October 5, 2020

Indus Motor Company Tops Asiamoney’s Most Outstanding Company in Pakistan for the Third Successive Year

Karachi, October 05, 2020 (PPI-OT): Indus Motor Company (IMC) has been honoured once again as the Most Outstanding Company in Pakistan in the category of Automobile and Components during the year 2020 for the third successive year by Asiamoney, a leading business publication. Asiamoney, a specialized business publication with the Euromoney Group, traditionally holds a competition among Asian institutions. The award established by the business publication is one of the most revered awards in the region.

Sharing his thoughts, Chief Executive Officer, IMC, Ali Asghar Jamali, stated, “We are grateful to be recognized again by one of the influential business publications in the world. This is an affirmation of our continued commitment and our dedicated efforts that have earned IMC this honour.” He further added, “This accolade has further strengthened our resolve to uphold higher standards of excellence which are expected from us as being one of the leading automobile manufacturers in the country.”

IMC garnered the most votes in Pakistan, exhibiting the worthiness of its recognition amongst leading publically listed companies across Asia in their industry sectors due to their financial performance, management team excellence, concise and coherent strategy, IR activities and CSR initiatives.

For more information, contact:
Indus Motor Company Limited
Plot No. N.W.Z/P-1, Port Qasim Authority,
Karachi, Pakistan
Tel: +92-21-34721100
UAN: +92-21-111-86-96-82 (+92-111-TOYOTA)
Fax: +92-21-34720056
Email: customer.relations@toyota-indus.com
Website: http://www.toyota-indus.com

October 5, 2020

Emirates expands its network in Europe to 31 destinations with restart of flights to Budapest, Bologna, Lyon, Dusseldorf and Hamburg

Karachi, October 05, 2020 (PPI-OT): Emirates has announced it will resume flights to Budapest (from 21 October), Bologna (1st November), Dusseldorf (1st November), Hamburg (1st November) and Lyon (4th November), expanding its European network to 31 destinations, and offering customers around the world convenient connections via Dubai.

The addition of these five destinations takes Emirates’ global network to 99 destinations, as the airline continues to gradually meet travel demand, while always prioritising the health and safety of its customers, crew and communities. Flights to/from Budapest and Lyon will operate twice a week on Wednesdays and Saturdays while flights to/from Bologna, Dusseldorf and Hamburg will operate twice a week on Fridays and Sundays.

All flights to the five cities will be operated by the Boeing 777- 300ER, providing robust cargo capacity on each flight. Tickets can be booked on emirates.com, the Emirates App, Emirates sales offices, via travel agents as well as online travel agents. Customers can stop over or travel to Dubai as the city has re-opened for international business and leisure visitors.

Destination Dubai: From sun-soaked beaches and heritage activities to world class hospitality and leisure facilities, Dubai is one of the most popular global destinations. In 2019, the city welcomed 16.7 million visitors and hosted over hundreds of global meetings and exhibitions, as well as sports and entertainment events. Dubai was one of the world’s first cities to obtain Safe Travels stamp from the World Travel and Tourism Council (WTTC) – which endorses Dubai’s comprehensive and effective measures to ensure guest health and safety.

Flexibility and assurance: Emirates’ booking policies offer customers flexibility and confidence to plan their travel. Customers who purchase an Emirates ticket for travel on or before 31 March 2021, can enjoy generous rebooking terms and options, if they have to change their travel plans. Customers have options to change their travel dates, extend their ticket validity for 2 years, or convert their ticket into a travel voucher to use against any future flight-related purchase for themselves or their family and friends.

COVID-19 PCR testing: Emirates customers who require a COVID-19 PCR test certificate prior to departure from Dubai, can avail of special rates at the American Hospital and their satellite clinics across Dubai by simply presenting their ticket or boarding pass. Home or office testing is also available, with results in 48 hours. More information on www.emirates.com/flytoDubai

Free, global cover for COVID-19 related costs: Customers can now travel with confidence, as Emirates has committed to cover COVID-19 related medical expenses, free of cost, should they be diagnosed with COVID-19 during their travel while they are away from home. This cover is immediately effective for customers flying on Emirates until 31 December 2020, and is valid for 31 days from the moment they fly the first sector of their journey. This means Emirates customers can continue to benefit from the added assurance of this cover, even if they travel onwards to another city after arriving at their Emirates destination. For more details: www.emirates.com/COVID19assistance

Health and safety: Emirates has implemented a comprehensive set of measures at every step of the customer journey to ensure the safety of its customers and employees on the ground and in the air, including the distribution of complimentary hygiene kits containing masks, gloves, hand sanitiser and antibacterial wipes to all customers. For more information on these measures and the services available on each flight, visit: www.emirates.com/yoursafety. Tourist entry requirements: For more information on entry requirements for international visitors to Dubai visit: www.emirates.com/flytoDubai.

