The professional handling of the allotment of
units/certificates of Pakistan Capital Market Fund will go a long way
in improving investor's confidence in the market and professional fund
managers. Arif Habib Investments has already set high standards for
themselves by announcing bonus for Pakistan Stock Market Fund and
Pakistan Income Fund within days of the close of the financial year,
for two years in running. Professional conduct by financial
institutions, especially fund managers, supportive but stringent
regulatory environment and good management at the stock exchanges has
contributed towards the slow but sure build up of investors
Mutual Funds and IPOs have caught the attention of
different types of investors lately. The Rs. 1.5 billion, Pakistan
Capital Market Fund received subscriptions worth Rs. 1.125 billion in
the pre-IPO stage, by leading institutions of the country. As per the
regulatory requirement, Rs. 375 million were offered to public. The
fund received 38,000 applications for Rs. 2 billion; an
over-subscription by five and a half times.
Arif Habib Investments now manage well over Rs. 7
billion under Pakistan Capital Market Fund and four other funds. Three
open-end funds, the Pakistan Stock Market Fund (PSM), Pakistan Income
Fund (PIF) and MetroBank Pakistan Sovereign Fund (MSF) and another
closed-end fund, the Pakistan Premier Fund (PPF).
Pakistan Capital Market Fund is a broad based fund,
which invests in a mix of equity, debt and money market instruments.
The investment decision making of the fund will be the responsibility
of investment committee comprising of fund managers of relevant asset
AIRBUS 380 DISPLAY
Emirates, the Dubai-based international airline
unveiled a 20 feet-long model of an Airbus A380-800 aircraft sited on
a roundabout sponsored by the airline, opposite Helipad Clifton. The
centrally positioned roundabout is to be known as the "Emirates
Dr. Ishratul-Ebad, Governor of Sindh was the Chief
Guest at the inauguration ceremony of the Emirates Square. Speaking on
the occasion, the Governor lauded Emirates Airline's contributions to
beautifying and revamping Karachi. Furthermore, the Governor praised
Emirates for its policy of innovation in its fleet, one of the latest
examples of which is an order now totaling 45 aircraft for the
yet-to-fly "super-jumbo", the Airbus A380.
BOE PAHARI INAUGURATES VAN GOGH PREFERRED BANKING
ABN AMRO Bank formally launched Van Gogh Preferred
Banking, its global priority banking service, at the Islamabad Branch.
The luxurious and swanky Van Gogh Preferred Banking lounge, designed
exclusively for Van Gogh Preferred Banking customers, was inaugurated
by Mr. Boe Pahari, Head, Emerging Growth Markets, ABN AMRO Bank. The
Islamabad Van Gogh Preferred lounge is the third lounge to be
inaugurated by the bank after the launch of the Karachi and Lahore
lounges recently. Van Gogh Preferred Banking (VGPB) takes its
inspiration from the creativity, mastery and determination of the
world-renowned post-impressionist Dutch artist, Vincent Van Gogh and
represents a fresh and vigorous approach to banking. Marked by a
unique range of privileges and benefits, VGPB offers its customers the
highest levels of service, the guidance of Personal relationship
managers, the advantage of preferential pricing on products and access
to the plush VGPB lounges, amongst a host of other facilities.
Speaking on the occasion Mr. Boe Pahari described
Van Gogh Preferred Banking as "the epitome of service, offering a
second home-coming to the customer" and "as distinguished as
a Van Gogh masterpiece".
Mr. Naved Khan, Country Representative, ABN AMRO
Bank, remarked "Van Gogh Preferred Banking will promote growth
within the banking sector as a whole, by raising the competitive bar
and setting industry standards" and added that, "the
continued investment in the country is clear evidence of ABN AMRO's
commitment to the nation".
KICT RECEIVES NEW EQUIPMENT TO ENHANCE OPERATIONAL
Karachi International Container Terminal (KICT) has
taken delivery of one post-Panamax Quay Crane (QC) and four Rubber-Tyred
Gantry Cranes (RTGCs) to further enhance its operational capabilities.
The new equipment will commence operations at the
terminal after being commissioned. With this latest batch of
equipment, KICT will operate with a total of four quay cranes, 12
RTGCs, four reachstackers, four empty handlers, 28 terminal tractors,
144 reefer plugs and Radio Data Terminals (RDTs).
Chief Executive Officer of KICT, Khurram S. Abbas
commented that, "KICT's objective is to provide optimal service
to its customers as the Port of Karachi is the gateway for Pakistan's
external trade. The container traffic at the Port of Karachi has grown
significantly which reflects the growing preference for KICT's fast,
reliable, consistent and one-stop services."
"In order to meet the soaring growth of trade,
the new equipment will not only enhance KICT's operational
capabilities and service levels, but also promote the position of Port
of Karachi in the economic development of the country and the shipping
industry of the region."
EMIRATES AIRLINES HOSTED AGENTS GALA AWARDS DINNER
Dubai-based international airline Emirates held an
Agents Gala Award Dinner on January 30, 2004. The event, which took
place at the Defence Golf Club, was of a gratifying nature, as
Emirates honoured its top travel agents in Pakistan.
Mr. Abdulla Naseer Abdulla, Vice President,
Pakistan, while addressing the guest said, "Emirates has a very
special relationship with Pakistan ever since 1985 when our first
flight from Dubai made a historic landing at the Karachi Airport,
Emirates' very first destination. In Pakistan, Emirates has been
achieving load factors of 85 per cent on average, and as you all know,
often much higher. This makes us happy and should make you proud.
There is no doubt that our success in the Pakistani market would not
have been possible without the overwhelming support we have received
from the travel and cargo agent community in the country".
CHAIRMAN APTMA MEETS FM
Mr. Shaukat Aziz, Federal Minister for Finance
invited Mr. M. Waqar Monnoo, Chairman Aptma at dinner held at
Islamabad on the eve of prepayment of costly loan of US$ 1.1 billion
to Asian Development Bank. Chairman Aptma congratulated the Finance
Minister and the government of Mr. Zafarullah Khan Jamali, Prime
Minister on achievement of this milestone in the history of Pakistan.
The Finance Minister introduced the Chairman Aptma
with various dignitaries and also arranged a separate meeting of him
with the Finance Minister of Afghanistan, Mr. Ashraf Ghani. The
Afghani Finance Minister informed Chairman Aptma that Textile Parks
will soon be set up in Afghanistan on the lines of Textile Parks
established in Jordan wherein Afghanistan will get concession on
custom duty and award of special quotas for export of textile items to
USA. The Afghan Finance Minister further informed that initially two
Parks will be set up in Jalalabad and Kandahar.