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
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%.
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.
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
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.
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
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.
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.
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
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 &
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.