Day: December 31, 2020

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Board Meeting in Progress of Sindh Abadgar’s Sugar Mills Limited

Karachi, Sindh Abadgar’s Sugar Mills Limited informed Pakistan Stock Exchange that a meeting of the Board of Directors of the Company scheduled to be held on December 31, 2020 at Karachi to consider Annual Accounts for the year ended September 30, 2020 is in progress.

Sindh Abadgar’s Sugar Mills Limited is a company incorporated in Pakistan. The provisions and directives of the Companies Ordinance, 1984 prevail within the organization. The company is engaged in the business of manufacturing sugar. The registered office of the company is located in Karachi. The operations of the company are ISO certified. The factory of the company is located in Tando Mohammad Khan, Sindh.

The symbol “SASML” is being used by the stock exchange for the shares of Sindh Abadgar’s Sugar Mills Limited.

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Guangxi Bolsters the Robust Development of Sports Economy and Culture through Deep Integration of Sports with Tourism

FANGCHENGGANG, China, Dec. 31, 2020 /Xinhua-AsiaNet/–The 2020 Hundred Health and Sports Companies’ Trip to Guangxi and the China-ASEAN Sports Tourism Carnival, co-hosted by the Guangxi Zhuang Autonomous Region Sports Bureau and Fangchenggang Municipal Government, was unveiled in Fangchenggang from December 19 to 21. The event witnessed a series of new projects and plans that has tapped the potential of Guangxi’s sports industry.

At the opening ceremony, the organizers introduced a batch of sports tourism boutique routes, sports complexes, sports tourism demonstration bases, mountain sports camps, aviation sports bases and sports industry demonstration projects in the region. Honorary plaques were awarded to five cities of Nanning, Guilin, Liuzhou, Beihai and Fangchenggang, which were selected as the first batch of sports tourism demonstration cities in Guangxi, and eight demonstration counties (districts), i.e. Yangshuo County and Xiufeng District of Guilin, Qingxiu District, Xingning District and Mashan County of Nanning, Lingyun County of Baise, Shangsi County of Fangchenggang, and Wuxuan County of Laibin, boosting the local sports tourism development.

Foster new economic growth points

At the end of 2018, Guangxi was approved by the General Administration of Sport of China to support the creation of a national sports tourism demonstration zone. Remarkable results have been made over the past few years. Currently there are eight boutique routes, 12 boutique attractions, and two destinations dedicated to national sports tourism, as well as one demonstration base, three demonstration projects, and one demonstration organization propping up the growth of national sports industry. Statistics showed that during the National Day Golden Week Holiday in 2019, Guangxi garnered 2.4782 million visits and a tourism revenue of 670 million yuan through its national and regional-level sports tourism boutique projects.

Guangxi has held the China-ASEAN Sports Tourism Carnival for two consecutive years from 2019 to 2020 (“Tourism Carnival”) to deepen the integration between sports and tourism, enhance the tourism quality, tap the potential of the sports sector, and create new growth points for the regional economy. From the unrivaled landscape in Guilin to picturesque sea views in Fangchenggang, Guangxi Zhuang Autonomous Region Sports Bureau has envisioned a bright prospect for its sports industry by bolstering domestic demand extensively and amassing industrial development momentum.

Lead the development of sports culture

A series of interesting activities were held during the tourism carnival to attract more tourists from the region and beyond.

Among them, the China-ASEAN Sports Tourism Expo was held in Fangchenggang Garden Expo Park. Featuring the design of different sports tourism scenes, seven themed areas were set up, i.e. marine sports experience area, sporting goods display area, smart sports area, JD sports area, marine leisure and food culture area, sports lottery area, and Fangchenggang urban area. More than a hundred exhibitors provided citizens and tourists with “digital-era” sports programs including marine sports equipment, intelligent fitness systems, VR sports competitions, badminton robots, and creative fitness games, which inspired the audience to explore more novel and exciting sports, enhanced the popularity of emerging fashion sports, and promoted the sports culture in Guangxi.

