Apr 18 - 24, 2005

 

 

FAYSAL BANK IN ATTOCK CEMENT EXPANSION DEAL

Faysal Bank closed a syndicated financing deal for Attock Cement Limited based on long-term Morabaha facility in the amount of Rs2.5 billion in Karachi. The facility, with Habib Bank as one of the Arrangers and Advisors, is for a 7-year period for expansion of Attock Cement's existing cement plant from 2,400 tons per day of clinker production to 5,700 tons per day. Total cost of the project is estimated at US dollar 61 million of which the company will finance around one billion rupees from its internal cash generation.

 

 

National Bank of Pakistan is a co-arranger and participant in the transaction whereas other participating banks include Allied Bank of Pakistan, KASB Bank, Pak Libya Holding Co. (Pvt) Ltd, Bank of Punjab, Pak Kuwait Investment Co. (Pvt) Ltd, Bank A1 Habib, First Women Bank Limited and First Credit & Discount Corporation Ltd.

Attock Cement Pakistan Limited (ACPL) is a member of the Attock Group of Companies sponsored by Dr. Ghaith R. Pharaon, an international investor and industrialist who has apart from his financial and trading interests in other parts of the world, made very substantial investments in Pakistan in Petroleum, Chemicals and Cement sectors. Pharaon Commercial Investment Group Limited of Saudi Arabia is the major stakeholder in the ACPL. Pharaon Group of companies are run and managed by competent, motivated and committed teams of highly skilled and experienced management. Pak Oilfields Limited, Attock Refinery Limited and Attock Petroleum Limited are the three other listed companies of the group in Pakistan having a market capitalization of around US dollar one billion. ACPL is a leading cement manufacturer with a strong market presence in the southern region of Pakistan with net sales of over Rs1.8 billion in the financial year ended June 30, 2004.

The capacity of the cement industry is expected to increase from the existing 17 million tonnes to around 35 million tonnes in the next 3 years. This expansion is expected in view of new and undergoing infrastructure projects, upcoming dams and canal lining projects, clinker exports, rapid construction of residential and commercial buildings and general growth of the economy.

Faysal Bank is one of the leading banks of Pakistan and part of the Dar A1 Maal A1 Islami (DMI) Group. The Bank has been operating locally since 1987 and has contributed positively towards increasing investment opportunities in the country by advising corporate customers in their financing requirements and then arranging such facilities.

Faysal Bank opened its new branch in Toba Tek Singh at beginning of April. This is the Bank's fourteenth branch in Lahore and 519th in the country.

The branch is situated in the rapidly growing area of Lahore with various housing schemes, large & medium scale industries as well as agricultural finance opportunities. Faysal Bank plans to open at least six branches during 2005.

IGATEX PAKISTAN 2005 STARTS IN KARACHI

The Governor Sindh, Dr. Ishratul Ebad Khan has inaugurated the 4th International Textile Machinery and Accessories Exhibition, IGATEX Textile, at the Karachi Expo Centre, on April 13.

The four-day exhibition was attended by a number of key officials and personnel from private and public sector organization, both local and foreign, government officials, foreign delegates.

Dr. Ishartul Ebad Khan, while addressing to the audience, deeply appreciated the efforts of the organisers, Pegasus Consultancy and CEMS Singapore, for their efforts towards the industrial development of Pakistan, especially Karachi city. He further ensured the organisers as well as the participating companies of full support from the Government of Sindh in promoting value-added exports, while endorsing the policy of the Government to encourage such interactive events, which promote professionalism and investment in the country and facilitating trade between foreign and local companies in this sector.

IGATEX Pakistan 2005 has now diversified and emerged as two distinct shows of IGATEX Textile and IGATEX Garment, proving its overwhelming progress, he added. The event would significantly boost the industrial performance of the country's textile sector as a timely response to the challenges of quote-free trade regime, he further added.

Prior to the opening speech of Chief Guest, Dr. Ishratu1 Ebad Khan, Governor Sindh, welcome speeches were delivered by Aasim A. Siddiqui, Chairman and Managing Director of Pegasus Consultancy, Kamal Gur, Ambassador of partner country, Turkey and J. S. Kim, Apparel Business Manager of Dupont Asia.

In his welcome address, Aasim A. Siddiqui, Managing Director of the organisers Pegasus Consultancy said that IGATEX Pakistan will help all the participating companies both local and international in their investment decisions to add value to the textile industry. He also offered special thanks to the Government of Turkey to participate as the partner country and CEMS, Singapore to show confidence on our efforts.

