Mar 08 - 14, 2004



Muslim Commercial Bank Ltd. conducted the draw of their consumer promotion scheme Shop & Win through a computerized balloting in a ceremony. The scheme, offered during November and December, received overwhelming response from MCB Card holders, who used their ATM and Smart Cards for shopping. Total prizes worth Rs 3.5 Million including a grand prize of 1500cc Car, 100 prizes of Rs. 10,000 each and 200 prizes of Rs. 5000 each.
Speaking on the occasion Head of Consumer Banking Mr. Aneeq Khawar said that MCB being the market leader with ATM/Debit Card base of more than 500,000. These cardholders enjoy the convenience of 



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 Cirrus Logo.


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.


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 the bidders.


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 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 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".




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 inclusive).

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.