October 8, 2020

Telenor Pakistan Collaborates with Directorate of Science and Technology, KPK to Digitally Empower 500 Female Entrepreneurs

Islamabad, October 08, 2020 (PPI-OT): Staying true to its commitment of empowering societies and contributing to the country’s socio-economic uplift, Telenor Pakistan is fulfilling its pledge under World Bank’s Girls Learn Women Earn (GLWE) programme by expanding its reach to empower the underserved female entrepreneurs of Khyber Pakhtunkhwa. This initiative is being taken in collaboration with Creative Innovative Unit (CIU), a platform established by Directorate of Science and Technology (DoST) KPK.

The ceremony was held at CIU’s office in Peshawar, where an MoU was signed between Telenor Pakistan and Creative Innovation Unit. Madiha Parvez, Head of Corporate Innovation and Digital Education, Telenor Pakistan and Bilal Jabbar, Project Director, CIU signed on behalf of the two organisations. Zia Ullah Khan Bangash, Advisor to Chief Minister Khyber Pakhtunkhwa on Science and Technology and Information Technology, Secretary ST and IT and other representatives from both organisations were also present.

Under this agreement, Telenor Pakistan with the assistance of CIU will train 500 aspiring women entrepreneurs on digital and design thinking skills focusing on, digital marketing, digital customer channels and digital finance. The speakers at the ceremony highlighted the issues faced female entrepreneurs and how the initiatives like GLWE can facilitate prospective solutions to improve female labour participation rate in the country, which currently stands at only 26%. GLWE aims to support girls’ education and women’s contribution in the work force to raise their participation in the economy to 45% by 2025.

“We are extremely pleased to join hands with Creative Innovative Unit for reducing gender gaps in Pakistan’s workforce by digitally empowering 500 businesswomen, said Khurrum Ashfaque, Chief Operating Officer, Telenor Pakistan. “Telenor Pakistan is committed to closing the digital gender gap and looks forward to uplifting and developing business leaders of tomorrow. To support national development and digitalisation efforts, it is pertinent to provide equal opportunity to the underserved female population.” He further added.

“Approximately half of Pakistan’s population constitutes of females, but they are underrepresented at the workplace. We are living in a digital age and doubtlessly, women’s empowerment through education and upskilling will not only improve their personal lives but also boost the socio-economic growth of Pakistan. Having a diverse workforce is the key to fostering innovation and meeting the challenges of a dynamic marketplace. Using digital technology and with the help of institutions like Telenor Pakistan and Creative Innovative Unit, we can give women access to information and open up avenues of opportunities.” said, Mr. Zia Ullah Bangash, Advisor to CM for Science and Technology and Information Technology.

Earlier this year, Telenor Pakistan partnered with World Bank for the Girls Learn Women Earn Initiative with a pledge to train 1000 female entrepreneurs and a commitment to create awareness, champion advocacy and take action to support girls’ education and women’s participation in the labour force. Telenor Pakistan’s ACTIVATE has trained 200 women on design thinking and digital design skills till now, enabling them to rapidly and efficiently gain new and important skills and competencies.

For more information, contact:
Corporate Communications Department
Telenor Pakistan
13-K, Moaiz Center, F-7 Markaz,
Islamabad, Pakistan
Tel: +92-51-111-345-700
Fax: +92-51-2651923
Email: press.center@telenor.com.pk
Website: www.telenor.com.pk

October 8, 2020

PCDMA demands FBR chairman to allow 2percent income tax on raw materials

Karachi, October 08, 2020 (PPI-OT): Mirza Nadeem Baig, Chairman Pakistan Chemicals and Dyes Merchants’ Association (PCDMA), has expressed grave concern over non-implementation of the FBR budget anomalies committee’s decision to allow commercial importers to pay 2pc income tax on imported raw materials and demanded FBR chairman to immediate implementation of the recommendations of the anomalies committee and include the raw materials of chemicals and dyes in part2 instead of part3, so that commercial importers can be saved from serious financial losses.

