AWARD FOR MANSHA
Begum & Tariq Rafi Chairman, Siddiq Sons Group
of Industries hosted a dinner to celebrate/congratulate Begum &
Mian Mohammed Mansha for receiving state award, Sitara-e-Imtiaz at his
residence. A large number of dignatories from different walk of life
attended the Dinner.
PAKISTAN-TURKISH TRADE FLOURISHING
Ambassador of Turkey to Pakistan His Excellency Mr.
H.Kemal Gür, accompanied by the Turkish Commercial Counsellor
Mr.Recep Demir and a Turkish businessmen Vedat Mirmahmutrgb called on
the Islamabad Chamber of Commerce & Industry (ICCI) and held
useful discussion about bilateral trade and investment between Turkey
Ambassador Kemal Gür stated that he anticipated
improvement in the bilateral trade from the present-low figure of US $
135 million to US$ 300 million following the useful meetings held
recently between the Turkish Prime Minister and Pakistan Prime
Minister and interaction between the business communities in the two
countries. The Turkish Prime Minister and his entourage of Turkish
businessmen had visited Pakistan a few months ago. He also indicated
that increased trade promotion under the ECO member countries was
visualized following the recent meetings held at the highest level.
The Chief representative of DIZAYNG Group in
Turkey, who accompanied the Turkish Ambassador, explained to Pakistani
businessmen at the meeting that his Group produces plastic pipes and
fittings and has achieved the distinction of being one of the three
companies in the world that produces the pipe with 1600 mm diameters
as a single piece with recorded length of 500 meters. He offered to
collaborate with Pakistani businessmen in the production of these
pipes by establishing a business joint venture in Pakistan. The
businessmen present at the meeting evinced interest in the product and
agreed to follow up on the prospects of establishing a joint venture.
Mr. Zubair Ahmad Malik President of Islamabad
Chamber of Commerce & Industry welcomed the Turkish Ambassador and
his colleagues. He stressed on the importance of increasing bilateral
trade between the two Muslim countries and urged Pakistani businessmen
to explore the prospects of joint venture investment proposed by the
Turkish representative of DIZAYN Group. He offered ICCI's full support
to promote bilateral trade ties. An insignia of the Chamber was
presented to the Turkish Ambassador in appreciation of his visit to
SSGC SPONSORS WWF PROGRAMME
Sui Southern Gas Company Limited (SSGC) is
providing support to the World Widelife Fund (WWF) campaign for
environmental awareness among school children under its Corporate
Social Responsibility program. The Company places special emphasis on
Corporate Social Responsibility and continues to make dedicated
endeavours through a wide range of projects, particularly in the areas
of nature conservation and education.
For the betterment of community Sui Southern Gas
Company Limited (SSGC) is sponsoring social welfare projects at Ghari
Khairo for the local community. The company has taken steps to
conserve the ancient and valuable juniper forests in Ziarat through
supply of alternate fuels. SSGC will provide financial support for the
establishment of Petroleum, Oil and Gas Engineering Faculty in NED
University. To provide a cleaner environment to the citizens, SSGC has
taken steps for tree plantation scheme of approximately 100,000 trees
and for up-gradation of roundabouts and parks at company's locations.
During the 2003 rain disaster, SSGC provided funds and relief goods
for rain affectees.
The Ministry of Environment and the Ministry of
Education have jointly begun the implementation of Rs 26 million
project called "Environmental Education Promotion at School and
College Level". The objective of the project is to integrate
environmental concepts in the formal education system at the primary,
middle, secondary and higher secondary levels throughout all districts
of Pakistan. It aims to address the lack of environmental awareness in
Pakistan, which has been termed as one of the key contributing factors
to rapid degradation of environment and the ensuing poverty in the
The project will target more than 200,000
educational institutions and 26 million students throughout Pakistan
and will introduce core environment subjects as part of the syllabus
from grade one to twelve. The project will bring attitudinal and
behavioural changes within young people in support of conservation and
INBOX ENABLES WIRELESS HOTSPOTS ACROSS THE COUNTRY
Inbox Business Technologies (Pvt.) Ltd have taken
the lead initiative to offer wireless connectivity for business
travelers via making leading hotels across Pakistan into hotspots.
