PAK OMAN INVESTMENT COMPANY LIMITED
The 20th Board Meeting of Pak Oman Investment
Company (Pak Oman) was held in Lahore. The meeting was chaired by H.E.
Yahya Al-Jabri, and attended by Dr. Waqar Masood Khan, H.E. Nasser Al-Jashmi,
Mr. Ahmed Al-Wahaibi, Mr. Humayun Murad and Mr. Zafar Iqbal.
To date, the Board of Director has approved total
financing of Rs 3.6 billion (US$ 60.2 million) spread across a
diversified client and sector base. The Board appreciated Pak Oman's
risk evaluation measures that have facilitated a recovery rate of
almost 100% during the year.
The Board also approved the half-yearly accounts
for the period ended June 30, 2005.
The salient points of discussion included the MD
Mr. Zafar Iqbal's briefing on the status of various projects and
ventures. The MD was proud to inform the Board of the soon-to-be
inaugurated Pak Oman Micro Finance Bank, which he said was a major
realization of Pak Oman's development goals. A country-wide entity,
the Pak Oman Micro Finance Bank would serve as a vehicle in the
creation of sustainable income opportunities for the under-privileged,
particularly for women. Moreover, the bank would supplement the
government's efforts to alleviate poverty in the country.
The progress on the establishment of Pak Oman Asset
Management Company was discussed in detail. Pak Oman will be
initiating this venture in partnership with Oman National Investment
Company, Bank Muscat and the National Logistics Cell.
The establishment of Pak Oman's Muscat Branch was
also one of the high points of the meeting. The branch is expected to
be operational by the end of September 2005 and will play an
instrumental role in facilitating/promoting bilateral trade ad
investment between Sultanate of Oman and Pakistan. Pak Oman is the
first Joint Venture Company to take the initiative of establishing an
Discussions moved on to Pak Oman's recent triumph
of receiving a 'Certificate of Merit for the Best Corporate Report
Award-2004' in the unlisted category by the forum of Institute of
Chartered Accountants of Pakistan and Institute of Cost &
Management Accountants of Pakistan.
Pak Oman has a credit rating of AA+ (Double A plus)
for medium to long term and Al+ (A One Plus) for short term. Pak Oman
has also assigned a corporate governance rating of CGR-9 by JCR - VIS
Credit Rating Company Limited.
SEMINAR ON INTEREST-FREE BANKING
Banking Skills Development Centre, established by
Dr. Ahsan H. Khan, a senior banker and former Chief Executive &
Director of UBL Assets Management Co., organized a seminar on
"Interest-free Banking - from Concept to Action at Sheraton Hotel
in association with M. A. Jinnah University. It was inaugurated by HE
Zahid Hussain, Ambassador of Pakistan to Kenya. The Chief Guest at the
seminar was H.E. Mr. Aqeel A. Al-Jassem, Secretary General, Islamic
Chamber of Commerce & Industry.
The Technical Session was chaired by Mr. Liaquat
Durrani, Managing Director, State Bank of Pakistan Banking
Corporation. A large number of bankers and delegates from different
corporations attended the event. Eminent speakers included Mr. Zaigham
Mahmood Rizvi, Chairman House Building Finance Corporation, Najmul
Hasan, General Manager Meezan Bank, Mahmood Shafqat Mufti from the
State Bank and Shariah Advisors of Muslim Commercial Bank and Al-Barka
International Bank. Prof. Dr. Abdul Wahab, President M.A. Jinnah
University welcomed HE Aqeel AI-Jassem and HE Zahid Hussain, whose
services to the cause of education were eulogized by both of them.
In his presentation, Dr. Ahsan H. Khan, former
Advisor Islamic Banking UBL emphasized upon Islamic banks the need to
introduce market-friendly, competitive and innovative products and
UNION BANK DECLARES HALF-YEARLY RESULTS
Union Bank Limited has announced its six-monthly
results for the period ending June 30, 2005. Union Bank's spreads have
kept a healthy trend as a result of high yielding consumer assets.
Profit before tax aggregated Rs. 1,282 million, a
healthy increase of 120 percent over the same period last year.
Profit after tax amounted to Rs. 800 million, as
compared to Rs. 358 million, over the corresponding period.
Focus on the core banking business of interest
income has resulted in an increase of 60 percent on gross revenue at
Rs. 4,356 million, compared to Rs. 2,718 last year.
When compared to June 30, 2004, deposits grew by 17
percent, whereas advances recorded a growth of 24 percent.
Equity has registered an increase of 49 percent
crossing Rs. 4,118 million, as against Rs. 2,758 million last year.
Total assets stand at Rs. 87,939 million, as
compared to Rs. 78,368 million last year, registering a growth of 12
percent. Half-yearly earnings per share is Rs. 3.30 as against Rs.
1.49, with a growth rate of 121 percent.
Union Bank has firmly established itself as one of
the premier financial institutions in Pakistan, offering a wide array
of financial products under one roof. These products range from
saving/current accounts such as Mahana Izaafa and Business Account, to
financing facilities, such as Business Power, UniCar, My Home and
Ready Cash, to the world's most respected American Express credit and
charge cards. Union Bank has also a separate SME Banking Group,
serving the specific needs of the SME segment.
The Pakistan Credit Rating Agency (PACRA) upgraded
Union Bank's long term rating to AA- (Double A Minus) and short term
rating to A1+ (A One Plus)
PAKTEL GSM INTRODUCES INTERNATIONAL CALLS AT LOCAL
Pakistan's leader in innovative technology, Paktel
GSM has once again taken the market by storm. The cellular giant shall
now charge a uniform local call rate for international calls to a
dozen key international destinations around the globe.
