January 7, 2021 – Page 6 – PPI News Agency

January 7, 2021

Pakistan presents dossier comprising irrefutable evidence to Int’l community on India’s involvement in terrorism

Islamabad, January 07, 2021 (PPI-OT): The Spokesperson said we have presented a dossier to the international community comprising solid and irrefutable evidence regarding Indian involvement in abetting terrorism in Pakistan. He, however, said that India should keep it in mind that law enforcement agencies of Pakistan are fully vigilant to foil Indian designs.

Answering a question on India’s joining UN Security Council as non-permanent member, the Spokesperson said it is ironic that India is able to sit on a UN body, whose resolutions on Jammu and Kashmir have persistently and defiantly been flouted by the New Delhi for over 70 years.

He said India continues to oppose Kashmiris and deny their inalienable right to self-determination that was guaranteed to them under numerous resolutions of UNSC. He said India’s bellicose rhetoric and belligerent actions pose a threat to peace and security in the region and beyond.

He said India continues to impede access of Security Council’s mandated UN Military Observer Group for India and Pakistan to hide ceasefire violations along the Line of Control and deliberate targeting of civilian population. The spokesperson expressed the confidence that other responsible member states of UNSC will remain mindful of these facts and will not allow India to abuse its position as a non-permanent member of the Council.

He said India will not be able to evade responsibility and accountability for its widespread violation of international law in Indian Illegally Occupied Jammu and Kashmir and beyond by virtue of its membership of the UNSC. Regarding a question about intra-Afghan negotiations, Zahid Hafeez Chaudhry said Pakistan is committed to the Afghan Peace Process and to provide all possible assistance to move this initiative forward.

Answering another question, he strongly repudiated the baseless, false and fictitious allegations made by Afghanistan’s First Vice President Amrullah Saleh in a facebook post regarding illegal transfer of material from Pakistan, which could be used as explosive.

These spurious allegations are conspicuous efforts to undermine internationally acclaimed role Pakistan continues to play in Afghan Peace Process for bringing durable peace in Afghanistan. He said the two countries should refrain from public blame game and use official channels to discuss complete gamut of the bilateral relations.

He said it is important for the two sides to focus on enhancing cooperation and coordination through existing official and institutional channels to address mutual security concerns. He said Pakistan, on its part, reiterates its abiding commitment for a peaceful, progressive, united, sovereign and democratic Afghanistan. The Spokesperson also extended Pakistan’s congratulations to US President-elect Joe Biden on his certification confirmation win by the US Congress.

For more information, contact:
Kashmir Media Service
Phone: +92-51-4435548, +92-51-4435549
Fax: +92-51-4861736
Email: info@kmsnews.org
Website: www.kmsnews.org

January 7, 2021

VIS Upgrades Fund Stability Rating of UBL Income Opportunity Fund

Karachi, January 07, 2021 (PPI-OT): VIS Credit Rating Company Limited (VIS) has upgraded the Fund Stability Rating (FSR) of UBL Income Opportunity Fund (UIOF) (formerly UBL Financial Sector Bond Fund (UFBF)) to ‘AA- (f)’ (Double A Minus (f)) from ‘A (f)’ (Single A (f). The previous rating action was announced on October 15, 2020.

UIOF is designed as an income fund with an objective of generating competitive returns primarily through investment in cash and near cash instruments, government securities, bank deposits and TFC/Sukuk. 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.

As per the Investment Policy Statement (IPS), the fund shall take maximum 15% exposure in ‘A-’ rated exposures, with the remaining exposure being limited to ‘A-’ above rated instruments; apart from TFC/Sukuk, where credit risk exposure is capped at ‘AA’ and above.