For more information, contact:
Emirates Corporate Communications
Emirates
Tel: +97-14-708 3363
Mob: +97-1-56 676 8186
Email: anna.ghosh@emirates.com
Website: https://www.emirates.com

October 5, 2020

Shariq Vohra responds to anti-state audio clip, dissociates KCCI from false claims

Karachi, October 05, 2020 (PPI-OT): President Karachi Chamber of Commerce and Industry (KCCI) M. Shariq Vohra Monday expressed deep concerns over an audio clip circulating in the social media in which an attempt has been made by a particular individual with an only intention to sabotage the reputation of business and industrial community Karachi and trigger rift between institutions and politicians.

While totally rejecting the claims, Vohra dissociated the Karachi Chamber from all the fabricated claims in the audio clip by an individual and termed it a ‘conspiracy’ against our beloved country as not a single member of the entire business and industrial community has never ever attended any such brunch on first Sundays of every month which has been falsely claimed.

“It is also a matter of grave concern that some unscrupulous elements are trying to link the said audio clip with Chairman Businessmen Group (BMG) and Former President KCCI Siraj Kassam Teli and Karachi Chamber which is not factual at all as the individual can clearly be heard introducing himself as a Charted Accountant and neither his accent nor his voice resembles”, he added.

Shariq Vohra questioned that how is it possible that Karachi Chamber, being the largest Chamber of country, and all the leading industrialists of the city, who are closely associated with KCCI, remain totally unaware of such a huge gathering of around 350 big industrialists at Sunday’s brunch.

“The individual behind the audio clip never disclosed his name but only introduced himself as a Chartered Accountant and falsely claimed that the many big industrialists have unanimously agreed at the brunch that if situation goes on like this, they will have no other option but to shut down their businesses in Pakistan and move somewhere else which is a totally deceitful statement. “Upon investigation, we succeeded in obtaining the individual’s mobile number and also his name i.e. Mr. Shahid. We are also trying to find out what his intention are and why he circulated such an irresponsible statement and under whose dictates”, he added.

“KCCI and the entire business and industrial community of Karachi completely reject all the claims in the anti-state audio clip and we all stand united to foil all such conspiracies as the elements behind such plots are trying to trigger hatred and chaos which will not be acceptable”, Shariq Vohra said, “If the said individual was really honest and truthful, he should have disclosed his name and where the so-called Sunday Brunch was held and who exactly attended it?”

President KCCI urged the Law Enforcing Agencies particularly the Cyber Crime Wing of Federal Investigation Authority (FIA) to initiate inquiry and take strictest action against the person responsible for spreading false and totally misleading message which is unacceptable as it gives a wrong impression about the business community of Karachi. “Any statement being posted in social media must begin with a proper introduction of the person giving the statement while all other anonymous statements in the social media must be immediately intercepted and blocked by FIA’s Cyber Crime Wing in order to save the society from anxiety and unease”, he added.

For more information, contact:
Director Press/Electronic Media and Public Relations
Karachi Chamber of Commerce and Industry (KCCI)
Aiwan-e-Tijarat Road, Off Shahrah-e-Liaquat,
Karachi-74000
Phone: +92-21-99218001-09
Fax: +92-21-99218040
Email: info@kcci.com.pk, secretary@kcci.com.pk
Website: www.kcci.com.pk

October 5, 2020

UK financing the Production of Breathing Devices in Pakistan through Karandaaz partnership with Meezan Bank

Karachi, October 05, 2020 (PPI-OT): United Kingdom through Karandaaz’s Risk Participation Facility with Meezan Bank, Pakistan’s first and largest Islamic bank is financing the development and production of a High Flow Nasal Oxygen (HFNO) device, which can also be used as a Continuous Positive Airway Pressure (CPAP) device, by Alsons Group, Pakistan’s premier precision engineering company. Karandaaz, funded by United Kingdom’s Office of Foreign, Commonwealth and Development Office (FCDO), has established a USD 50 million financing programme with Meezan Bank, which enables vendors and distributors of participating corporates and other eligible SMEs access to finance.

