July 11 - 17, 2005

 

UNION BANK, PSF SIGN CORPORATE SPONSORSHIP PACT

Pakistan Squash has produced legends who made us proud worldwide, through their heroics. This was stated by Shaukat Tarin, President and CEO, Union Bank on the occasion of a signing ceremony held recently.
Union Bank Limited signed a corporate sponsorship agreement with Pakistan Squash Federation (PSF), according to which Union Bank will be the official sponsor of all PSF events and activities, including tournaments for the year 2005, 6 and 7.
The agreement is aimed at promoting squash in Pakistan, in terms of identifying new talent, imparting training and development of infrastructure. The deal will also enable PSF to procure and develop state-of-the-art training equipment and facilities for the players.

 

 

President and CEO, Union Bank Limited, Mr. Shaukat Tarin and Air Marshal Raashid Kalim, Senior Vice President, Pakistan Squash Federation, inked the document on behalf of their respective organizations.

Speaking on the occasion, Air Chief Marshal, Kaleem Saadat, said: "We are delighted to have formed this partnership with Union Bank which would go a long way in the development and promotion of squash in Pakistan."

NIT DECLARES RECORD HIGH DIVIDEND

NIT declared the record high dividend of Rs. 3.30 per unit for the year ended June 30, 2005 as compared to Rs 2.55 per unit that was the highest ever dividend per unit paid by the Trust for the year 2003-04, thus setting new history of performance. The payment of record dividend @ Rs 3.30 per unit would involve huge total payout of over Rs 5.2 billion among its unit holders as against Rs 4.1 billion paid to unit holders last year in accordance with the pronounced policy to pay maximum dividends out of the currency income, according to the Chairman & MD NIT.

The Net Asset Value of NIT unit has increased from Rs 30.53 as on June 30, 2004 (Ex-Dividend) to Rs 30.53 as on June 30, 2005. Thus total return on NIT unit stood at 35.67 % per unit for the financial year 2004-2005 that includes a dividend yield of 10.81 % (On NAV at the beginning of the year).

The Net income of the Trust for the financial year 2004-2005 registered a growth of 30.4% that  increased to Rs 5.5 billion from Rs 4.2 billion in the corresponding period of last year. This translates into earning per unit of Rs3.47 for the year 2004-2005 as compared to the earning per unit of Rs 2.63 for the last year. Thus earning per unit for the financial year 2004-2005 even outshined the last highest ever earning per unit mark by 32%.

TAKAFUL NASIONAL

Mr Aminuddn Md. Desa, President and Chief Executive of Takaful Nasional Malaysia has commented that "Takaful Nasional (TN) has embarked upon a strategic direction to explore takaful opportunities in other Islamic countries. Only recently it entered into a joint venture with Pakistan's Pak-Kuwait Investment Company (Pvt) Limited to form Pak-Kuwait Takaful Company Limited where Takaful Nasional will hold 25% stake. He said Pakistan has tremendous potential for takaful products and going there has been an eye opener for us. "We will look for other opportunities in due time." He said that Takaful Nasional is also proud for being the first  Malaysian Financial Institution to go into Pakistan.

INDUSTRIES HELD RESPONSIBLE FOR POLLUTION

Prof. Dr. Syed Altaf Hussain, Vice Chancellor of Allama Iqbal Open University (AIOU) has said that industry is the principal source of water and air pollution in the country. Industrial waste and fumes, he said, has had a devastating affect on the water resources of the country, and has played a significant role in the polluting atmosphere. This was stated by him while addressing a seminar on "Drinking Water" organized by Preston University at its campus located in Islamabad.

Earlier, in his welcome address, Dr. Abdul Basit, Chancellor Preston University, extended a very warm welcome to the chief guest, Dr. Syed Altaf Hussain Vice Chancellor of the Allama Iqbal University and the distinguished speakers of the seminar Prof. Dr. Rafique Ahmed Soomro, Dean Faculty of Community Medicine, Liaquat Medical University Jamshoro, and Prof. Dr. S. Shafiqur Rehman, Chairman Department of Environmental Sciences, University of Peshawar. He also enlightened the audience by giving his views on the topic of the seminar. 

NESTLE TO INVEST MORE IN PAKISTAN

 Nestle Pakistan, a subsidiary of Nestle S.A.- a Swiss company, operating in Pakistan since 1988, has announced major investment plans for Pakistan.

Addressing a press conference, Roland Decorvet, Managing Director, said that Nestle Pakistan has planned massive investment for the country. "We recognize the tremendous potential that lies in the future of the nation and it is therefore that a long term investment plan has been chalked out  by the company, marking an aggregate of US$ 371 million for investment up to the year 2014. It is our vision to grow in the shortest possible time and  our strategic priorities are focused to catering to the needs of our customers through development of a large variety of food categories of the highest quality. We will drive growth by innovation and plan to develop an extremely motivated and professionally trained workforce. Our goals are poverty alleviation and to provide 'Good food, good life' to the community," he stated.