In an appeal to FBR chairman, Mirza Nadeem Baig said that in the federal budget 2020-21, many raw materials of chemicals and dyes have been included in part 2 (raw material) to part 3 i.e. finished goods and the income tax rate has gone up from 2pc to 5.5pc, which has increased the cost of doing business.

“After the PCDMA efforts, FBR had issued a notification, according to which the matter of the inclusion of the raw material of chemicals and dyes from Part 2 (raw material) to Part 3 (finished goods) had been handed over to the budget anomalies committee and until the committee decides, commercial importers would have to pay 2pc income tax instead of 5.5pc, While under section 81, a pay order of 3.5pc has to be submitted which will be returned after the decision is taken and pay orders will not be cash”, he pointed out.

Chairman PCDMA added that more than 2 months have elapsed but so far implementation of approval of 2pc income tax on raw materials of chemicals and dyes has not been ensured. “Due to non-implementation, the import cost has increased significantly and it has become difficult for commercial importers to continue their business as usual in the dire economic situation. The supply of raw materials to export oriented industries, especially the textile industry and SMEs, may also be affected”, he feared.

Nadeem Baig appealed to the Chairman FBR to help the Corona-affected trade and industry to stand up again on its feet and formulate a policy that would facilitate rather than make it difficult to do business so that the country is once again on the path of rapid development and the country’s exports can be boosted.

For more information, contact:
Head Office,
Pakistan Chemicals and Dyes Merchants Association (PCDMA)
PCDMA House, Rambharti Street, Jodia Bazaar,
Karachi – 74000, Pakistan
Tel: +92-21-32432752, 32439124, 32430170
Fax: +92-21-32430117
Email: pcdmakhi@gmail.com, admin@pcdma.com.pk
Website: https://www.pcdma.com.pk/

October 8, 2020

Tauqeer Ul Haq elected as new Chairman of Pakistan Pharmaceutical Manufacturers’ Association

Karachi, October 08, 2020 (PPI-OT): Tauqeer Ul Haq has been elected as the new Chairman of Pakistan Pharmaceutical Manufacturers’ Association for the term 2020-21. Tauqeer Ul Haq is Karachi based Managing Director of a pharmaceutical company. Rawalpindi-based Arshad Mehmood, who also represents the North Zone of the association, has been elected as the new senior vice-chairman of the PPMA for the upcoming term. Lahore-based Mian Khalid Misbah UR Rehman has been elected as the vice-chairman of the PPMA.

New members of the Central Executive Committee of the PPMA from the South Zone are Taimur Usman, Saboor Ahmed, Shamim Ahmed, Ehsan Naseer Awan, Muhammad Abdullah, Asad Notta, Javed Ghulam Muhammad, Najeeb UR Rehman, Naveed Nawazish Ali Hakim, Jalal Uddin Zafar, Nadar Hassan Khan, Nusrat Munshi. From the North Zone, the new CEC members are: Ansar Farooq Ch, M Farrukh Arif, Zeeshan Haider, Aman ullah Sheikh, Ehtisham UL Haq, Qazi M Mansoor Dilawar, Mian Muhammad Zaka-ur-Rehman, Khawaja Shahzeb Akram, Nadeem Zafar, Muhammad Ajmal Iqbal, and Qurat-ul-Ain Irfan.

For more information, contact:
Central Office,
Pakistan Pharmaceutical Manufacturers’ Association (PPMA)
House No: 474, Street No. 34, Sector I/8-2, Islamabad, Pakistan
Phone: +92-51-4435104
Director: +92-51-4435103
Fax: +92-51-4435105
E-mail: info@ppma.org.pk
Website: www.ppma.org.pk

October 8, 2020

Demand to resolve megacity’s issues

Karachi, October 08, 2020 (PPI-OT): Mian Anjum Nisar, President FPCCI has demanded urgent solution for the problem of urban flooding and water shortage in Karachi. Speaking at a dinner reception hosted by Obaid Saleem Patel, Convener FPCCI Standing Committee on “Urban Development and Saleem Qasam Patel, CEO M/s. Basic Const Group, President FPCCI said that in recent years, Karachi city has been facing severe problems due to heavy rains in monsoon season as there are serious issues with the drainage system in Karachi. More to that, irregular and inefficient supply has created extreme water shortage in the biggest city of the country which needs to be resolved on priority basis.