 

 

Kim introduced Dupont Asia in his opening address and said that Dupont brought innovation and introduced value-added products in Pakistan's Textile Industry. The motive behind the participation of Dupont Asia and supporting local textile exhibition is to provide platform to the participants to display their latest technology, products and offerings and to directly communicate to their customers for seeking future business clienteles.

Kamal Gur in his address said that it is the third time that the Turkey is participating in IGATEX Pakistan. He also expressed his happiness over the warmest welcome that he received in Pakistan. He said that Turkey and Pakistan are textile countries, so both should compete and complement each other and this would definitely bring future prospects for our political, social and cultural environment.

Turkey wants to see Pakistan rich and strong, rendering valuable services for the welfare, stability and prosperity of South Asia, he added. He ended up with the announcement that Turkey will also be participating in IGATEX Pakistan next year.

In the end, thank you note was given by Edward Liu, Managing Director of CEMS, Singapore, where he explained the significance of this event and said that the beginning of the quota free regime from 2005 will mark a new challenge for the textile industry the world over and IGATEX Pakistan 2005 will endeavor to provide a world class showcase of the best in textile technology by providing the definitive platform to industry leaders and key decision makers; ultimately benefiting both Pakistani and international producers.

Later, Governor Sindh, Dr. Ishratu1 Ebad Khan formally inaugurated the exhibition and visited the stalls. He met with the foreign and local exhibitors and showed keen interest in the exhibits showcased at the exhibition.

IGATEX Textile Pakistan 2005 will showcase the largest-ever assortment of latest in technology of the textile manufacturing machinery being put on display by over 300 top companies representing 30 countries, including USA, Germany, Turkey, Spain, Belgium, UK, UAE, Iran, Thailand, Singapore, Taiwan, Korea and Japan.

STOCK TRADING WEBSITE LAUNCHED

Federal Minister for Privatization Dr. Abdul Hafeez Sheikh officially launched the online stock trading website www.livetradeonline.com, which has been established by Live Securities (Pvt) Ltd., a Khanani & Kalia Group of company.

Live Trade Online provides information, research, live streaming rates, future trading and advisory services to investors. Investors are able to access information about equity trading, securities & economic research, risk management, portfolio management and investment consultancy.

"While the confidence of foreign investors is also increasing, which is a positive signal for the economy of Pakistan, the Government is making all possible efforts to boost the economic activities in the country by successfully implementing a privatization program which is leading to economic progress," Federal Minister said.

Chairman KSE, Yaseen Lakhani in his address said that the current rapid growth in the stock exchange was the result of successful government foreign policies especially improvement in PakIndia bilateral relations, privatization policy and economical reforms.

"After development in KSE, the image of Pakistan at an international level has improved. Crossing the limit of 10,000 index is a great achievement and it should be sustained at the same level," he added.

He said this achievement was only made possible by positive policies of government and if it continued, market would continue to rise. "Progress in textile industry and implementation of WTO in Pakistan also contributed towards better position of KSE beside other factors like record increase in agricultural production, better wheat crop and increase of GDP," he commented.

MICROSOFT INAUGURATES KALSOFT ACADEMY

Microsoft Corporation officially announced the appointment of Kalsoft as a Certified Partner in Learning Solutions (CPLS) for the Southern part of Pakistan emphasizing its commitment to ensure high quality training standards to the local market.

Microsoft awards this competency to its technology partners who have proven their ability to provide training based on Microsoft official curriculum to individuals and organizations that are running their business and mission critical applications on the Microsoft Platform.

Emre Berkin, Chairman of Microsoft Middle East & Africa Region, formally inaugurated the KalSoft Academy recently, a purpose built facility to impart training to the corporate entities in Karachi.

Abdul Ghaffar Memon, CEO KalSoft said, "Earning this competency demonstrates Kalsoft's commitment and ability to deliver high quality learning services, including skills assessment, technical training, student mentoring, and Microsoft Certified Professional exam preparation".

KalSoft will provide its customers with the most comprehensive and authorities training on Microsoft products and technologies using state-of-the-art tools and world class learning content from Microsoft, all delivered by expert training professionals.

Emre Berkin, Chairman Microsoft Corporation for Middle East and Africa said, "Setting the standard for high quality training facilities will impact positively on the credibility of the certification. We believe that having quality learning solution partners in Pakistan will help us controlling this quality. Being a Microsoft CPLS, KalSoft has to follow rigorous requirements from Microsoft to assure that the highest standards are met. The center has to employ Microsoft Certified Trainers (MCT) at every site and meet extensive facility, hardware and system requirements and quarterly minimum courseware purchase requirements.