Feb 16 - 22, 2004

 

BALLOTING FOR OVERSUBSCRIBED ARIF HABIB FUND IN RECORD TIME

The computer balloting for allotment of units/certificates of Pakistan Capital Market Fund, the largest closed-end mutual fund offering in Pakistan was held on Friday, 30th January at a local hotel. The balloting took place within a week of the close of a three-day Initial Public Offer (IPO) from 22nd to 24th January. The fund is managed by Arif Habib Investments, while Arif Habib Securities are the consultants to the issue.
Bankers to the issue are being instructed to return the funds of unsuccessful candidates. They had already been instructed on 28th January 2004, to return all amounts over Rs. 100,000.

 

 

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 confidence.

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 classes.

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 Square".

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 CAPABILITIES

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.