largest network of MNET ATM's and rapidly expanding
merchant locations. PIN based Point of Sales (POS) Terminals are place
at these locations for customers to use their cards for payment with
comfort and security. Apart from pioneering the concept of secure PIN
based card in Pakistan. MCB ATM/Debit Card are also the only pin based
card that can be used internationally at over 5 million outlets with
the Maestro and Symbols and over 6 million ATM machines with the
BOP RECORDS HISTORIC RESULTS, EARNINGS TOP RS 1
The BOP Board of Directors, in the meeting presided
over by the Bank's Chairman Mr. Hafeez Akhtar Rhandawa, proposed a
stock dividend @ 25% to its share holders.
The Bank earned a pre tax profit of Rs. 1002
million during the year 2003 as against Rs. 432 million for 2002
registering an increase of 132%. The EPS for the period works out to
Rs. 6.86 as against Rs. 2.83 last year. Deposits and Advances grew, by
47% and 177% to Rs. 34,938 million and Rs 18,344 million respectively.
HABIB BANK: AKFED PLEDGES STRENGTH, CONTINUITY AND
The Privatization Commission formally granted the
Aga Khan Fund for Economic Development (AKFED) rights to 51% of the
shareholding in Habib Bank Limited against a committed investment of
Pakistani Rupees 22.409 billion (US$389 million) in accordance with
all statutory requirements and the terms of the successful bid as
approved by the Cabinet Committee on Privatization.
"This sale represents a very important step
towards enhancing potential in the financial services sector and
towards reinvigorating investment by those with a solid and proven
interest in growing this country's economy," said Finance
Minister Shaukat Aziz on the occasion.
Underlining the importance of a transparent
process, Dr. Abdul Hafeez Shaikh, Minister for Privatization and
Investment said that privatization of Habib Bank Limited (HBL) is a
manifestation of the Government policy that underscores privatization
in a fair and transparent manner for the people of Pakistan in the
right way, to the right people, at the right price. The HBL
transaction also highlights the professionalization and integrity of
the process which has been universally lauded and appreciated by all
PAKISTAN AND BANGLADESH TO BOOST BILATERAL TRADE
Bangladesh High Commissioner H.E. Mr. Alimul Haque
has stressed the importance of increasing bilateral trade between
Bangladesh and Pakistan during his visit to Islamabad Chamber of
Commerce & Industry. He pointed out that Bangladesh is a large
market for Pakistani investors and urged them to take advantage of his
country's business-friendly policies. He indicated that Bangladesh tea
is superior to other countries and Pakistan should increase its
import. Tea import from Bangladesh is about ten thousand metric tons
per annum. High Commissioner Haque made this statement while
addressing the businessmen at the Chamber and urged them to visit
Bangladesh to explore the opportunities for joint venture investment
in textiles, garments manufacturing etc.
President ICCI Mr. Zubair Ahmed Malik welcomed High
Commissioner Haque and stated that businessmen in both the countries
should interact more actively with each other to boost bilateral trade
between Bangladesh and Pakistan. He indicated that a delegation of
Pakistani businessmen should visit Bangladesh, which was welcomed by
High Commissioner Haque. At present the volume of trade between the
two countries is around $ 60 million, which should be increased.
SONERI BANK — BONUS SHARES
Soneri Bank Ltd's Board of Directors in its meeting
have recommended issuance of 'Bonus Shares' @ 25% i.e. 25 shares per
hundred shares held. This will result in capitalization of a sum of Rs.
254.384 Million. After issuance of aforesaid shares, Soneri Bank's
Paid-up Capital will be Rs. 1.272 Billion and share-holders equity
will be Rs. 2.604 Million. This recommendation has been possible due
to Soneri Bank's achievements in the year, 2003 which mainly are: Rise
in Pre-tax Profit to Rs. 813.512 Million from Rs. 621.176 Million in
2002, Rise in Deposits to Rs. 28 Billion compared to Deposits of Rs.
21 Billion in the previous year, 5 branches have been added to the
branch network now totalling 44; Soneri Bank has gone actively into
consumer finance and introduced products like House Finance Scheme,
Car Finance Scheme & Personal Finance Schemes which are being
successfully marketed. The bank has also its ATM Card which is now a
Debit Card also. Import/Export Business handled during 2003 was over
Rs. 60 Billion. The Balance Sheet size has grown from Rs. 28 Billion
to Rs. 37 Billion.
Other products for Bank's customers, keeping in
view latest technologies and requirements are in the pipeline of
introduction. On-line banking network is being expanded to cover
almost all branches. With above facts and achievements, Soneri Bank
Ltd's Directors expressed expectation of more confidence of the Bank's
shareholders, Depositors & Customers in times to come.
MOBILINK LAUNCHES A NEW & VIBRANT CORPORATE
Mobilink launched its new and vibrant corporate
identity, heralding a new era in reshaping communication that promises
a vast portfolio of new concepts and superior services to a rapidly
growing customer base of the largest cellular company in Pakistan.
The new corporate logo, a unique blend of violet
and gray colors and projecting a rich and vibrant personality of the
Company, was unveiled by Mr. Zouhair A. Khaliq, President & CEO of
the Mobilink amidst a flash of scintillating lights and music.
Addressing the participants, the Mobilink Chief
said, "today we are confident that we have all the essential
building blocs in place to take the dream forward and to play the
leadership role in rapid growth and development of telecommunications
in Pakistan. The Mobilink World encourages people to talk to each
other and form lasting bonds with one another. Mobilink feels great
pride in the fact that, the largest cross section of people using
mobile technology in Pakistan, share their joy, their relief, their
anger and sometimes their sorrow together as one nation, using
Mobilink's systems and facilities".
HUBCO BOARD ANNOUNCES 16 PERCENT INTERIM DIVIDEND
The Board of Directors of the Hub Power Company
Limited met recently in Karachi to approve an Interim Dividend for the
year ending June 30, 2004.
The Board is pleased to announce an Interim Cash
Dividend at Rs.1.60 percent per share i.e. 16 percent. The Interim
Dividend will be paid to the shareholders whose names appear in the
Register of Members at the close of business on April 4, 2004.
As already announced on January 28, 2004 the Books
will remain closed from April 5, 2004 to April 16, 2004 (both days
Shareholders (Non-CDC) are requested to promptly
notify the Company's Registrar of any change in their addresses and
lodge, if applicable to them, the Non-deduction of Zakat Form (CZ-50)
with the Registrar of the Company. All the Shareholders holding their
shares through the CDC are requested to please update their Address
and Zakat status with their CDC Participants. This will assist in the
prompt receipt of dividends.