Boost sports consumption in Guangxi

As the first “highlight” of the Tourism Carnival, “2020 China-ASEAN Online Sports Product Consumption Week” opened on December 10. During the event, residents in Guangxi were subsidized when paying for sporting goods, which has invigorated the sports consumer market and stimulated sports consumption in Guangxi. According to statistics, JD.com issued 2.65 million coupons in nine batches, totaling 9.87 million yuan. The transaction value of local residents in Guangxi paying with coupons recorded 104 million yuan.

During the period, Fangchenggang also held a series of events such as mini-marathons, mountain cross-country races, sailing challenges, celebrity fishing charity races, and beach music festivals. Following activities such as “Winter Tour in Guangxi” and “Green Ecological Sports in Guangxi”, more than 40 major sports events above the city level were held in the region, recording over 250,000 direct participants (person-times).

SOURCE: Guangxi Zhuang Autonomous Region Sports Bureau

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Zubair Motiwala, Shariq Vohra appeal PM to ensure fulfillment of uninterrupted gas supply commitment to industries

Karachi, December 31, 2020 (PPI-OT):Chairman Businessmen Group (BMG) and Former President Karachi Chamber of Commerce and Industry (KCCI) Zubair Motiwala and President KCCI M. Shariq Vohra have appealed Prime Minister Imran Khan, Federal Minister of Energy Omar Ayub Khan and PM’s Special Assistant Nadeem Babar to ensure that the commitments made to the business community for uninterrupted gas to industries on 24/7 basis were being fulfilled in letter and spirit. In a statement issued, they stressed that all the rumors or talks about gas crises for the month of January prove to be the other way around and the government must give an assurance in this regard which would be welcomed by the business and industrial community.

While referring to a statement given by PM’s Special Assistant on Petroleum Nadeem Babar at a news conference in which the Sindh government was criticized for giving misleading figure of around 2,500-2,600MMCFD (million cubic feet a day) gas production in Sindh while as per June data, the province was producing 2025MMCFD gas, Zubair Motiwala and Shariq Vohra said that the business and industrial community was totally confused over the unnecessary differences between the federal and provincial governments on a very serious issue. It was a matter of grave concerns that the quantum of gas, which is explored from Sindh, was not being provided to the industries of Karachi, they added.

Chairman BMG Zubair Motiwala said, “We, after long debates, had an agreement with the Energy Ministry in which we agreed to increase gas tariff from Rs786 to Rs930 per MMBTU as differential of RLNG and indigenous gas but this agreement was reached when it was committed by the government that gas would be provided to industries at optimum pressure and there will be no holidays.” “And now, the announcement has come that they have suspended gas supply to captive power plants which we fail to understand as the zero rated sectors agreed to pay the entire difference whether that of general industry or textile sector and in spite of all this, the industries are not functional”, he said, adding that since last 15 days when they (the government) claimed that they were supplying more than 200mmcfd of RLNG, the shortage persisted.

He said, “We fully agitate the announcement of the Advisor that from January 2021, the induction of RLNG to Karachi would be 50 mmcf instead of 200 mmcf and the reason given is that Fauji Fertilizer is going on turnaround which will save 60 mmcf and KE would also be reduced to 70 mmcf.” “Our question is that we have agreed to pay for our smooth production, who would be responsible for the loss of production, who would be responsible for unemployment, and who would be responsible for creating a situation in which we are unable to meet the commitments made to buyers”, he asked Chairman BMG said that the business community sat with the government, agreed on certain parameters and also agreed to pay the penalty of the same and then if the commitments were not being fulfilled again and the industry suffers on the same grounds, it is rather surprising and very disturbing for the entire industry.

