Apr 12 - 18, 2004

 

BANK OF PUNJAB AGM

The Annual General meeting presided by Mr. Hafeez Akhtar Randhawa was held on 31 March 2004 and attended by Managing Director, Directors, General Managers and majority of share holders. Secretary Board made a detailed presentation on the Audited Accounts as of 31 Dec. 2003 and was unanimously approved by the shareholders. According to this stock dividend of 25 % would be paid to all shareholders. It must be borne in mind that the bank made a profit of more than Rs. 1 billion in the financial year ending 31 Dec. 2003, which is 132% higher than the previous year. The earning per share of the bank also has increased from Rs. 2.83 to Rs 6.86. The bank's deposits have increased by 47% and Advances have been increased by 177%. Which is Rs 34,938 million and Rs.18,344 million respectively.

 

 

Mr. Hafeez Akhtar Randhawa, Chairman, The Bank of Punjab said that the policies initiated by the new management are bold and in line with the current market realities and are clearly evidenced from the phenomenal results of last year. Our performance last year and the new policies will serve as a basis for the better results. He added further that The Bank of Punjab would expand its network on district level to bring into the loop, all the transactions related to wheat, cotton, milk, sugarcane and other crops contributing to the national prosperity and development.

PAKISTAN WILL HOST THE 11TH ASIA OCEANIA REGIONAL MEETING

The Fund Managers of Pakistan are exploring the possibilities of technical co-operation of their counterparts in India who have already developed expertise in training & education as well as funds distribution network, this was stated by Chairman Mutual Funds Association - MUFAP, Mr. Zaigham Mahmood Rizvi while addressing a press conference. He said that such possibility of technical collaboration may cover Off-shore Fund, Pension & Annuity Funds, Real Estate & Infrastructure Fund, and Capital Guarantee Fund. This will help Mutual Fund industry through a variety of products catering to various risk and returns profiles of investors.

Briefing about delegation of MUFAP's visit to India, Mr. Zaigham Mahmood Rizvi, who is also the Managing Director of Pak-Kuwait Invest Company Limited, and Chairman of MUFAP, said that a six-member delegation of MUFAP headed by him has visited New Delhi to attend the 9th Asia Oceania Regional Meeting AORM of the International Investment Funds Associations held from March 3-7, 2004 on the invitation of Association of Mutual Funds in India AMFI. The Meeting was attended by delegations from twelve countries, Australia, Bangladesh, China, Hong Kong, India, Japan, Korea, Malaysia, Pakistan, Philippines, Singapore, and Taiwan. Pakistani delegates held meeting with delegates from these countries to explore cooperation in mutual funds sector. Pakistan delegation also held meetings with Indian Asset Management as well Distribution Companies, which included Birla Group, Bajaj Capital, and MJ Capital to explore technical cooperation between the two countries' mutual fund industry. While MUFAP is relatively a fresh member of the Asia Oceania Group, an Investment Funds Association, it has been honored to be the host of Eleventh Asia Oceania Regional Meeting to be held in the year 2006, added Mr. Zaigham.

FIRST EXPORT ORDER

 

 

Data steel pipe industries the largest spiral welded pipe manufacturers of the country has obtained the first export order of approximately 300 metric tons from Sri Lanka.

This is the first export of its kind from Pakistan. And if Pakistan Steel Mills successfully delivers the required raw material in time there is lot of scope for future business.

IRAN WILL ISSUE THE 60,000 VISAS THIS YEAR

President Islamabad Chamber of Commerce and Industry Mr. Zubair Ahmed Malik stressed to increase the bilateral trade between Pakistan and Iran. He stated to H.E. ambassador of Iran Mohammad Ebrahim Taherian. The Ambassador said to the ICCI delegation that policy is transparent and our priority is to extend trade relation and our target is to reach the 1 billion dollar mark by bilateral trade. Iran facilitates the businessmen to provide the facility and this year Iran will issue the 60000 visas for Pakistan who will visit the Iran. Ambassador of Iran further stated that Government cannot do everything but government duty is to provide facility to private sector. Gas pipeline will be beneficial for the regional countries especially Pakistan and Iran. President ICCI Zubair Ahmed Malik stressed to improve the ECO role and said that lets find some ways to stop the across boarder smuggling because Pakistan and Iran both have 900 km border.