The dinner reception was attended by H.E. Tolga Ucak, Consul General of Turkey in Pakistan, Sheikh Sultan Rehman Vice President FPCCI, Vice Admiral (R) Wasim Akram, Najam Shah, Secretary Local Bodies Government of Sindh and high profile businessmen and industrialists of Karachi. Discussing the said issues, Obaid Saleem Patel said that Karachi is considered as the economic and business hub of the country; however, Karachi has over the years witnessed grave infrastructure challenges and poor urban planning and development including the issue of extreme water shortage and poor sewage and drainage system throughout the city.

He urged immediate up gradation and refurbishment of existing inefficient and wasteful water distribution system. While concluding the reception, Sheikh Sultan Rehman demanded the local, provincial as well as federal government to give dire attention to these issues and provide ease of living and doing business to the people of this city.

For more information, contact:
Head Office,
Federation of Pakistan Chambers of Commerce and Industry (FPCCI)
Federation House, Main Clifton, Karachi, Pakistan
Tel: +92-21-35873691-94
Fax: +92-21-35874332
Email: info@fpcci.org.pk
Website: http://fpcci.org.pk/

October 8, 2020

ICCI urges CDA to streamline approval process of commercial building plans

Islamabad, October 08, 2020 (PPI-OT): Sardar Yasir Ilyas Khan, President, Islamabad Chamber of Commerce and Industry said that delay in the approval of commercial buildings plans by CDA leads to the losses of millions of rupees due to cost escalation and urged that the civic body should streamline this lengthy process to save investors from unnecessary losses. He said this while addressing a delegation of Islamabad Estate Agents Association that visited ICCI led by its President Sardar Tahir Mehmood.

Sardar Yasir Ilyas Khan said that almost 95 per cent of the issues of traders and industrialists in the federal capital were related to the CDA and he would work closely with it for their redress. He said that markets and industrial areas needed urgent attention of the CDA for better development as roads and footpaths were broken, streetlights were not working, filtration plants in many markets were faulty. He appealed to the Chairman CDA Amir Ali Ahmed to address these issues on priority basis so that the business community can feel facilitated in promoting business activities and developing the economy.

Speaking at the occasion, Sardar Tahir Mehmood, President, Islamabad Estate Agents Association said that the Prime Minister Imran Khan had announced an attractive package for the construction industry with a view to reviving the economic activities, which was valid till December. However, the FBR has issued an SRO which can affect the PM’s package significantly. He demanded that the date of the construction package should be extended at least for another year to enable maximum investors to take benefit of it.

Muhammad Ejaz Abbasi, former President ICCI and Chaudhry Zahid Rafique General Secretary Islamabad Estate Agents Association stressed upon the CDA to work for resolving the key issues of business community on priority so that business activities could grow smoothly. They said that sometimes, CDA was not accepting transfer letters of plots issued by it, which was creating problems for the business community. They urged for an effective one-window facility and implementation of a file tracking system in CDA to improve its performance. They said that they had been working in cooperation with ICCI in the past for achieving the common objectives and assured that they would continue to extend full cooperation to the new leadership of the Chamber for serving the cause of the business community.