Net assets of the fund declined to Rs. 607m by end-FY20. Minor deviations have been observed in the Actual asset allocation plan of the fund. Credit quality exposure manifests that over 40% of the fund’s assets were placed in AAA rated issue/issuer. With exposure of the fund primarily in liquid avenues, 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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January 7, 2021

OGRA approves K-Electric License for Construction and Operation of Pipeline for Transmission of Natural Gas /RLNG

Karachi, January 07, 2021 (PPI-OT): In welcome news for the citizens of Karachi, the Oil and Gas Regulatory Authority (OGRA) has approved K-Electric’s application for a license to construct and operate a gas pipeline, that will supply Re-gasified Liquefied Natural Gas (RLNG) for the upcoming RLNG-based 900 MW BQPS-III power plant and supplementing fuel requirement of the power plants located at its Bin Qasim Power Complex.

This is a very positive development for KE as the grant of the license by OGRA is a first ever license obtained by KE in the oil and gas sector and is a key step in ensuring that the upcoming BQPS III power plant receives the right amount of gas, at the right pressure. This milestone will go a long way in helping bridge the supply-demand gap in Karachi in the years to come.

In the notification issued on January 6, 2021, OGRA grants a License to K-Electric Limited to undertake regulated activity related to construction and operation of 14 inch diameter x 2.4 kilometer Natural Gas Pipeline along with ancillary/connected facilities for purpose of transmission of Natural Gas/RLNG from Tie-in Point, SSGC Custody Transfer Station located at Bin Qasim to KE Bin Qasim Power Complex”.

K-Electric had submitted an application for the same on 18 May 2020, so as to ensure the pipeline would be built in time for the commissioning of the first unit of BQPS-III. It is pertinent to note that in the interest of expediting the process, the power utility has agreed to undertake the construction of the pipeline from the nearest SSGC Custody Transfer Station, on a self-finance basis. The EPC contractor and the Owner Engineer for this pipeline project are already on-board, the detail design of is already completed and the pipeline material has already been procured. Now, with the issuance of License by OGRA, K-Electric has immediately started construction of pipeline for its timely availability for commissioning of 900 MW power plant.

The addition of the 900 MW RLNG Power Plant along with proposed decommissioning of older and less efficient units will ultimately increase the power utility’s generation capacity and lead to improved service delivery. In the interest of the citizens of Karachi, and ensuring that they face minimal difficulties in the upcoming summer season, work on the BQPS-III power plant is proceeding on a fast-track basis. Gas turbines and steam generators have arrived and are waiting to be installed so that the first unit of 450 MW can be brought online by summer of 2021, and the second unit by end of 2021.

While the approval of the 900 MW plant is a vital element towards meeting Karachi’s growing power demands, other commitments also need to be fulfilled in a timely manner for this reality to be realized. Heads of Agreement with Pakistan LNG Limited (PLL) for supply of 150 mmcfd of gas for BQPS-III has already been signed, subsequent to which negotiations on the Gas Sale Agreement (GSA) have reached to the advance stage and any potential hurdles need to be resolved as per past commitments by the Cabinet Committee on Energy (CCoE).

The 900 MW RLNG based plant and its timely completion is just one step towards keeping Karachi energized. Even with the commissioning of this plant, NTDC needs to expedite work on the upgrade of the interconnection facilities at the KDA Grid so that the power utility can evacuate the promised additional 450 MW from the National Grid before Summer 2021. K-Electric is confident that all concerned stakeholders will continue to lend support in these so that KE achieves its vision of bringing Karachi to a power surplus situation by the year 2022.

For more information, contact:
Media and PR Department,
K-Electric
KE House, 39-B, Sunset Boulevard, Phase-II,
Defence Housing Authority, Karachi, Pakistan
Tel: +92-21-32637133, +92-21-38709132
Cell: +92-300-2281183, +92-346-8223641
Website: https://www.ke.com.pk

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January 7, 2021

Government should develop special IT economic zones and give long terms benefits to promote IT Industry: Sardar Yasir Ilyas Khan

Islamabad, January 07, 2021 (PPI-OT): Mr. Shoaib Ahmed Siddiqui, Secretary Ministry of Information Technology and Telecom addressing at the inaugural ceremony of Fazal Software Technology Park at I-9 Industrial area, Islamabad said that the Government is working hard for the promotion of IT industry and lauded the efforts of Fazal Industry for setting up the IT Technology Park. He said that the Prime Minister of Pakistan has the vision to promote IT Industry and in this connection Ministry of Information Technology and Telecom and Pakistan Software Export Board are focusing on the promotion of this sector. He said that a new Industrial Park is being established at Chakshahzad, Islamabad.

