Category: Business

Opening of concerned branches to facilitate the collection of Government duties/taxes on March 31, 2018

Karachi, March 29, 2018 (PPI-OT): In order to facilitate the collection of Government duties / taxes, NIFT will provide a special clearing facility on the advice of State Bank of Pakistan on Saturday, March 31, 2018 at 5:00 p.m. All banks are, therefore, advised to keep their concerned branches open on March 31, 2018 (Saturday) till such time that is necessary to facilitate the special clearing for Government transactions.

For more information, contact:
Chief Spokesman,
State Bank of Pakistan (SBP)
Central Directorate
I.I. Chundrigar Road, Karachi, Pakistan
Tel: +92-21-111-727-111
Tel: +92-21-39212562
Fax: +92-21-39212433 – 39212436
Email: chief.spokesperson@sbp.org.pk
Website: www.sbp.org.pk

Minister ensures relief to traders of Multan, McLeod roads

Lahore, March 29, 2018 (PPI-OT): Provincial Minister for Industries Sheikh Alauddin has ensured relief to the businessmen of Multan Road and Mcleod Road saying that their issues would be taken up with the Chief Minister Punjab. He was speaking at the Lahore Chamber of Commerce and Industry. The LCCI President Malik Tahir Javaid, Senior Vice President Khawaja Khawar Rashid, Vice President Zeeshan Khalil, Muhammad Arshad Chaudhry, Bao Bashir, Mian Muhammad Nawaz, Fahim ur Rehman Saigol and Awais Saeed Piracha spoke on the occasion.

Representatives of Multan Road Industrial Association informed the minister that demolition of industries for the sake of Hadyara Drain Project is not a good plan as it would not only deprive thousands of people of their jobs but would also air a negative message to the investors. They said that demolition of industries at Multan road would hit economy of the province hard besides applying reverse gear to the government efforts aimed at progress and prosperity.

They said that government should shelve the plan as not only the industry but government would also be the looser as closure of hundreds of industrial units of Multan Road would cause huge lose to the national exchequer in term of taxes and utility bills etc. The Minister said that business community is the backbone of the economy and their issues will be taken up with the Chief Minister Punjab at the earliest.

On the occasion, the LCCI President Malik Tahir Javaid formed two committees to settle down the issues of the businessmen of Multan Road and Mcleod Road. The committee for the businessmen of Multan Road will have Sheikh Alauddin, Malik Tahir Javaid, Muhammad Arshad Chaudhry, Shahzad Azam Khan and Tahir Qadeer while the other will have Sheikh Alauddin, Malik Tahir Javaid, Muhammad Talat and Shahzad Khan in their folds.

The LCCI President said that reservations of the business community must be addressed to ensure a business-friendly atmosphere in the country. He said Punjab is the linchpin of Pakistan’s economy and it has highest contribution in the GDP of the country. The industrial sector of Punjab consists of large scale and small scale manufacturing, mining and construction etc.

As per the study recently conducted by LCCI, the share of Punjab in the national value added in Large Scale Manufacturing fell slightly from 49.3% to 48.9% during 2010-11 to 2014-15. However, Punjab has dominating presence in Small Scale Manufacturing with a share of 71% in national value added. Due to consistent boom in construction industry, the share of Punjab has significantly increased from 58% in 2010-11 to 75% in 2014-15.

He said over the course of our economic history, the different experiments with federal and provincial industrial polices led to low industrial growth in Pakistan. Similarly, the industry which is paying its taxes judiciously is facing trust deficit. It is need of the hour to stimulate industrial growth, leading to higher GDP growth.

The LCCI President further stated that the industrial policy of Punjab province should incentivize the industry to move up the technology ladder. It will be even better that the industrial policy should focus on private sector led investment strategy which must lead to greater private investments in mega projects. This would balance the effect of crowding out private sector in terms of getting the bank credit. Furthermore, the banks should arrange sufficient funds for industrial credit rather than focusing more on short term financing to general consumers.