 

 

The company revealing its short term investment  plan specified a total investment of US$ 209 million for a five-year period, ending 2009.

TRAKKER INTRODUCES FLEET MANAGEMENT TO UAE

Pakistan's largest vehicle tracking company, Trakker (Pvt) Ltd. has announced the establishment of its first international venture, Trakker Middle East LLC, a joint venture with Al Jaber Group (Chairman, Mr. Obeid Khalifa Jaber Al Murri) and the UAE Offsets Group (Chairman, H.H. General Mohammed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces) company Alfiah Investment Co. to provide fleet management services to the customers in the UAE, GCC and other Middle East countries. The three partners signed the joint venture agreement in Abu Dhabi as preparations are now underway to launch the new company in the UAE.

"Fleet management promises to be a thriving business in the region. This joint venture will surely add value to the growing transport business in the UAE and rest of the GCC countries and give more control to the owners in  monitoring their mobile assets better. This will also be the first multinational company to export services from Pakistan, which is a major achievement," said Ali Jameel, CEO Trakker.

"In today's world the requirement of pertinent information is critical not only to businesses but also individuals. Fleet management and vehicle location based services are an essential part of any business and the demand for top end products backed by service and support are increasing day by day. Even individuals can simply monitor their vehicle via the internet," he added.

The new venture will offer C-track, with three distinctive products designed for different requirements, namely: C-Track Solo, C-track Assist and C-track Secure. All products will be backed by a 24-hour Call Centre providing on-line customer service related to location of vehicles, processing report requests, C-track maintenance support and meeting customer specific requests regarding their fleets. Customers will be supported from offices located in Abu Dhabi and Dubai with a network of dealers across UAE offering sales, installation and maintenance services. In addition, a fleet of mobile service teams will ensure prompt service to the customers even at their own locations.

CIVIL DEFENCE: MoU SIGNED

A Memorandum of Understanding (MOU) was signed in Islamabad between Beema Pakistan Company Limited and Ministry of Interior, Government of Pakistan, with the purpose of protecting Pakistan from all natural and man-made hazards through a revitalized regime of Civil Defence. The initiative covers training, equipping and managing all social assets of all joint partners in the public sector. This would be supported through insurance revenue providing health-care and fire coverage across-the-board to the entire Pakistan. Fire stations throughout the country will be upgraded and new stations would be established. The would also entail training of paramedic core to handle contingencies of fire, natural, nuclear and biological & chemical disasters. Training would be provided in association with the UK-based partners of Beema Pakistan Co. Ltd, Washington Hall International Training & Development Center (WHITDC) and associates.

In another MOU, Beema Pakistan Company Limited and UK-based Partners (Lancashire Fire & Rescue  Services (LF & RS) and Lancashire Ambulance Service NHS Trust (LAS) have consented to provide expertise and advice in setting up a training facility in Pakistan in the field of emergency response such as medical security and reduction of fire and nuclear, biological & chemical risk, all in collaboration with BPCL, U.K.

Therefore, Beema Pakistan Company Limited, Ministry of Interior and Lancashire Fire & Rescue Services (LF & RS) have come up with a proposal plan. Details of the plan include setting up of 640 Fire and Rescue centers with Emergency Medical Facility. The project will be centralized under the Ministry of Interior and will be funded up to US $ 500 million from a variety of sources. Each unit will be made productive for debt servicing revenue.

The project is envisaged to create job opportunities to the tune of approximately 30, 000 people in a variety of related disciplines. This arrangement will serve both the national interest and render benefits to the company, resulting in the vertical growth, unprecedented in the areas of health & fire insurance.

MICROTECH PARTICIPATES IN 'REBUILD IRAQ'

The Rebuild Iraq 2005 took place at Marj El-Hamam, Amman - Jordan from April 4 to 7 . Around 980 companies from  44 different countries around the globe participated. This event was one of the largest exhibitions in the history of Jordan. There were around 35 Pakistani exhibitors coming from various sectors including glassware, textile, surgical instruments, pharmaceuticals etc. Micro Tech Industries participated with its marketing team including Mr. Wasim Ahmed (Manager Marketing & Sales) & Mr. Adnan Zafar Khawaja (AM - Marketing/ Strategy & Planning).

The exhibition was a means to develop inroads not only into Iraq, but also in the surrounding countries. It helped in analyzing closely the reconstruction activities in Iraq and evaluating the country's needs and requirements. It was also useful in assessing the evolving trends and regulatory environment of countries including Jordan, Syria, Turkey, Iran etc. The company is looking forward to making use of its findings to initiate growing business in the region.