He said that the Government is also working on the payment gateways to resolve the payment issues of the IT industry. He proposed that a forum should be created for ease of doing business including PASHA and other relevant organizations. Mian Shaukat Masud, former President ICCI and CEO of Fazal Technology Park, said that IT is an emerging field in the country and thanked the Ministry of information Technology and Telecom and Pakistan Software Export Board for supporting this initiative. He said that the Government should ensure consistency of policies and more incentives should be given to the IT Industry for its growth and more exports.

Sardar Yasir Ilyas khan, President Islamabad Chamber of Commerce and Industry- ICCI congratulated for setting up Fazal Software Technology Park and said that the Government should make more efforts for the promotion of IT Industry. He said that Pakistan has great potential for IT exports which can be enhanced through policy support and reforms. He said that India has 100 times more exports of IT products than Pakistan and even Bangladesh is ahead of Pakistan in IT exports. He emphasized that the Government should give priority to the IT sector for its sustainable growth and to earn foreign exchange.

He said that the Government should address the payment receipt issues as many Pakistani IT companies have set up their offices abroad and are receiving payments in overseas offices. He said that the State Bank of Pakistan should resolve payment issues by creating cease of doing business and streamlining procedures and processes for receiving and sending funds globally. He also added that embedding of payment portal and gateways such as PayPal are a necessity for promoting digitization and ecommerce in Pakistan. He said that the Government should develop special IT economic zones and give long term benefits to promote IT Industry.

Sardar Yasir Ilyas Khan announced that Islamabad Chamber of Commerce and Industry shall organize an IT exhibition in the coming weeks to promote software companies by taking PASHA on board. He said that Chamber will help the IT companies by taking up their issues with the relevant Ministries. He said that the Government must listen to the problems of the businessmen and involve the business community in policy formation process as there is a gap between the Public and Private Sector.

Osman Nasir, Managing Director Pakistan Software Export Board appreciated the vision of Fazal Industry for developing Fazal Software Technology Park and turning it into a high yield industry. He said that the Government is determined to set up technology Parks across the country which will enable natural growth of the IT Industry. Mr. Barqan Saeed, Chairman Pakistan Software House Association said that Pakistan needs to enhance its exports and IT Industry can play a good role in it. He said that it can also help in bringing foreign investment in the country and creating more employment.

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

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January 7, 2021

President Pakistan China Joint Chamber of Commerce and Industry conducts meeting with Chairman CPEC Authority

Lahore, January 07, 2021 (PPI-OT): Mr. S.M Naveed, President Pakistan China Joint Chamber of Commerce and Industry conducted a meeting with Gen R, Asim Saleem Bajwa, Chairman CPEC Authority at Islamabad in which they discussed the promotion of 2nd phase of CPEC which is intended to boost industrialization.

President PCJCCI said that, The China-Pakistan Economic Corridor (CPEC) is a game-changer for the region and beyond. It is building strong roots to take economic growth to next level in the two countries and across the region and preserving peace at the regional and global level. The first phase of the CPEC, which focused on energy and infrastructure projects, met its successful completion and now the second phase is set to boost Pak-China cooperation in agriculture and initiate an era of industrialization through establishment of Special Economic Zones.

Gen R, Asim Saleem Bajwa expressed his views by saying that, Pakistan’s priorities in the second phase of China Pakistan Economic Corridor (CPEC) is to transfer of technology to bring trade revolution in the country. The government is appointing trade and investor officers in a transparent manner and their appointments have been linked with six months’ performance. In addition, in order to promote travel and tourism in the country, Pakistan has allowed visa on arrival to some 50 countries.