Paktel GSM customers can now enjoy local call rate
of Rs. 3.75+ tax to a dozen international destinations by simply
adding '123' before the number to be dialed for international calls.
All customers need to do is to dial '123-00-country code-city
code-desired number' and talk to their loved ones around the world.
"This is a remarkable achievement on our
part," Xavier Rocoplan, CEO, Paktel said, adding: "This is
the first time in the history of cellular services in the country that
a mobile company has introduced local calling regime for international
calls and access charges have also been abolished for all
international calls. Working on our innovators' platform, it is our
obligation to our customers to give them the best convenience and
services that makes a positive impact in their lives."
"Paktel is committed to eliminate distances
and move towards with a vision of 'One World, One Rate' because we
believe that Dil tou Aik Hai and hence there should be no barriers to
communicate with our loved ones wherever they may be around the planet
earth," Mr. Rocoplan added, "With this ground breaking
initiative, people can stay in touch with their family and friends in
major destinations of the world with the ultimate ease of getting
connected on a single touch of a button rather than through a tedious
process of dialing a prompt or going through gateways and
This fantastic service is offered for major
countries like Australia, USA, Canada, China, Denmark, France,
Germany, Hong Kong, Japan, Singapore, Thailand, and United Kingdom.
STANDARD CHARTERED CHAIRMAN VISITS PAKISTAN
Mr. Bryan Sanderson, Chairman of Standard Chartered
PLC, arrived in Islamabad on a two-day visit to Pakistan. This is the
first time Mr. Sanderson is visiting Pakistan. His visit is a strong
reflection on the Bank's growing commitment to the country.
Present in the Middle East & Pakistan region
for over 140 years, Standard Chartered Bank has played a leading role
in the growth and development of the banking industry. Mr. Sanderson's
visit not only endorses Standard Chartered Bank's growing role in
Pakistan's economy but it is also an affirmation of the Bank's future
growth plans in the country.
Mr. Bryan Sanderson stated: "Our commitment to
Pakistan is absolute and we wish to take a lead role in participating
in the development of the banking sector here by leading the way with
superior performance, service excellence and engaged people.
"We are the leading International Bank with a
network of 31 branches spread across all four provinces and 9 major
cities of Pakistan.
"Today, we are extremely pleased to announce
that we will be increasing our branch network to 46 branches by the
end of the year. This will help support convenience and enhance
accessibility to our customers."
During his visit, Mr Sanderson, accompanied by Mr.
Badar Kazmi, Chief Executive, Standard Chartered Pakistan, had
one-on-one meetings with His Excellency, President Pervez Musharraf
and His Excellency, Prime Minister Mr. Shaukat Aziz. They discussed
the Bank's commitment to Pakistan and its leading role in the economic
development of the country.
Commenting on the Chairman's visit to Pakistan, Mr.
Badar Kazmi, Chief Executive, Standard Chartered Pakistan said,
"We are looking to cement our already strong relationships in
order to ensure that, going forward we will be leading the way in
assisting the economic growth of Pakistan".
He said: "The government and central bank of
Pakistan have been very supportive of our business expansion and I
would like to thank them on behalf of our Bank."
Mr. Sanderson joined the Board of Standard
Chartered PLC on 9th December 2002 as a Non-Executive Director and
became the Chairman on May 8th 2003. The previous Chairman of Standard
Chartered PLC, Sir Patrick Gillam, visited Pakistan in 1999.
REVELATION MARKETING'S TRAINING SEMINAR
Revelation Marketing, Inc. is scheduled to hold a
training seminar entitled: 'Brand New Ideas', on September 7. The
workshop aims to provide an insight into the future of marketing,
advertising and the media. Speakers from leading marketing companies
will be addressing the occasion and will shed light upon various
aspects that will determine the future course of marketing in
Pakistan. The workshop has been designed for company CEOs, Marketing
Directors, Marketing Managers, Brand Managers, Advertising Agency
Professionals, Students and anyone interested in the field of
marketing, advertising and media.
Prominent speakers present at the occasion will be
Shoaib Qureshy, Chief Strategy Officer, Bulls Eye; Sohail Ansar, CEO,
Mindshare; Shahzad Nawaz, Creative Director, GEO & Jang Group;
Iqbal Mahmood, Chief Executive, RFM Loyalty; Aziz Jindani, Brand
Manager, P&G; Owais Zaidi, COO, Arwen Technologies; Khalid J
Siddiqui, Country Head, ACNeilsen Pakistan; and Shahbaz Jamote, Head
of Content Development, AKNM Technologies.
The focus will be on recent ideas that have been
successful and also on ideas which are applied globally but still new
to our market. Case studies showcasing brands that have successfully
used new strategies and technologies to their advantage will be
presented. Other than these, changes in the overall structure of
advertising, marketing and media with respect to technological
advancements, new tactical approaches and consumer insights will be
presented in the workshop. From concepts like brand activation to
wireless communications, from branded programs to loyalty marketing to
new media realities, a wide horizon of topics will be covered to give
the audience fascinating marketing insight.
Revelation Marketing Inc. is part of the Revelation
Group, which includes Revelation CPF Inc., an advertising agency &
Revelation Media Inc., the publishers of Mr. Magazine. Revelation
Marketing Inc. has been established with a simple aim in mind: to act
as a source of information and provide a platform for professionals in
advertising, media and marketing. In the course of fulfilling this
objective, Revelation Marketing Inc. is the only Pakistani company to
bring you specialized industry based events. It fills a void in the
marketing, advertising and media industry in Pakistan by providing a
ready source of information, debate, contacts, developments, etc.
The event will be held on Wednesday, 7th September,
at the Crystal Ballroom, Marriott Hotel, Karachi, between 9:00 am and
6:00 pm PST. The last date for registration is 5th September.