Mar 07 - 13, 2005

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ZAIGHAM RIZVI TAKES CHARGE AS HBFC CHIEF

Zaigham Mahmood Rizvi has been appointed by the government as Chairman/Managing Director of House Building Finance Corporation (HBFC).
Rizvi brings with him rich experience of development banking, having served in various financial institutions, both at home and abroad.
Rizvi is the Chairman of Mutual Funds Association of Pakistan. He is also the Vice Chairman of Pakistan Banks Association as well as the Vice Chairman of Association of Development Financing Institutions in Asia and the Pacific (ADFIAP).
He has served nearly all joint venture financial institutions of the country, and his last assignment prior to joining HBFC was as M.D. Pak-Kuwait, which he served for nearly four years.

 

 

EXPORT ORDERS BREAKTHROUGH FOR EBM IN EXPO 2005

A large number of foreign visitors showed keen interest at the stall of English Biscuit Manufacturers at the recently held Expo 2005. The main aim of the exhibition was to showcase Pakistani products in the international market.

Representatives from several countries visited the stall and appreciated the high quality standards of all the products on display. EBM also received several orders and inquiries for export including from Durban, South Africa, Doha, Qatar and Oslo, Norway.

"This is a remarkable achievement for EBM," Mubashir Ansari, GM Marketing said. "We have managed to secure these orders because of our state-of-the-art technology and high safety standards that are used as benchmarks in other countries as well. Such exhibitions serve as gateway for many opportunities for producers and buyers and buyers. Many visitors were amazed to see the high standard and variety of production in Pakistan."

SONY ERICSSON'S NEW GC95 UMTS/EDGE PC CARD

For people who require hassle free high speed access to their Internet, intranet or oven corporate networks as they travel and work in a global economy, Sony Ericsson recently announced its first UMTS/EDGE quad-band wireless PC Card. Sony Ericsson's GC95 card makes connectivity seamless and convenient around the world. It delivers high speed data rates and extensive coverage all in one card.

Advancing its success and market leadership earned with the launch of the world's first EDGE PC Card (GC82 EDGE PC Card), Sony Ericsson's GC95 delivers true high speed broadband performance with data rates of up to 384 kbps on 3G UMTS networks or up to 247 kbps when on the GSM/EDGE/GPRS networks.

"Sony Ericsson believes that the GC95 UMTS/EDGE combination sets precedence for the future of wireless PC Cards. We have always offered a cutting-edge product portfolio of PC Cards and the GC95 card continues that legacy," said Anders Franzen, Corporate Vice President and Head of Sony Ericsson M2M Communications. "Just about every frequent traveler can tell you a story about their difficulties getting a connection on the road. The GC95 PC Card frees people up to focus on their objectives versus worrying about whether they can get a connection. Sony Ericsson's GC95 PC Card makes it easy to get a connection at the fastest possible speeds."

 

 

BERGER DECLARES 30% INTERIM CASH DIVIDEND

The Board of Directors of Berger Paints Pakistan Limited has approved an interim cash dividend of 30 percent for the half year ended December 31, 2004.

The company's profit before tax for the period increased to Rs. 53. 486 million and sales rose to Rs. 964.133 million as against Rs. 19.380 million and Rs. 590.474 million for the corresponding period, respectively. Earning per share during the period increased from Rs. 3.0 to Rs 5. 75 as compared to the corresponding period.

Berger Paints has recently taken a number of strategic management initiatives to take full advantage of market growth opportunities created b the improved business climate. The recent upsurge in construction activity and the removal of excise duty on ;paints and vanishes has had a positive effect on the company's sales.

Berger is also establishing a production facility in Lahore and this will further contribute to an increase in market share of the company's products. As a result of its forward-looking outlook, the Company continued to maintain its trend towards improved performance.

KOREAN TEAM SET UP FREE EYE CAMP IN LAHORE

Members of the Vision Care Service of Korea has set up a week-long free eye camp in Lahore in collaboration with the Lahore General Hospital. The eye-camp was sponsored by global digital technology leader, LG Electronics.

Doctors and eye-specialists flew in especially from Korea to inspect and operate on needy patients. The team of Korean doctors performed 120 operations in five days.

Speaking on the occasion, LG's General Manager, C.S. Kim, said that LG strongly believes in supporting its communities and giving them back the joy of living a healthy and wholesome life. "At LG, our aim is to provide comfort to not only those who buy our products but also to those who are deprived of the joys of life. This eye camp is just one of the regular practices of the company.

SONERI BANK — BONUS SHARES

The Board of Directors of Soneri Bank Limited in its meeting has recommended for issuance of 'Bonus Shares' at the rate of 30 percent i.e. 30 shares for every 100 shares held which will result in capitalization of Rs381,576,000 raising the paid-up capital of the bank to Rs1,653 million. As a result shareholders' equity will also exceed Rs3 billion.

Soneri Bank is operating with 52 branches spread over Pakistan. The bank handled import & export business of US$1. 3 billion in the year 2004. While the deposits of the bank registered a 34 percent growth in 2004, the pre-tax profit increased to by 30% to over Rs one billion.

HUBCO'S FINANCIAL RESULTS

The Board of Directors of the Hub Power Company in their meeting held at Karachi on February 17 approved the Un—audited Financial Results for the Company's second quarter ended December 31, 2004. The Board of Directors further decided to consider an interim dividend at their next Board meeting to be held in March 2005.

It was also decided in accordance with the requirements under Listing Regulation 14.1 requiring companies on your cleared list (Future Contracts) to provide the Karachi Stock Exchange with a two month notice period in respect of book closure, we hereby inform you that the Share Transfer Book of our Company will remain closed from Tuesday, April 05, 2005 to Friday, April 15, 2005. (Both days inclusive).

PAK OMAN INVESTMENT COMPANY LIMITED

The eighteenth Board Meeting of Pak Oman Investment Company (Pak Oman) was held on February 20, 2005 in Karachi. The meeting, chaired by H.E. Yahya Al-Jabri and was attended by Dr. Waqar Masood Khan, H.E. Nasser Al-Jashmi, Ahmed Al-Wahaibi, Humayun Murad and Zafar Iqbal.

The Board of Directors approved financing of Rs750 million (US$ 12.6 million) in various sectors of the economy. Pak Oman has been successful in achieving its target of developing a well-diversified loan and lease portfolio comprising low risk, high quality assets. Apart from its core credit activity, the Company's focus on new areas such as quality private equity transactions was appreciated and encouraged.

The Board also approved the audited financial statements for the year ended December 31, 2004. The company's profit before tax has been recorded at Rs319 million. In an increasingly competitive environment, the strong positioning of the company and continued focus on core activities have helped achieve this result.

AKD

AKD Securities (Pvt) Ltd announced recently that Nadeem Naqvi has joined the company as the Chief Executive Officer.

Naqvi has over twenty years of experience in the financial services industry and has worked in New York, London, Bahrain and Karachi prior to joining AKD Securities (Pvt) Ltd.

Prior to joining AKD Securities, Naqvi was a principal and director of M/s Investology Inc., a US-based independent research firm which was ranked 3rd out of 300 US independent research firms by BusinessWeek magazine in July 2004. He also headed the domestic advisory team to Morgan Stanley's Pakistan Fund and was an executive director at M/s Khadim Ali Shah Bokhari (KASB) and Head of Merril Lynch Pakistan Research team.

Naqvi has a degree in MBA (Finance) from the City University Business School, London, England. He is also a member of CFA institute Toronto Society.