Feb 02 - 15, 2004

 

'WAVES' NEW MODEL

World fame Pakistani Home appliance Company "WAVES" has launched its new model of world's largest selling Microwave Oven with C.R.S technology and digital touch system. Due to fastest multi-wave technology this Microwave facilitates all type of heating and cooking within moments. There is no chance of hand burning. Its has wide interior as compared to the other Microwave Ovens available of its class. Due to its excellent design characteristic and system it maintains vitality, purification and originality of the taste. With its browning system and powerful Grill microwave oven has become the world's largest selling Microwave Oven because of excellent designing and innovated new technology. In the coming days due to Eid-ul-Azha customers have rightly chosen to purchase this new model for preparing the different dishes.

MAP SEMINAR

 

 

Mr. Luca Mignini, Regional Head and vice President of S.C. Johnson & Son of Pakistan Limited has said that the success of his company is solely attributed to its People.

He was speaking at a seminar on the theme of "Challenges of Managing a Regional Business" organized by Management Association of Pakistan in a local hotel recently. He quoted Mr. F.H. Johnson as having said "The goodwill of the people is the only enduring thing in any business. It is the sole substance- the rest is shadows".

Mr. Mignini is responsible for managing company's business in China, Taiwan, Hong Kong, Vietnam and Pakistan. He said that S.C. Johnson & Son is a family company but it has always focused on the development of its people. In addition to it, their growth and success is also a result of sophisticated market research analysis, responsive product development and creative global marketing efforts that clearly demonstrate their understanding of and commitment to providing consumers the best choices to enhance the quality of their lives.

Mr. Mignini talked about how the integration of a local brand acquisition (FINIS) was successfully completed by S.C. Johnson Pakistan. He also briefly touched upon the future prospects and growth potential of the business in Pakistan.

DEWAN MOTORS BMW GROUP'S NEW PARTNER IN PAKISTAN

BMW Group Middle East announced that Dewan Motors, a division of the Dewan Mushtaq Group Automotive Operations, has been appointed the exclusive importer for BMW cars in Pakistan.

The new partnership was celebrated at an exclusive reception held at Expo Centre, Karachi, attended by the Acting President of Pakistan, Mr. Mohammad Mian Soomro and dozens of other VIPs. Earlier, Dewan Motors announced heavy investment in prestigious state-of-the-art BMW showrooms and after sales centres in Karachi, Lahore and Islamabad.

"Today, with Dewan Motors, we have moved forward into a new era in Pakistan, one that will strengthen BMW Group's position as the leading premium car manufacturer in the country," said Robert Bailey-McEwan, Managing Director, BMW Group Middle East.

Dewan Motors' BMW showroom in Islamabad is located in the Blue Area, the city's prime business centre, close to the Diplomatic Enclave. A separate service facility is to be constructed this year. In Karachi, a showcase showroom and after sales centre, designed by BMW Group in Germany, wit be completed by 2005. In the meantime, Dewan Motors will utilize temporary showroom and service facilities. In Lahore, the new BMW showroom and service facility will open before the end of May.