He said that the prices of plots in industrial estates and the opportunity cost of setting up hi-tech industry are fairly high. Foreign investors are taking Pakistan as a case of premature de-industrialization. In this scenario, the government should provide basic infrastructure to private sector on lease so that the pace of industrialization could be increased. Malik Tahir Javaid said that for the swift implementation of these requirements in industrial sector, the discretionary powers of the government officials be curtailed and the role of chambers of commerce and trade associations should be enhanced.

The LCCI President said that many of our members are having industrial units on the main roads of city which were established around Lahore under Rural Industrial Scheme. Our proposal was favourably considered that these industries should be regularized at their existing locations. The Secretary Industries has agreed in this connection and submitted a report to provincial government for approval. We are still waiting for the required notification.

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: www.lcci.org.pk

Engro Foods Limited inks MOU with JS Bank to empower Dairy Farmers through PMYBL Scheme

Karachi, March 29, 2018 (PPI-OT): Engro Foods Limited being the 2nd largest Dairy Company in Pakistan has collaborated with JS Bank under the banner of Prime Minister Youth Business Loan (PMYBL) program to empower the dairy farmers with financing facilities. This was an initiative to build sustainable livelihoods for the dairy farmers through monetary support and knowledge transfers.

Engro Foods dairy farmers will have the opportunity to upgrade their farms, procure machinery or livestock, with financing through JS Bank. This is another step by Engro Foods in its journey for socio-economic empowerment of the dairy farmers in Pakistan. Engro dairy farmers participating in this program will be able to access up to PKR 2 Million in ready funds for up to 8 years, at a minimum mark-up rate of just 6% per annum.

Speaking at the occasion, Mr. Ali Ahmed Khan, Managing Director Engro Foods Limited said, “Engro Foods remains committed to empower the dairy farmers at grass root level. PMYBL Scheme is a great effort to increase sustainability of the dairy farmers who have zero access to financing solutions. Through this partnership with JS Bank, we look forward to increase the livelihoods and build the capacity of dairy farmers. At Engro Foods we believe that it is our responsibility and we remain committed to enable the evolution of the dairy industry in Pakistan”.

On behalf of JS Bank, Mr. Kamran Jafar, Group Head – Corporate and Retail Banking Group said “This agreement will serve as a development catalyst and increase financial inclusion nationwide. Through the Prime Minister Youth Business Loan (PMYBL) program, JS Bank is providing easy and accessible avenues for financial independence and growth to deserving farmers.”

This ceremony was attended by the top management of Engro Foods Limited (EFL) Mr. Ali Ahmed Khan, Managing Director, Mr. Imran Hussain, Director Finance, Mr. Naveed Saeed, Chief Corporate and Regulatory Affairs Director, Mr. Zeeshan Ur Rab, GM Milk Procurement and Agri Services and Ms. Nageen Rizvi, Head of Corporate Communications and Sustainability. On behalf of JS Bank Mr. Kamran Jafar, Group Head C and RBG, Mr. Babbar Wajid Head of Business and Product Development, Mr. M. Ahsan Amjad Head of Retail Assets C and RBG, Mr. Muhammad Faisal, Business Head-Corporate South and Mr. Faisal Asghar Business Head Wholesale, Private and International Banking were present along with their teams.

Through this alliance, Engro Foods Limited and JS Bank will provide an ecosystem of mutually supporting values and growth to farmers. This supportive structure will help enhance milk production at a national level through fiscal support by JS Bank while best industry practices and industry related information is provided to key stakeholders by Engro Foods.

For more information, contact:
Engro Foods Limited
8th Floor, Harbour Front Building,
Marine Drive, Block 4, Clifton,
Karachi, Pakistan
Tel: +92-21-35296000

President KCCI to inaugurate ICT Gala 2018 today

Karachi, March 29, 2018 (PPI-OT): President Karachi Chamber of Commerce and Industry (KCCI) Muffasar Atta Malik will be inaugurating ICT Gala 2018 on Friday, March 30, 2018 (Today) being organized by Pakistan Computer Association (South) at Techno City Mall, Exhibition Area opposite UNI Centre, I. I. Chundrigar Road Karachi.

