PAK OMAN HOLDS 22ND BOARD MEETING
The 22nd Board Meeting of Pak Oman
Investment Company Limited (Pak Oman) was held in Muscat, Oman on December 17,
2005. The meeting was presided over by the Chairman H.E. Yahya Al-Jabri, and
attended by directors Dr. Waqar Masood Khan, H.E. Nasser Al-Jashmi, Mr. Ahmed
Al-Wahaibi, Mr. Humayun Murad and Mr. Zafar Iqbal.
The Board of Directors approved a 100%
rights issue, to increase the Company's paid-up capital to Rs. 3 billion. Both
governments in their capacity as joint venture partners have already agreed to
increase their respective equity in the Company.
The Board also approved the Company's
Business Plan for the year 2006. The salient points of discussion included MD
Pak Oman Mr. Zafar Iqbal's briefing to the Board, on the status of various
projects and ventures.
To date, the Board of Directors has
endorsed total financing of Rs 7.5 billion (US$ 126 million) spread across a
diversified client and sector base. The Board expressed its unanimous
appreciation for Pak Oman's Risk Evaluation strategy that has facilitated a
recovery rate of almost 100% during the year.
The Managing Director updated the Board
regarding the progress on Pak Oman Microfinance Bank and the setting up of an
Asset Management Company. The Board appreciated the establishment of Pak Oman's
Muscat branch which is now operational.
Pak Oman has maintained a credit rating
of AA+ (Double A Plus) for medium to long term and has been assigned a corporate
governance rating of CGR - 9 by JCR - VIS Credit Rating Company Ltd.
EMIRATES' 6TH DESTINATION IN INDIA
Emirates, one of the world's fastest
growing international airlines, has announced it will start services between
Dubai and India's Thiruvananthapuram International Airport from 1st February
2006. On the same day, the airline will also boost services to two other major
Indian cities - Cochin and Chennai.
Emirates will fly eight times a week to
Thiruvananthapuram, its sixth destination in India and second city in the state
of Kerala after Cochin. On the route, the airline intends to operate its modern
Airbus A330-200 in a three-class configuration offering seats in First, Business
and Economy classes, as well as the B777-200 aircraft in a two-class
configuration. Both wide-bodied aircraft offer industry-leading comforts
including ergonomically designed seats, and personal entertainment systems in
On 1st February 2006, Emirates will
also increase its service to Cochin from five-a-week to a daily service; and add
four more flights to Chennai to serve the city eight times a week.
HH Sheikh Ahmed bin Saeed Al-Maktoum,
Emirates Chairman, said: "Air transport links form the foundation on which
commerce can prosper and on which friendly relations are built. We welcome our
new links with Thiruvananthapuram and look forward to growing that relationship
as we have done with the cities of Cochin and Chennai."
In Thiruvananthapuram, the capital city
of the state of Kerala, Emirates will invest in a dedicated sales office to
provide top-notch service to its customers, and recruit over 25 staff to manage
passenger, airport and cargo operations. The airline also intends to hire more
staff in Cochin and Chennai to support its expanded operations.
India is already one of the UAE's top
five major trading partners with total trade volume chalking up over AED 13
billion in 2003. Bilateral ties between both the countries continue to
strengthen with each passing year.
Emirates currently operates 43 non-stop
flights a week between Dubai and India - 19 to Mumbai, seven to Delhi, four to
Chennai, five to Cochin and eight to Hyderabad.
EBM GETS INVESTORS IN PEOPLE AWARD
The country's leading biscuits
manufacturer, EBM, has been granted the highly recognized Investors in People
Award, adding to its previous prestigious certifications. Investors in People (IIP)
UK is an organization that has developed this international human resource best
practice standard, that currently operates in 26 countries around the world. The
standard is expressed in 12 indicators of good practice that are based on
research as to how leading organizations manage and develop their people.
"Everyone agrees that people are
an organization's greatest asset, and we all know that for an organization to
succeed everyone has to perform well," stated Khawar Butt, the Managing
Director of EBM. "To achieve this, people need the right knowledge, skills
and motivation to work efficiently. The Investors in People Standard provides
the framework to ensure that this is achieved," he added.
An Investor in People develops
effective strategies to improve the performance of the organization through its
people. Learning and development is planned to achieve the organization's
objectives and the strategies for managing people are designed to promote
quality of opportunity in the development of the organization's people. The
Standard ensures that people's contribution to the organization is recognized
and valued. Further, it encourages people to take ownership and responsibility
by being involved in decision-making.
"The project team at EBM worked
very hard to meet IIP requirement like Business Plan, Training Need Analysis (TNA),
Employee Development & Evaluation Manual and so on and we are proud to be
the recipients of the IIP Award," said Saadia Naveed, Director Operations
EBM is amongst a handful of Pakistani
companies and the only one in its industry to have achieved this award. EBM also
holds ISO 9001, ISO 14001 and HACCP certifications.
SHABBIR TILES & CERAMICS LIMITED
Founded by the House of Habib in 1978
with strategic and technical collaboration with Agrob Anlagenbau GmbH of West
Germany, Shabbir Tiles & Ceramics Ltd was the first private sector
enterprise in the ceramic field in Pakistan.
The Company is listed at Karachi,
Lahore and Islamabad stock exchanges and is also a member of Karachi Chamber of
Commerce & Industry, Pakistan Ceramics & Sanitary Manufacturer's
Association, Pakistan Sanitary Merchants Association and Landhi Association of
Trade & Industry.
The Company Brand "STILE"
enjoys leading position in the Ceramic Tiles industry in Pakistan, as its
products are of international quality standards and it believes in constant
product development. It offers wide range of sizes, colors, and designs in
ceramic tiles and other allied products, conforming to high quality standards of
durability and aesthetic value.
The Company has successfully
diversified into some allied building material products and it has achieved
considerable success in marketing DIY (Do It Yourself) products of a renowned
company from U.S.A. namely Laticrete International Inc., which has appointed the
company as an Exclusive Licensee for Pakistan. It is also marketing latest
designs of high quality Ceramic and Porcelain Floor Tiles, Sanitary Fittings and
Bathroom Accessories under its popular brand name of "STILE" in
association with International Partners. The Company will soon be launching
marketing of Sanitary Ware products under its renowned, Brand "STILE".
The Company has strong dealers and
distribution network, spread all over Pakistan and maintains it's Sales Offices
at Karachi, Lahore, Multan, Faisalabad, Islamabad and Peshawar.
The Company is utilizing its full
production capacity to manufacture 2.8 million sq. meters Per annum of ceramic
tiles of international quality in different sizes and colors, employing the
latest technology and state-of-the-art machinery imported from Italy. It has
plans for further expansion in its production capacity.
Shabbir Tiles has obtained latest
version of Certification of Quality Management System under ISO 9001:2000 from
Lloyd Quality Assurance. The Company was amongst the top 25 Companies in
Pakistan and was awarded Trophy and Shield by Karachi Stock Exchange in
recognition of its performance. Management Association of Pakistan awarded
prestigious Certificate of Corporate Excellence for two consecutive years.
The STCL plant, based in Karachi,
incorporates the latest European technologies & techniques to manufacture
high gloss tiles that conform to European standards. With major expansion in
1999 to our production plant, Alhamdolillah, the company has an annual installed
capacity of over two million square meters. Enjoying brand leadership and the
largest network of dealers and outlets in Pakistan Shabbir Tiles & Ceramics
Ltd through a concerted, conscious effort is a professionally managed company