President KCCI Shariq Vohra pointed out that the entire zero rated sector was questioning the increase in tariff from Rs786 to Rs930 per mmbtu as they were not getting the gas and they were of the opinion that if the agreement was not being abided by the government side, is it necessary that the industrialists also continue to abide it. “At least, they (the industrialists) should be compensated in terms of time which was wasted due to unavailability of gas and those days when the gas was not available that percentage should be compensated”, 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

The post Zubair Motiwala, Shariq Vohra appeal PM to ensure fulfillment of uninterrupted gas supply commitment to industries appeared first on Business News Pakistan.

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VIS Assign Initial MQR Rating of ‘AM1’ to National Investment Trust Limited

Karachi, December 31, 2020 (PPI-OT):VIS Credit Rating Company Ltd. (VIS) has assigned initial Management Quality Rating of ‘AM1’ (AM-One) to National Investment Trust Limited (NIT). Outlook on the assigned rating is ‘Stable’

Assigned rating reflects NIT’s strong niche position of being a Government sponsored AMC with demonstrated support as also being a seasoned AMC with a sound performance track. The ratings take into consideration its asset-management franchise, existing market position as one of the leading AMCs in the country, adequate governance and control framework, sound investment administration and a well-defined investment process which has translated into competitive fund returns particularly for the largest funds under management.

Rating also incorporates NIT’s robust financial profile (strongest amongst peers) and the financial strength of its major shareholders, i.e. government and large commercial banks. Rating remains dependent on enhancing market position, augmenting retail penetration and reducing concentration in investor base along with diversifying AUM mix and strengthening of marketing and sales infrastructure along with stability in the senior management team.

NIT is one of the leading players in mutual fund industry with a market share of ~10% in terms of AUMs as at end-Sept’20. However, market position has weakened over time due to faster market growth in fixed income funds, weak stock market performance in the last few years and stricter investment limits for equity in contributory funds. In line with the industry trends the investor concentration is on the higher side while proportion of retail AUMs is moderate and needs improvement. Equity based funds represent the majority of AUMs being managed by the AMC although penetration in fixed income funds has improved in recent periods.

NIT has a nationwide presence through an extensive branch network of 27 branches. With the size of the sales team being smaller vis-à-vis peers, management is focusing on enhancing efficiency of existing resources. Over the last 18 months, management has strengthened the technology framework which includes launch of mobile app and other digital initiatives. Translation of these initiatives along with further strengthening of sales infrastructure for improvement in market position and AUM profile is considered important. Rating also incorporates strong focus on product development where a number of innovative product schemes are in the pipeline.

NIT’s current fund slate in terms of product offerings caters to basic investor needs. Flagship product of the AMC – National Investment Unit Trust (NIUT) which is currently the largest equity fund in the market constituting one-fourth of industry’s overall equity funds exhibited strong performance (in terms of returns); ranked 2nd out of a peer group of 21 conventional equity funds. The fund has also outperformed the benchmark over a longer time horizon. Relative ranking of fixed income funds has improved but overall performance of fixed income funds has room for improvement.

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/

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VIS Reaffirms IFS Rating of Askari General Insurance Company Limited

Karachi, December 31, 2020 (PPI-OT):VIS Credit Rating Company Limited VIS) has reaffirmed the Insurer Financial Strength (IFS) rating of Askari General Insurance Company Limited (AGICO) at ‘AA’ (Double A). The IFS rating of ‘AA’ denotes very high capacity of meeting policyholder and contractual obligations. Moreover, the risk is modest, though may vary slightly with possible changes in economic conditions. Outlook on the assigned ratings is ‘Stable’. The previous rating action was announced on December 27, 2019.

The rating assigned to AGICO derives strength from its association with its primary shareholder Army Welfare Trust which has presence in various sectors of the economy. Growth momentum was disrupted in 9MFY20 mainly due to the outbreak of COVID-19. The impact of growth in fire, marine, and accident and health segments was offset by lower gross premium written in miscellaneous and motor segments owing to relatively lower demand for vehicles and initiation of price war by industry players to maintained market share. Going forward, the management expects business expansion from the launch of new health and motor insurance products, recovery in auto sector, new projects in the pipeline in miscellaneous segment, and some increase in fire and marine segments.