The gala, which will also be attended by Chairman PCA Basharat Baloch, will display a wide range of computer equipment, projectors, LED screens, all in one PCs, Gaming and Mining Products, locally assembled PCs and other gadgets, said a statement issued by PCA South.

Vice Chairman PCA Central Asif Vohra, Vice Chairman PCA South Syed Ata ur Rehman Zaidi, Head of Exhibitions Mustafa Rawat, Head of PR and Communication Yaseen Fozdar and all members of the Executive Committee PCA South will be present at the event.

For more information, contact:
Pakistan Computer Association
Mezzanine Floor, Saeed Plaza,
Sector F-6, Blue Area, Islamabad – 44000, Pakistan
Tel: +92-51-2604831-5
Fax: +92-51-2604836
Email: info@pakcomputerassociation.com
Website: www.pcapk.org

5th African Islamic Finance Summit to be held in Tanzania

Dubai, March 29, 2018 (PPI-OT): AlHuda Centre of Islamic Banking and Economics (CIBE) is honoured to organize 5th African Islamic Finance Summit in Tanzania. The event is successfully held for many years in Tanzania for the betterment of the socio-economic conditions of the rural and urban areas of the country. It will be held at Hyatt Regency – The Kilimanjaro, Dar-es-Salaam, Tanzania on 17th and 18th April 2018. The summit will be followed by Post Event Workshops on Islamic Insurance and Islamic Microfinance on 19th and 20th April 2018.

More than 15 international speakers would give their valuable contribution against the topics of discussion. The banking and financial industry of Tanzania and the surrounding areas will actively participate in the conference to gain ample knowledge of the Islamic financial sector and solutions to the escalating problems of the society.

The event is supported by Tanzania Association of Microfinance Institutions (TAMFI) and Tanzania Insurance Broker Association (TIBA) and there are many supports in queue. Sponsors of the event include Islamic Corporation for the Development of the Private Sector (ICD), Amana Bank, Azam Bakhresa Group, KCB Sahl Bank, Akhuwat and many more to come. The event will be inaugurated by the esteemed chief guest from the ministry of finance. Participants are high profile personnel for 20 countries e.g. from central banks, banking and financial sectors of Tanzania and rest of the African countries, microfinance and insurance industry.

Mr. Muhammad. Zubair Mughal, CEO, AlHuda CIBE (the organizers of the event) thanked the supporters and the sponsors in advance for their continuous trust on them and the unprecedented support for the event that is much needed to achieve the milestone. He further said that today more than five in 10 Tanzanians (54%) are financially included, mainly through mobile money accounts (53%).

Tanzania has a largely rural population, which makes access to financial services a challenge and digital solutions ideal. The World Bank reports 70% of the population resides in rural areas, and FII data shows that less than one-third (29%) of the rural population have active accounts (used in the last 90 days), whereas urban citizens are twice as likely to have actives accounts (61%). Approximately 76% of Tanzanians live on less than $2 per day, with three-quarters of Tanzanians employed in the agriculture sector, according to World Bank data.

Making gains among these groups is key to improving Tanzanians’ financial lives. He said that Islamic banking and finance is the best alternative to change the lives of the poor. Investing in Islamic Banking and Finance could mean greater foreign investment that could result in enhanced global connectivity, improved job creation, socio-economic development and poverty alleviation. It provides an excellent opportunity for Africa and the rest of the world to develop strong knowledge of Islamic Banking and Finance procedures that will create genuine global opportunities for the long term development of this growing and increasingly transcending financial sector.

The main objectives of the summit include e.g. recognizing significant developments in Islamic Financial Infrastructure of Africa, linkages of African Islamic Finance industry with international financial market, demonstration of the flexibility of Islamic Financial markets during recent financial crisis, share the best practices of the international Islamic banking market with African Islamic finance Industry, assessing innovations in Islamic financial markets through the growth of newly developed research based products etc. The event is open for the public with very nominal entrance fee. It is highly recommended that more and more organizations, companies and banks join the summit in order to gain the maximum benefit from this international event in Tanzania.

