SAMSUNG'S MOBILE PHONES RECORD 55pc INCREASE
Samsung Electronics Co., Ltd. announced a record
55% increase in sales of mobile phones in its financial results for
2004. Samsung mobile phones, which are part of the Company's
Telecommunication Network Business, have captured a unique high-end
world market and are one of the fastest growing businesses of the
The Telecommunication Network Business sold 86.53
million phones throughout 2004, a 55% increase from the 55.66
million units it sold in 2003. Sales grew 33% to US$18.37 billion
and profits were at US$2.72 billion.
The aggressive push of its successful Olympic
marketing program and favorable sales in the US and Brazil, Russia,
India and China region all contributed to its best recorded
performance to date and a marked improvement in market share from
10.8% in 2003 to 13.7% in 2004.
Mr. Sang Suk Roh, Samsung's Country Manager in
Pakistan, said, "Sales of Samsung mobile phones along with its
other business units are gaining momentum in Pakistan, consumers are
finding our products to be technologically advanced, stylish and
fashionable, and at a competitive price." "Consumers will
be happy to note that a newer generation of Samsung high-end mobile
phones are soon to be launched in Pakistan", Sang added.
The company recorded sales of US$55.90 billion, a
32% increase, operating income of US$11.66 billion, a 67% rise, and
net income of US$10.46 billion, a 81% gain. In particular, it
maintained high profit margins at 21%. Samsung achieved profits of
over US$10 billion for the first time in its 35-year history, a
remarkable feat for a manufacturing company. Last year, only 9
companies recorded profits of over US$10 billion, the majority being
from either the financial services or oil industries.
APPNA EXECUTIVE COUNCIL MEETING IN HOUSTON
At the request of President Dr. Hussain Malik a
special meeting of APPNA Executive Council was called at Houston,
Texas to discuss and approve certain organization matters. The
special purpose of the meeting was to approve the incorporation of
APPNA Charitable Foundation and APPNA Rewards program.
It was a full day meeting starting at 9:30 am.
The meeting was called to order by opening remarks from the
President Hussain Malik.
In his opening remarks, Dr. Hussain said that he
is personally grateful to all the Executive Council Members who are
participating in this special meeting. The first half of the day was
dedicated to the organization matters of the association like
presentation of 2004 accounts and committee reports. The second half
of the day was dedicated to discussions on some new initiatives with
special emphasis on APPNA Charitable Foundation and formation of
Youth and Awards Committee chaired by Dr. Nisar Chaudhry.
In his presentation to the Executive Council, Dr.
Hussain Malik said that the mission of APPNA Charitable Foundation
is to provide community service not only in health care, by
conducting free clinics, but also contribute towards other disasters
like the recent Tsunami calamity in South Asia. He also said that
APPNA Charitable Foundation will work as an umbrella for existing
initiatives like APPNA Sehat as well as new initiative proposed and
approved by the board of directors of the Foundation. He also told
the audience that we are citizen's of USA and we should give back to
this society which has adopted us their own. He said that APPNA
Charitable Foundation would work with local communities, specially
the downtrodden neighborhoods, to conduct free health clinics. In
the end he presented the articles of incorporation to the Executive
Council for review and approval.
Two-tier organization with a five-member Board of
Trustees and a 9-member board of directors will run the APPNA
Charitable Foundation. Trustees will be responsible for setting the
policies and procedures for running of the Foundation while Board of
directors will manage the day-to-day operation of the Foundation.
PAK OMAN RATING
Pak Oman Investment Company Limited (Pak Oman)
has been assigned a corporate governance rating of CGR-9 by JCR-VIS
Credit Rating Company Limited (JCR-VIS).
These ratings are based on a scale ranging from
CGR-1 (lowest) to CGR-10 (highest). The highest rating of CGR-10 can
only be assigned to listed companies. The rating assigned to Pak
Oman denotes a 'very high level of corporate governance'.
These ratings are arrived at after evaluating key
governance areas of the rated enterprise, which include regulatory
compliance, ownership structure, composition and operations of the
board of directors and executive management, self-regulation,
financial transparency and relationship with stakeholders.
According to JCR-VIS, the rating assigned to Pak
Oman is a positive reflection of the conscious effort on the part of
both the Board of Directors (BoD) and the executive management
towards developing a corporate culture at Pak Oman based on good
HUBCO ORGANISES FREE EYE CLINIC AT HUB
The Hub Power Company Limited (HUBCO) organised
its fourth free eye clinic for the benefit of the people of district
Lasbela. The free eye clinic has been set up to facilitate eye
examination and eye surgery to alleviate blindness.