The rating also incorporates reinsurance arrangements largely with counterparties having sound credit risk profiles. Despite one of the highest net retention amongst the peers, the company is managing risks given largely consistent loss ratio over the years. Liquidity, in terms of liquid assets in relation to technical reserves have remained adequate. Investment income has supported underwriting profitability on a timeline basis. However, the rating is constrained by high operating and financial leverages; capitalization support to retain risk profile is needed as the company continues to grow its business volumes. Going forward, the rating would remain sensitive to projected growth in business volumes while maintaining sound underwriting quality and adequate liquidity indicators.

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/

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VIS Upgrades Fund Stability Rating of First Habib Cash Fund

Karachi, December 31, 2020 (PPI-OT):VIS Credit Rating Company Limited (VIS) has upgraded the Fund Stability Rating (FSR) of First Habib Cash Fund (FHCF) to ‘AA+ (f)’ (Double A Plus (f)) from AA (f) (Double A (f)). The previous rating action was announced on December 31, 2019.

FHCF is a money market fund with an objective to provide its investors with high liquidity and competitive returns by deploying assets in short-term debt instruments primarily through investment in cash and near cash instruments, government securities and bank deposits. The rating action incorporates updated FUND STBILITY RATING methodology which can be found on our website or on the following link https://s3-us-west-2.amazonaws.com/backupsqlvis/docs/FundstabilityRating.pdf.

The rating upgrade also constitutes change in the investment policy statement (IPS) of the fund, whereby the fund will take minimum 50% exposure in ‘AAA’ rated exposures, with the remaining exposure being in ‘AA’ and above rated instruments/placements also taking into account the change in WAM of the fund to 60 days from 90 days.

Net assets of the fund witnessed an upward trend amounting to Rs. 3.6b by end-FY20. No deviations have been observed in the actual asset allocation plan of the fund. Credit quality exposure manifests that over 55% of the fund’s assets were placed in AAA rated issue/issuer. With exposure of the fund primarily in liquid avenues and low risk profile, ability of the fund to meet redemptions is considered adequate.

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/

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Zong 4G Launches New Super Star Offer

Islamabad, December 31, 2020 (PPI-OT):Zong 4G has launched a new offer called Super Star Offer for customers in the central region that is designed to meet the growing digital connectivity needs of customers.

The Zong Super Star Offer brings 3000 Zong minutes and SMSs, 400 All Net Minutes, and 8GB of the Internet at an unbeatable cost of PKR 500 only. To activate the offer, users can simply dial *7070# and start enjoying Zong’s best-in-class services.

The offer is available in Rahimyar khan, Sadiqabad, Burewala, Dunyapur, Hasilpur, Melsi, Vehari, Jahania, Kabirwala, Khanewal, Sargodha, Faisalabad, and surroundings.

“The Super Star Offer is like no other offer currently available in the market and facilitates the customers with an unmatched connectivity experience,” Zong’s official spokesperson said. “The offer reflects our customer-centric approach and the way we proactively cater to the evolving communication needs of the Pakistani people.”

Zong’s network superiority was recently recognized by Opensignal – an independent global standard for analyzing consumer Mobile experience. Zong has also been at the forefront of digital transformation in the country. The company made accelerated progress towards 5G testing in Pakistan becoming the first company to successfully test 5G services in Pakistan last year.

For more information, contact:
ZONG
ZONG Headquarters
CMPak Complex, Plot# 47,
Kuri Road, National Park Road,
Chak Shahzad, Islamabad, Pakistan
Tel: +92-51-111-222-111
Fax: +92-51-111-031-031
Website: www.zong.com.pk

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