Ms. Fatma Azim Senior Vice President, Abdul Rehman Khan Vice President ICCI, Chaudhry Masood, Abid Khan, Khalid Chaudhry, Ashfaq Chatha, Naveed Malik, Chaudhry Nadeem ud Din, Imran Bukhari, Nawaz Basra, Rana Ikram, Ch. Akram, Zulqarnain Abbasi, Ch. Naseer, Rana Altaf, Tanvir Nasim, Raja Amin, Zia Abbasi, Waheed Khan, Rana Arshad, Malik Ismail, Agha Ahtesham, Rana Qaiser, Aslam Khokhar, Yasin Anjum, Abdul Basit, Rao Tariq and others also expressed their views and assured their full support to ICCI in its endeavours for resolving the problems of the business community.

For more information, contact:
Islamabad Chamber of Commerce and Industry (ICCI)
Chamber House, Aiwan-e-Sanat-o-Tijarat Road,
Mauve Area, G-8/1, Islamabad, Pakistan
Tel: +92-51-2250526, 2253145, 8432676
Fax: +92-51-2252950
Email: icci@brain.net.pk, info@icci.com.pk
Website: www.icci.com.pk

October 8, 2020

MCBAH Assigned Highest Asset Manager Rating by PACRA

Lahore, October 08, 2020 (PPI-OT): MCB Arif Habib Savings and Investments Limited (MCBAH), an Asset Management Company, has achieved the highest asset manager rating of AM1, which bespeaks its excellent management and quality standards in the industry.

This is a huge recognition for MCBAH which has a track record of nearly 20 years of delivering excellent services to its clients. The rating reflects the company’s positioning as one of the leading players in the AMC industry, supported by a strong control environment, structured Investment processes, a good governance framework, and a qualified management team.

MCBAH has now crossed the mark of PKR 120 billion in Assets Under Management and it remains one of the fastest-growing Asset Manager in the local industry. Last year MCBAH recorded ~50% growth in AUM’s, due to the continuous trust of its customers generating extraordinary results.

CEO MCBAH, Saqib Saleem expressed his gratitude, “We thank Almighty Allah and all our investors for showing their confidence and trust in MCBAH which enabled us to achieve this milestone.” MCBAH holds one of the largest retail client bases in the industry. Their diligent work and client facilitation matches their investment objectives and has made them a household name in the mutual fund industry.

For more information, contact:
Analyst
The Pakistan Credit Rating Agency Limited (PACRA)
Awami Complex, FB1, Usman Block New Garden Town,
Lahore – Pakistan
Tel: +9242 586 9504 -6
Fax: +9242 583 0425
Email: hammad.rashid@pacra.com
Web: www.pacra.com

October 8, 2020

PACRA Assigns Initial Ratings to K-Electric Limited – Islamic Commercial Paper-11 upto PKR 3,200mln

Lahore, October 08, 2020 (PPI-OT): The ratings reflect improved performance metrics of the company. There was significant improvement in the turnover as reflected in the published financial statements for FY19. This led to decent growth in the net profit as well though EBITDA slightly took a dip. Units generated, sent out and sold all of these indicators witnessed rise. T and D losses have also shown improvement. There was rationalization in the trade debts. A significant jump has been noted in the other receivables, primarily due to outstanding balances and tariff differential claims.

Thus for additional cash and to fulfil working capital requirement company is resorting to short term debt avenues. Till date K-Electric has issued a series of twelve Commercial Papers, among these four ICPs worth PKR 18.9bln are not yet due for redemption while the rest are redeemed timely. Furthermore, K-Electric has also issued a Sukuk bond of PKR 25bln. The company continued to add to its asset base: expansion was noted in plants, distribution and transmission. There has been increased in payable side that is mainly due to power purchase from CPPA-G/NTDC (650 MW) which as per the agreed mechanism are to be adjusted with TDC.

The performance metrics in the ongoing financial year has shown similar trends with more focus on the production and sale of power units. At the same time, upholding business and financial metrics is of utmost importance. The company has bridged its gap in regulatory timeline for the publication of financial statements. The 109th Annual General meeting of K-Electric was held through video conferencing on June 03, 2020.