Mohammad Aslam Bhutani, Deputy Speaker and Member
Provincial Assembly, Balochistan graced the occasion and performed
the opening ceremony, Also present were representatives from Hubco
including Sardar M. Yousuf Khan, Lesley Middlecoat and Musharaf
Hussain. Local notables and government officials were also present
on the occasion.
The company has collaborated with the Al-Ebrahim
Eye Hospital and Civil Hospital (Jam Ghulam Qadir Hospital, Hub
Chowki) to conduct this eye clinic. The clinic will function for 4
days with the dedication of doctors from Jam Hospital team of
doctors and surgeons of Al Ebrahim Hospital.
Speaking on the occasion, Bhotani said, "It
is a pleasure for me to come to this eye clinic that has been
organised in my own vicinity. I'm thankful to Hubco for pursuing
this noble cause also for donating medicines to the Civil Hospital
and request other companies to follow their good example."
On behalf of Hubco's CEO, Ashraf Tumbi, Sardar M.
Y. K. reiterated that as a concerned corporate Hubco intends to keep
working in the field of health and education for the benefit of the
people of the area.
CHALLENGES OF WTO REGIME
The ensuing challenges of WTO regime can be
adroitly met be Pakistan, by improving its human resources,
developing its infrastructure and promoting foreign investment.
Pakistan, possessed sufficient potential to convert challenges into
opportunities offered by the TWO regime. This was stated by Asad
Elahi, Secretary Statistics Division, Government of Pakistan, while
addressing a seminar organized by Preston University at its
Islamabad Campus. The seminar was attended by eminent economists,
intellectuals and members of the Rawalpindi Chamber of Commerce
& Industry. Elahi said that Pakistan has adequate comparative
advantage in the agriculture sector — rice, cotton and wheat being
its main stay. With proper investments it could enhance its
productivity in these areas and effectively compete in the world
Dr. Aqdas Ali Kazmi, Chief-Macro-Economic
Section, Planning Commission and Dr. Syed Wajid H. Pirzada,
Director/National Coordinator, WTO, Food and Agricultural Related
Matters Cell, Islamabad also addressed the seminar.
INSTAPHONE BREAKS NEW GROUND IN VALUE-ADDED
Instaphone, Pakistan's one of the largest mobile
phone service, broke new ground in value-added services by further
reducing the charges for their Short Messaging Services (SMS).
Instaphone subscribers can now SMS to other Instaphone, Insta Xcite
& Insta One users at a remarkably low rate of 50 paisas only.
The charges for SMS to any other mobile users across all networks
used to be Rs1.50 for Instaphone users.
This remarkable lowering of prices is in line
with Instaphone's history of bringing new innovations and providing
best value to it customers. The company was the first to introduce
cross network SMS services between itself and all other mobile phone
services in Pakistan. The new price decrease will give Instaphone
users a considerable price saving and economy.
CHANDA OIL's IPO FOR TFC
Chanda Oil And Gas Securitization Company Limited
(COGSCL) will be making Rs250 million public offer of the rated and
listed and asset backed Term Finance Certificate Issue on February
15 & 16, 2005. Faysal Bank Limited is the Advisor, Arranger and
Structuring Agent for the Issue with the total TFC amount of Rs1,000
million comprising of private placement of Rs750 million and initial
public offering of Rs250 million. The company has successfully
raised Rs750 million through 23 financial institution which includes
Allied Bank of Pakistan, Bolan Bank Limited, Faysal Bank Ltd, Faysal
Balanced Growth Fund, Jahangir Siddiqui Investment Bank Limited,
KASB Bank Limited, Pak Kuwait Investment Company (Pvt) Limited,
Pakistan Income Fund, PICIC Commercial Bank Limited and other
institutions. It is interesting to note that approximately 52
percent of the Rs750 million pre-IPO amount has been placed in the
non-bank market which is viewed as a signal of widening investor
base and strengthening of the domestic capital markets.
PBBF's NEW ELECTION
Zahid Dada and Mohammad A. Rajpar have been
elected president and vice-president, respectively, of the
Pakistan-Belgium Business Forum for a two-year term 2005-06.
The eighth annual general meeting of the PBBF
also elected Sameer H. Dodhy as vice-president, Mehelli B. Dinshaw
as secretary-general, and Takreemul Haque as treasure. Engr
Salahuddin Zia and Mashood Husain were elected executive committee
members, according to press release issued recently.