STATE LIFE'S TOTAL PREMIUM INCOME REACHES RS.9.5 BILLION IN 2003

"State Life Insurance Corporation of Pakistan has successfully procured Rs.1.66 billion as New Business (First Year Premium) which is 110.57% of the actual business target of Rs.1.50 billion while extending financial protection to 183,595 new policyholders and their families nationwide during the year 2003". This was stated by Mr. Rasool Bakhsh Baloch, Chairman State Life while talking to the senior media persons at the inaugural session of 4 days State Life Regional Chiefs and Zonal Heads Conference 2004. Executive Directors, Mr. Muhammad Javed Khan, Mr. Zafar Mahmood, Mr Muhammad Latif and Mr. Zahid Murad and Senior Corporate and Marketing Executives were present on the occasion. Mr. Rasool Bakhsh Baloch while highlighting the corporate performance of State Life informed that the market value of Life Fund of State Life has reached at Rs. 120 billions while the investment portfolio stood at Rs.96,490 million. Mr. Baloch infortned that the total premium income of State Life in 2003 stood at Rs.9.5 hillion as compared to Rs.7.6 billion in 2002 showing an increase of 24.51%. Mr. Baloch said that State Life is leading the life insurance industry as it holds more than 80% market share with the paid up capital of Rs.900 million that is highest in the life insurance industry. The Chairman said that State Life is the only organization that distributes 97.50% of its actuarial surplus to its valued policyholders in the form of "Bonuses" and the remaining 2.5% goes to the Government of Pakistan while replying to a question. Mr. Baloch added that State Life is the country's largest Real Estate owner has 52 State-of-the-Art Architectural buildings network constructed across the country having the office rental space of 20,48,987 sq. ft. which is a hallmark of its strength and stability. Mr. Baloch informed that construction of a nineteen storey State Life Tower has started at Islamabad which will be completed in three years time. The Chairman State Life went on to say that State Life is the country's first multinational life insurance service provider operating in Saudi Arabia, Kuwait and the UAE Region. Mr. Rasool Bakhsh Baloch reiterated that State Life will continue to provide financial services and protection to millions of its valued policyholders both in individual and group life while expanding its operations to cover the 75% untapped life insurance market in the country through the committed marketing force. Earlier, Mr. Zafar Mahmood, Executive Director (Marketing/G&P) while highlithting the business performance informed that State Life has secured Rs. 2.22 billion as total Group Premium Income showing an increase of 58.75% in 2003 by securing 259 new groups while the Gulf business stood at Rs.395 million by securing 1,733 new policies in that region. Mr. Zafar said that business wise Central Region has topped by securing Rs.55.94 crore, Northern Region Rs.43.79 crore, Southern Region Rs.40.44 crore and Multan Region Rs.26.58 showing an increase of 33.82%, 31.24%, 41.31% and 40.28% respectively. Mr. Zafar said that the renewal premium stood at Rs.5.23 billion in 2003 as compared to Rs.4.65 billion in 2002 while the second and third year persistency stood at 79.57% and 91.46% respectively. The Executive Director, said that State Life aims to provide the quality financial services and savings to all the family units in the country. Mr. M. Jawaid Khan, General Manager, Marketing welcomed the delegates of the State Life Conference 2004. Shields and awards were distributed amongst the Zonal Heads on outstanding business performance during 2003.

 

 

NCR ACHIEVES CMM LEVEL III CERTIFICATION IN PAKISTAN

NCR Corporation's professional services organization in Pakistan has become CMM Level III Certified along with qualification for a key process area at level 4. CMM is now regarded as the de facto standard for any organization engaged in providing professional services around the globe.

"The achievement is unique and truly establishes NCR as an organization par excellence in Pakistan. It also represents the reaching of another milestone for NCR in the country after having achieved the status of a Center of Expertise for the Europe, Middle East and Africa (EMEA) region. I am delighted that NCR has set yet another benchmark in the industry, which will go a long way toward giving other companies the incentives to go for CMM certification," said Syed Veqar ul Islam, general manager for NCR Corporation in Pakistan.

NCR's Pakistani professional services team has achieved this certification only five months after their successful assessment at level 2. "This success is definitely an achievement for the country as NCR is the second organization in Pakistan to be certified at level 3 and the first ever to qualify for a key process area at CMM Level 4. Our target is to maintain the internal process improvement efforts in our organization and ensure optimization of our project delivery processes in order to minimize the risks and ensure success for our valued customers," said Faisal Khaliq, professional services manager for NCR in Pakistan.

In the last two and a half years, NCR has consolidated its role as a Center of Expertise for the entire region, by driving implementations for customers across EMEA. CMM Level 3 certification further establishes NCR as an information technology organization that has the capability, the processes and the credentials to deliver on its commitments.

ALLIANZ EFU APPRECIATES HEALTH ASIA 2004 INITIATIVES

With the aim of providing the option of an efficient and customized health care delivery model affordable to the common man, Allianz EFU, the leader in healthcare, participates in Health Asia 2004, the biggest and the first ever health event in the history of Pakistan.

Organized by the Federal Ministry of Investment & Privatization, Ministry of Health and Board of Investment in collaboration with E-Commerce Gateway Singapore, Smart Health Care and National University Hospital Singapore, the event is highlighting the potentials of the health sector. Amongst the co-organizers of the event are Islamic Chamber of Commerce, Export Promotion Bureau, Government of Sindh and Commerce Net Singapore.