The HFNO device is very important for hospitals to treat Covid-19 patients with lung infections and also other serious respiratory diseases and has been approved by the Drug Regulatory Authority of Pakistan (DRAP), to help manage oxygen levels. The device is currently in the prototype production phase and commercial production is expected to begin by the end of this month. Alsons is also working to indigenously design and develop a ventilator, which once approved, will be locally in production in the near future.

Annabel Gerry, Country Director Development, British High Commission in Pakistan, said, “Pakistan’s response to the COVID-19 challenge has been commendable. The United Kingdom is pleased to be supporting Pakistan in its effort to tackle the pandemic. Our financing assistance through Karandaaz to support breathing devices will be an important element in easing the burden of serious disease in the country.”

Ali Sarfraz, CEO Karandaaz, said, “With more than 300,000 cases of COVID-19 in Pakistan and well over 25.6 million globally, the demand for breathing devices and ventilators has grown exponentially. This pioneering capacity enhancement by Alsons, as they have started producing breathing devices will help Pakistan meet its domestic demand for critical medical equipment and will also open an avenue for exports in a highly lucrative international market.”

Navid Goraya, CIO Karandaaz said, “PKR 50 million financing under the Risk Participation Agreement with Meezan Bank will support Alsons financial requirement for capacity enhancement to produce ventilators for both local and export markets. The financing is well aligned with Karandaaz’s focus on the demonstration of sustainable investment models and job creation in Pakistan.”

Ariful Islam, Deputy CEO of Meezan Bank said, “Meezan Bank is committed to supporting organizations that are working to tackle the impact of Covid-19. We believe that this financing will help alleviate some of the pressures on the country’s healthcare sector. We are thankful to Karandaaz Pakistan for enhancing their partnership so the Bank could materialise this as a priority.”

Abdul Rehman Allana, Chairman Alsons Group said, “Alsons has over 65 years of manufacturing experience in the machining of mechanical components from bars, plates, forgings and castings; and CNC plastic injection moulding, stamping, and assemblies in the fields of hi-tech engineering, aerospace, automotive, oil and gas, and power and energy. We already had capital from Karandaaz and Meezan Bank risk participation facility injected into our auto parts manufacturing unit. With this new investment we are able to diversify in the medical equipment domain and are proud that we are playing a role in helping battle the pandemic.”

According to Global Data, a data and analytics company that specializes in medical transaction and clinical information, about 880,000 ventilators are required globally amid the COVID-19 pandemic. Since the outbreak of the pandemic, the world has faced an acute shortage of essential medical supplies, especially ventilators that are used to pump oxygen into the lungs of patients experiencing breathing difficulties.

To meet the financing gap in the medical supplies and equipment manufacturing sector in Pakistan, the State Bank of Pakistan has also expanded the scope of the Refinance Facility to Combat Covid-19 (RFCC) to manufacturing sector producing medical equipment and accessories. Karandaaz is also focusing to specifically mitigate the financing needs of medical, diagnostic, and pharmaceutical industries in the country and through direct investment in Excel Labs to carry out an estimated 500 tests daily and more than 10,000 tests a month.

For more information, contact:
Meezan Bank Limited
Meezan House, C-25 Estate Avenue,
SITE, Karachi, Pakistan
Tel: +92-21-38103500
Fax: +92-21-36406049
Website: www.meezanbank.com

October 5, 2020

Government must ensure availability of natural gas

Lahore, October 05, 2020 (PPI-OT): Gas is crucial for the major export industries to function and produce, therefore the government must ensure the availability of gas in this coming winter primarily for the pulp and paper, metals, chemicals, petroleum refining, stone, clay and glass, plastic, and food processing industries etc. because these industries account for over 80 percent of all industrial natural gas use.

In a Statement issued here on Sunday, The LCCI President Mian Tariq Misbah, Senior Vice President Nasir Hameed Khan and Vice President Tahir Manzoor Chaudhry urged the federal government to resolve the issue of low gas pressure and unavailability of gas to the industrial sector and said that the industry is badly affected by the unavailability of natural gas therefore the authorities should take all steps to keep the industrial wheel on the run.

The LCCI office-bearers said that Natural gas is the second most used energy source in industry, trailing only electricity. It has a mass of industrial uses i.e. bringing the essential ingredients for such varied products including anti-freeze, fertilizer, pharmaceuticals, fabrics and plastic. They said the industrial sector is the largest consumer of natural gas and accounts for around 43 percent of natural gas use across all sectors.

The office-bearers of LCCI said that the industrial production came to a halt after the Spread of Coronavirus followed by the lockdown for around half of an year and now when the situation is seemingly better and the industry has start working again the gas issue is threating to impact the another half year. They said Pakistan will not afford another slowdown as our rupee is devaluing and economic activities are minimal.