For more information, contact:
Manager Communication
AlHuda Centre of Islamic Banking and Economics
1st Floor, 160-B, Ahmed Block, New Garden Town,
Lahore – Pakistan
Tel: +92-42-35913096-8, +92-42-38407850
Fax: +92-42-5913056
Cell: +92-332-4546946
Email: shaguftta.perveen@alhudacibe.com
Website: www.alhudacibe.com

7Vals Lands Deal with HBL Pakistan for Facilities Operations

Karachi, March 29, 2018 (PPI-OT): Software Company 7Vals made a landmark deal with Habib Bank Limited in a contract signing ceremony in Karachi. With the help of its market-leading Computerized Maintenance Management System (CMMS), 7Vals will help the multinational bank with the management and maintenance of its Facilities Operations across the country. The contract was finalized at HBL Plaza, Karachi, with Nassir Saleem (Head of Global Operations at HBL), Amir Matin (Head of Technology Strategy at HBL), and Syed Ali (CEO of 7Vals) in attendance.

With offices in Lahore, Pakistan as well as in Texas, US, 7Vals has been actively working on the export of cloud-based software to the global market. Founded in 2011, today the company has enabled efficient equipment maintenance for 20% of the Fortune 500s. But now, 7Vals is setting its sights closer to home, in Pakistan.

According to 7Vals founder Syed Ali:

7Vals has had a lot of success in the international market, and now we want to introduce our product to the Pakistani market. We’re hoping our work with HBL will encourage other Pakistani companies to confront business challenges head-on, and create success a little closer to home.

HBL will be using the 7Vals software for work order management, recurring maintenance, and asset custodianship in its Northern, Central, and Southern branches. The computerization and process-enforcement of maintenance and safety activities will enable businesses to adhere easily to industry standards. This is a huge step forward for the maintenance and safety culture of Pakistani businesses.

For more information, contact:
Habib Bank Limited (HBL)
Habib Bank Plaza,
I.I. Chundrigar Road,
Karachi-75650, Pakistan
Tel: +92-21-32418000 (50 lines)
Fax: +92-21-39217511

PACRA Assigns Initial Entity Ratings to Pakistan Services Limited

Lahore, March 29, 2018 (PPI-OT): Pakistan Services Limited (PSL) is the owner and operator of Pearl Continental (PC) Hotels in Pakistan. PC is the premium five star hotel chain of the country. The rating reflects the leading position of the PC brand in the domestic market alongwith a diversified geographical presence of PSL providing competitive edge over other players. PSL currently has presence in six major cities. The rating also incorporates the association of PSL with the Hashoo group – market leader in the domestic hospitality market with over 2500 rooms in 20 properties. To solidify its market position, PSL is constructing five star hotels in Multan and Mirpur, later will be partially financed through this Sukuk.

PSL has observed continuous growth in occupancies and ADRs – facet of improved security situation and increased economic activity in the country. PC – Lahore is the biggest hotel with 607 rooms contributing ~45% of the overall revenue stream. The profitability trend also observed improvement. The company currently has a low leveraged capital structure but debt driven expansions would increase the company’s leveraging though remaining at a comfortable level. PSL intends to maintain a debt payment account for servicing its financial obligations. To ensure liquidity cushion the company plans to maintain a cushion in its short term lines equivalent to the upcoming instalment amount, which further provides comfort to the ratings.

In order to capitalize on the increasing demand in the hospitality sector, PSL targets sizeable investments in expansion and development of new properties in both high-end and mid-tier segments. The company also plans to enter into the real estate housing and mega mall projects through its subsidiaries. Management of coverages amidst rising debt levels would remain crucial. Timely completion of under construction properties improving the cashflow stream would provide support to the coverages.

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