Providing immense opportunities of information sharing & cooperation, Health Asia additionally provides the necessary awareness about the health care system of Pakistan.

Improving the quality of life of the Pakistani citizen, as a serious business objective, Mr. Ahmir ud Deen, CEO, Allianz EFU stated, 'Allianz EFU appreciates Health Asia 2004; initiative and supports all steps in this direction. The Quality of life of the common man is an important matter that affects all countries of the world; an efficient health sector naturally plays a major role in shaping lives. There is tremendous opportunity for development and progress in the health sector of Pakistan'.

Allianz EFU is Pakistan's first and only specialized health insurance company. It is the only company that offers health insurance solutions to individuals, families, companies and volunteer 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.

MCB TERM FINANCE FACILITY

Muslim Commercial Bank have signed a Term Finance deal for Pak Rupees 200.0 million with M/s. Tetra Pak Pakistan Ltd at Lahore. Which will be used to enhance it production capacity to meet the growing market requirements.

 

 

At present producing around one billion packs a year proving major player in the packing material market.

Tetra Pak is a joint venture between Tetra Laval Holding & Finances S A (Sweden) and M/s. Packages Ltd. They are principally engaged in manufacturing and sale of packaging material for food items and sale of filling machine's spare parts.

Muslim Commercial Bank as an active player in the market, striving to cater long term & short term requirement of the corporate sector by providing value added financial solution matching customers needs.

Mr. Mohammad Aftab Manzoor President Muslim Commercial Bank and Mr. Lars Norrman, Managing Director M/s. Tetra Pak Pakistan Ltd signed the agreement on behalf of their respective origination. Also present at the occasion were Mr. Aamer H. Zaidi SEVP/Group Head Corporate & IBG, Mr. Imran Maqbool EVP Corporate North Lahore MCB, Mr. Haroon Lodhi Director Finance Tetra Pak and others.

NATIONAL BANK OF PAKISTAN SIGNS PKR 1.25 BILLION LOAN ACCORD WITH INSTAPHONE

National Bank of Pakistan, the Country's largest Commercial Bank, has structured and financed Instaphone, a division of Pakcom Ltd, Pakistan's oldest cellular company, a financing facility of PKR 1.25 Billion.

An offficial Signing Ceremony took place at the NBP's Head Office.

Syed Ali Raza, Chairman & President, National Bank and Mr. Iain Williams, Chief Executive Offficer, Pakcom Ltd signed the Loan Accord. Mr. Masood Karim Shaikh, Group Chief & SEVP, Corporate & Investment Banking Group, Mr. Jawaid Iqbal, Corporate Banking Head South, Ms Fareena Lodhi, Team Leader CIBG and Mr. Ali Afzal, Relationship Manager represented National Bank. Mr. Kevin O. Sullivan, Chief Financial Offficer represented Pakcom Ltd along with Ms. Kiran Ahmed, G. M. Corporate Finance and Mr. Muhammad Ahmed, National Treasury Manager.

Instaphone has the widest cellular network in Pakistan, with over 185 cities nationwide. Currently offering the best value for money, optimum digital services including SMS and Instaphone post-paid, Insta One and Insta Xcite pre-paid products to tap all the market segments, Instaphone will be expanding its network in 2004, to a capacity of 1 million customers, provide the best quality services in the market, International SMS to over 600 cellular operators worldwide and extending to more new cities in Pakistan.

NBP offers a comprehensive range of financial products for its corporate and consumer customers, which includes working capital finance, project finance, trade finance, consortium & syndicate finance, and other specialized financial products. NBP has structured and financed various local & offshore financing. Apart from individual contribution in the corporate world, NBP has also entered into a number of Syndicates & Consortiums for the establishment and restructuring of various public and private projects.

NBP has always showed its promise to support Pakistan's emerging & potential economic sector, Pakcom being one of the leading Cellular Communication Company, operating in the vastly potential Telecom Sector, has been in cordial relationship with NBP for the last 3 years and with this Structured financing, the relationship seems a long lasting one as the fundamentals of Telecom Sector and Pakcom portrays an optimistic future.