Travelers who are equipped with notebook computers which has
integrated wireless LAN capability, as available with Intel®
CentrinoTM mobile technology can now truly experience 'anytime'
'anywhere' computing phenomenon.
At present there are fourteen hotspots enabled by
Inbox across Pakistan and the company is aggressively working on
making more public locations into hotspots this year. Hotspots are an
increasingly popular way to work and play whilst on the go. Basically
a hotspot is a place where one can access Wi-Fi (Wireless Fidelity)
Internet service i.e. without having wires connected to your notebook.
AUTOMOBILE AND FINANCING MOOT IN MAY
First ever conference on automobile and financing
will be held in next month at a local hotel in Karachi.
Naeem Qureshi, Chief Organiser of the event, said
that the objective of the conference is to highlight the growth and
development of auto industry and financial sector, auto financing
facilities available to the customers, role of the urban transport and
its impact on auto industry.
Qureshi said that the participants would also
discuss government policy on import of automobile including
Prominent professionals from auto industry,
finance, insurance, vendor industry and the policy making mechanism
share their views during the conference.
VIRTUAL UNIVERSITY'S PRESENTATION AT HERITAGE
A delegation of the Virtual University of Pakistan
led by Dr. Shafaat Bokharee, Director Administration, visited
HERITAGE, a non-government organization in Multan and presented the
scope and objectives of the university to its senior management.
The significance of distance learning for higher
education was discussed in detail between officials of the two
organizations concluding that there was an urgent need for students
from far-flung areas of the country to have access to quality and
Dr. Bokharee while speaking to the officers of
Heritage said, "The Virtual University of Pakistan is making
significant progress in attracting students from all over Pakistan for
its 4-Year BS Programs. We have more than 4000 students enrolled with
us who are being imparted quality education by a talented and
experienced faculty, including many Ph.Ds. The first batch of VU
students will graduate in 2006."
ARIF HABIB BROKERS DEAL BETWEEN DEWAN AND ALLIED
Arif Habib Securities Limited has brokered a deal
between Dewan Mushtaq Group and Allied Group in which Dewan Group has
taken over Allied Groups' stake in Allied Motors Limited. The Company
used to be called Allied Tractors Limited and assemble tractors of the
Ford brand. During the 1990s the Company had a dispute with Ford and
the plant has been closed for a number of years. The equity of Allied
Motors Limited is negative and the book value per share after taking
into account revaluation of assets is below Rs. 4.
The Dewan Group bought 4,753,259 shares (53%) at a
rate of Rs. 1/- and in addition has agreed to take on the
responsibility for the discharge of the liabilities of the Company.
The deal was finalized after talks with a number of parties, as it was
felt that the interests of the minority shareholders would best be
looked after by the Dewan Group. The agreement between the Groups was
signed on Wednesday, 14 April 2004 and the payment and share transfer
process was started the next day. The deal was reported to the stock
exchange by Arif Habib Securities Limited on 15 April including
notices under the Listed Companies (Substantial Acquisition of Voting
Shares and Take-overs) Ordinance, 2002.
The Dewan Group considers Allied Motors Limited to
be a strategic asset and a good fit to its existing automotive
business portfolio. Under the Listed Companies (Substantial
Acquisition of Voting Shares and Take-overs) Ordinance, 2002 the Group
has to make a public offer for purchase of shares of Allied Motors
Limited. The Dewan Group intends to offer each minority shareholder
the option to sell his shares at the same price as offered to the
Allied Group (Rs. 1 per share). Dewan Group would, however, be pleased
if the shareholders repose trust in the management of the Group and
continue to hold the shares.
This divesture will enable the Allied Group to
concentrate on its existing business partnership with Caterpillar,
USA. Allied Engineering & Services Limited, an Allied Group
company, holds the distributorship for Caterpillar for Pakistan. The
company has been highly successful in making Caterpillar the brand of
choice for generators and heavy equipment.
Arif Habib Securities Limited is pleased that it
has been able to play a part in reviving a dormant company listed on
the stock exchange. We hope that the shares of the company will revive
and perform well. The team that finalized the deal consisted of Mr.
Arif Habib, Chief Executive and Mr. M. Akmal Jameel, Head of Corporate
Finance & Business Development.