The LCCI office-bearers said that the industrial sector uses more delivered energy than any other end-use sector around the globe, consuming about 54 percent of the world’s total delivered energy. They said the industrial sectors especially energy-intensive manufacturing sectors will be the most affected due to non-delivery of essential natural gas. They urged the government to ensure the maximum facilities to the industrial sector in this post-corona era as these times are very critical and demand more attention than ever before.

For more information, contact:
Information Department
Lahore Chamber of Commerce and Industry (LCCI)
11-Shahrah-e-Aiwan-e-Tijarat,
Lahore -54000, Pakistan
Tel: +92-42-111-222-499
Fax: +92-42-36368854
Website: http://www.lcci.com.pk/

October 5, 2020

VIS Reaffirms Fund Stability Rating of Faysal Islamic Savings Growth Fund

Karachi, October 05, 2020 (PPI-OT): VIS Credit Rating Company Limited (VIS) has reaffirmed the Fund Stability Rating (FSR) of Faysal Islamic Savings Growth Fund (FISGF) at ‘A+(f)’ (Single A Plus (f)). Previous rating action was announced on May 13, 2019.

The rating incorporates policy guidelines and actual investment allocation portfolio. On average basis, almost half of net assets are held as cash and bank balances, thus supporting liquidity. Credit quality of exposures has remained in line with VIS’s criteria for the assigned rating with investments comprising exposures in at least ‘A+’ rated investment avenues. The fund’s exposure to interest rate risk is expected to remain manageable as return on Islamic instruments held are re-priced to market benchmark rates periodically. Maximum limit for weighted average maturity/duration of the fund is 180 days.

With the aggressive stance of the asset management company, net assets of the fund grew significantly from Rs. 970.1m at end- July 2018 to Rs. 3.1b at end-August 2020. Slight variation in AUMs, during the period under review, is largely a function of investment in parent company’s provident fund along with routine redemptions. Unit holding pattern of the fund indicates considerable investor concentration at end-FY20. The fund, however, can meet redemption requirements given the liquidity profile of assets.

For more information, contact:
Director Compliance and Rating Analytics,
VIS Credit Rating Company Limited
VIS House, 128/C, 25th Lane off Khayaban-e-Ittehad,
Phase VII, DHA, Karachi, Pakistan
Tel: +92-21-35311861-72
Fax: +92-21-35311873
Email: bilal@jcrvis.com.pk
Website: https://www.vis.com.pk/

October 5, 2020

VIS Assigns Preliminary Rating to the Instrument of Mughal Iron and Steel Industries Limited

Karachi, October 05, 2020 (PPI-OT): VIS Credit Rating Company Limited (VIS) has assigned the preliminary rating of ‘A+’ (Single A Plus) to the proposed Sukuk issue of Mughal Iron and Steel Industries Limited (MISIL). The medium to long-term rating of ‘A+’ denotes good credit quality coupled with adequate protection factors. Moreover, risk factors may vary with possible changes in the economy. MISIL also has an outstanding entity ratings of ‘A/A-2’ (Single A/A Two). Outlook on the assigned ratings is ‘Stable’.

MISIL is positioned amongst the major players in the long steel sector of Pakistan. Product portfolio of the company comprises steel rebars, girders and t-iron. Steel rebars and girders are the key revenue generating products. The assigned ratings take into account extensive experience of sponsoring family. The ratings draw comfort from sizeable scale of melting and re-rolling mill capacities, underpinned by installation of new furnaces and completion of balancing, modernization and replacement (BMR) of existing re-rolling mill in 4Q2020.

MISIL intends to issue rated, listed, secured and privately placed long-term Sukuk of amount upto Rs. 3b (inclusive of a green shoe option of Rs. 1b) for meeting working capital requirements. Tenor of the Sukuk will be 5 years including 1-year grace period. The instrument will be redeemed in 16 equal quarterly payments starting from 15th month from the date of issuance. Besides conventional security structure, a debt payment account (DPA) will be maintained with the agent bank which will be build up with one-third of the instalment (principal plus profit) each month by the 25th day such that the entire upcoming instalment is deposited in the DPA by the 15th day of 3rd month.

With the issuance of Sukuk instrument and higher short-term borrowings for working capital requirements, leverage indicators are projected to increase in FY21 and decrease subsequently. Going forward, the ratings are dependent on achievement of projected revenue and profits, improvement in cash flow generation and coverages, and maintenance of leverage indicators within prudent limits.