He further added that, there are three SEZs currently working under the 2nd phase of CPEC which includes; Allama Iqbal Industrial City Faisalabad, Dhabeji Special Economic Zone and Rashakai Economic Zone. They also discussed the medical and moral support which China and Pakistan has been giving during its fight against the corona pandemic. CPEC remained resilient even during a global pandemic and progressed ahead.

For more information, contact:
Media Manager,
Pakistan China Joint Chamber of Commerce and Industry (PCJCCI)
Mega Tower, 309 – 6th Floor, Main Boulevard, Gulberg II,
Lahore, Punjab – Pakistan
Tel: +92-42-35777460-02, +92-42-37032203, +92-42-35874353
Fax: +92-42-35777524
Cell: +92-324-4925611
Email: info@pcjcci.org
Website: www.pcjcci.org

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January 7, 2021

HBL Asset Management Limited rating upgraded to AM2++

Islamabad, January 07, 2021 (PPI-OT): VIS Credit Rating Company has upgraded the Management Quality Rating (MQR) of HBL Asset Management Limited (HBL AMC) from ‘AM2+’ (AM-Two Plus) to ‘AM2++’ (AM-Two Plus Plus). Outlook on the assigned rating is ‘Stable’.

The upgrade in rating reflects the exhibited improvement in market position and fund performance. It also factors in a diverse product portfolio, adequate overall control, compliance and risk management framework, together with a well-structured investment process having a strong focus on research based decision making. The rating also takes into account the performance of HBL AMC’s two largest income funds which fell in the top quartile as well as equity funds that witnessed significant improvement in the year.

Mir Adil Rashid, CEO HBL Asset Management Ltd., expressed his views stating that, “We are proud to have achieved yet another milestone. The trust and commitment of all our Stakeholders enabled us to continue providing exceptional services, in spite of the ongoing pandemic” He added that, “Our dedication to have our best foot forward is absolute and we will continue this upward trajectory moving forward.”

Management Quality ratings have six key pillars: Governance, Financial Condition and Management, Portfolio Management activities, Market Position, Track Record, Investment Administration and Client Servicing. The rating is primarily based on a qualitative assessment but also include a quantitative analysis of the risk-adjusted performance of the asset manager.

VIS Credit Rating Company Limited (Formerly JCR-VIS Credit Rating Company) (VIS), approved by Securities and Exchange Commission of Pakistan and State Bank of Pakistan, is operating as a ‘Full Service’ rating agency providing independent rating services in Pakistan. VIS is a joint venture between Vital Information Services (Pvt.) Limited (VIS) – Pakistan’s only independent financial research organization, Pakistan Stock Exchange Limited and ISE Towers RIET Management Company Limited.

For more information, contact:
Head Office,
HBL Asset Management Limited
7th Floor, Emerald Tower, G-19, Block 5,
Main Clifton Road, Clifton, Karachi, Pakistan
Tel: +92-21-111-425-262
Fax: +92-21-35168455
Email: info@hblasset.com
Website: https://hblasset.com/

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January 7, 2021

VIS Upgrades Fund Stability Rating of Al-Ameen Islamic Sovereign Fund

Karachi, January 07, 2021 (PPI-OT): VIS Credit Rating Co. Ltd. (VIS) has upgraded the Fund Stability Rating of Al-Ameen Islamic Sovereign Fund (AISF) to ‘AA (f)’ (Double A (f)) from ‘AA- (f)’ (Double A Minus (f)). The previous rating action was announced on December 31, 2019.

Al-Ameen Islamic Sovereign Fund (AISF) was launched in 2010 as an Islamic open-ended fund. The fund aims to provide competitive returns with low risk through Shariah compliant avenues. 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.

Being a sovereign fund, AISF is required to maintain at least 70% of assets in Shariah compliant sovereign instruments while a floor of 10% is also applicable in relation to cash and near cash instruments. Asset quality restrictions limit the fund from investing in any instrument rated below ‘AA-’. Actual Weighted Average Maturity (WAM) of the fund remained in line with policy limits. Given that most of the fund is invested in liquid avenues, the fund’s ability to meet redemptions in a timely manner remains sound.

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