts for the year ended June 30, 2003. Mr. Atizaz Shahbaz, Chairman presided over the meeting.

The Board was informed that during the year the Company's sales increased to Rs.41.572 billion as compared to Rs.37.061 billion during the previous year representing an increase of 12 percent. The increase in gas sales was largely to the power sector and other industrial customers. The company sold 254,349 MMCF to gas customers as compared to 234,553 MMCF during the previous year which represents an increase of 8.4 percent. The Company has earned after tax profit of Rs.1.448 billion as compared to Rs.1.435 billion during the previous year. The earning per share increased to Rs.2.16 from Rs.2.14 in the previous year.

The Company has contributed over Rs.7.7 billion to the national exchequer in the shape of Sales Tax, Income Tax and Gas Development Surcharge (GSD) during the year under review.

The Company laid 526 kilometer mains and service gas pipelines to provide connections to 56,789 new customers during the year. During the year, the Company was able to complete is Gas Infrastructure Rehabilitation and Expansion Project at a capital cost of Rs.3.2 billion which increased SSGC transmission capacity from 600 MMCFD to 1200 MMCFD. The Company currently has 950 MMCFD of gas and transporting another 250 MMCFD to the Sui Northern Gas Pipelines Limited (SNGPL), which is contributing to sales revenue.

As a result of equalization of gas purchase prices, an amount of Rs.6.2 billion will be received by SSGC. This will improve the operating margin and profitability of the Company.

The Board noted with satisfaction that the Company has made arrangements for the timely execution of its five years' Rs.34.5 billion Capital Expansion Program, in order to connect all the new gas fields in Sindh and Balochistan, and to increase system capacity to 1800 MMCFD. Out of this an amount of Rs.5.4 billion will be spent during the year 2003-04.


EFU Life Assurance Ltd. and Askari MasterCard signed a Memorandum of Understanding recently to provide a value-added service of insurance coverage to Askari MasterCard holders under the Credit Protection Scheme. At very nominal rates, this scheme aims at helping Askari MasterCard members and their heirs in payment of outstanding bills on their cards by providing insurance coverage against death, terminal illness and disability. At the inception of the scheme Askari MasterCard members are being offered free two months coverage.

EFU Life is the largest private life insurer and the only insurer in Pakistan offering such protection to credit card holders. It has introduced several innovative ventures with major banks in Pakistan.

Askari MasterCard was launched in February 2001. Since then it has managed to successfully make a superior customer base and portfolio with numbers increasing day by day. Askari MasterCard carries a world of features and services to make life as simple, convenient and stress free as possible making it "the Sensible Choice" for the user.




Please note that Annual General Meeting of Pakistan Ship's Agents Association (PSAA) was held recently at Beach Luxury Hotel, Karachi. Following were declared elected for the term 1st October, 2003 to 30th September, 2004.



1. Mr. Farouq H. Rahimtoola


2. Rear Admiral (Retd) S.H. Khalid

Vice Chairman

3. Captain Nusrat Iqbal

Hon. Secretary

4. Mr. Amir Abbas

Hon. Treasure

5. Mr. Atthar Adil Mallick

Committee Member

6. Ms. Ava A. Cowasjee

Committee Member

7. Captain Khalid Hashmi

Committee Member

8. Mr. Nadeem Moulvi

Committee Member

9. Syed Masood Ahmed Zaidi

Committee Member




KalSoftTM (Pvt) Ltd. already being the Sun's iForce partner has now become the Sun's iForce ERP/Supply Chain Network Partner. Sun Microsystems is the most advanced source of IT, software and services in the world. Now that KalSoft is a Sun Microsystems iForce ERP/SC Network partner, it will help KalSoft to better serve its valuable customers and to understand what they are asking in order to deliver solutions quickly and provide greater convenience at the same time.

It is an honor that KalSoft is the only company in Pakistan that is the Sun iForce ERP/Supply Chain Network Partner. With around 53 Sun iForce ERP/Supply Chain Network members worldwide, this partnership will provide revenue-generating opportunities, including demand-generation programs, and support from community members. KalSoft can enjoy a strong portfolio of benefits offered through the iForce Initiative, enabling a faster roll out of ERP/SCM solutions to their customers.

According to Mr. Khurram H. Kalia, Chief Technological Officer (CTO) of KalSoft, this partnership will allow KalSoft to have significant global growth plans to increase sales and explore new, untapped markets, and to better serve our customers worldwide.


The first meeting of the UN Global Compact Steering Board was held in Islamabad. Federal Minister of Trade and Commerce, Mr. Humayun Akthar Khan, as the Patron of the Board, and Mr. Onder Yucer, UN Resident Coordinator as Chairman highlighted the relevance of the Global Compact as a mechanism to offer the business community an opportunity contribute to the challenges of poverty reduction. There was representation from Government, UN agencies, Chambers, Employers' Associations, Civil Society and leading private companies.

The objective of the Steering Board is to oversee the implementation process of the Global Compact in Pakistan. More specifically, the Steering Board shall be instrumental in providing guidance and support for national policy dialogues, advocacy and learning on national development challenges where the business sector could contribute. It will also provide guidance in initiating and promoting public private partnership projects and facilitating corresponding mobilization of resources. Mr. Humayun Akthar Khan assured the Board members of the Government's support and urged the business leaders to be receptive to the development agenda of the UN Global Compact. He also invited the corporate sector to contribute to the Global Compact related initiatives. Mr. Yucer said "the business sector is the key generator of employment and technological advancement and the Global Compact seeks to mobilise this engine of growth towards the challenges of poverty eradication".