Category: Business

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ICCI urges FBR to stop from harassing builders and developers

Islamabad, March 20, 2018 (PPI-OT): Sheikh Amir Waheed, President, Islamabad Chamber of Commerce and Industry has urged the Federal Board of Revenue to stop harassing builders and developers because such tactics would discourage investment in the real estate sector and hurt the economic growth of the country. He said on the pretext of expanding tax net, FBR has started issuing notices to builders and developers for providing details of buyers of shops and flats in the construction projects which was not a wise approach as it was creating harassment in the business community of real estate sector.

He said that after the agriculture, construction industry was the second largest jobs providing industry in the country and the growth of over 100 other ancillary industries was directly linked with the growth of construction industry. He said many countries in the world were providing good incentives to the real estate and construction industry in order to give boost to economic activities, but in Pakistan, tax machinery was taking measures to create more difficulties for this industry. He said all the details were provided to FBR at the time of transfer of property while the builders and developers were paying gain tax and advance tax on the lease and registration of property.

Sheikh Amir Waheed said that seeking the details of property buyers from builders and developers was tantamount to a conspiracy against the construction industry. He said due to such measures of FBR, investment in construction projects would be discouraged and would be confined to just buying and selling activities in real estate sector that would push the construction industry to the verge of collapse. He said the builders and developers were already mentally upset due to the current valuation methods of property and policies of FBR while such tactics of FBR would force them to withdraw investment from real estate sector and transfer capital out of the country that would not be in the interests of the economy.

Muhammad Naveed Senior Vice President and Nisar Mirza Vice President ICCI said that foreign investors wanted to invest in Pakistan, but unfair taxation system and measures of FBR against the investors were acting as a discouraging factors for local and foreign investment in Pakistan. They said that the future of many industries was associated with the real estate and construction industry and urged that FBR should stop issuing notices to builders and developers to save the economy from further damages.

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: +9251 225 0526, 2253145, 8432676
Fax: +9251 225 2950
Email: icci@brain.net.pk
Website: www.icci.com.pk

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Twelve member Pakistan Trade Delegation visiting Algeria and Tunisia from 18th to 24th March, 2018

Karachi, March 20, 2018 (PPI-OT): On 1st day of visit, there was meeting with Algerian Chamber of Commerce and Industries. The Ambassador of Pakistan and Director General of TDAP discussed with the President of the Chamber Mr. HADEF Abderramane and the Director General of the Chamber Mme BEHLOUL Ouahiba regarding matters of interest of both the countries.

The Director General informed that there is issue of high tariff rates. The President of the chamber suggested that the issue of PTA / FTA should be discussed in the meeting of Joint Ministerial meeting of the two countries. The chamber President also discussed sectors of mutual interest of the two countries. He showed great interest in cooperation in agriculture and machinery related agriculture sector.

After the meeting, there were presentations on relations between the two countries and the potential of trade and investment in the two countries. The media and print media also covered the event and there were questions and answers by the media people. Afterwards, there were B2B meetings and site visits of Pakistani delegation.

For more information, contact:
Director
Information and Communication Division
Trade Development Authority of Pakistan (TDAP)
3rd Floor, Block A, Finance and Trade Centre,
P. O. Box No. 1293, Shahrah-e-Faisal,
Karachi 75200, Pakistan
UAN: +92-21-111-444-111
Tel: +92-21-99206487-90, +92-21-99201526
Fax: +92-21-99206461, +92-21-99201526
Email: tdap@tdap.gov.pk, farooque.memon@tdap.gov.pk
Website: www.tdap.gov.pk

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Pakistan Stock Exchange Limited Market Position on 19-03-2018

Karachi, March 19, 2018 (PPI-OT): 

                                                               DAILY STOCK MARKET REPORT

                                                          Market Position Printed On March-19-2018

COMPANIES                KSE              KSE-30         KSE-100         KSE-ALLSHR      KMI-30        BATi          OGTi          PSX-KMI
POSITION                 INDICES          INDEX          INDEX           INDEX           INDEX         INDEX         INDEX         INDEX
Plus               188   Current          21700.01       43539.60        31619.13        74208.18      16714.94      20391.81      21808.58
Minus              166   Previous         21550.69       43363.21        31607.70        73773.12      16689.14      20180.12      21677.82
Unchanged           15   High             21747.71       43620.81        31695.45        74274.26      16809.35      20449.88      21823.18
Total              369   Low              21510.06       43313.00        31528.04        73773.12      16566.66      20096.97      21667.10
                         Net Change         149.32         176.39           11.43          435.06         25.80        211.69        130.76
                         Percentage           0.69           0.41            0.04            0.59          0.15          1.05          0.60

                     TURNOVER                                 TRADING VALUE                            MARKET CAPITAL
Current              115,968,720                              5,258,962,281                            9,063,184,143,715
Previous             193,397,480                              6,699,808,339                            9,064,822,135,389

                                                           COMPANIES REFLECTING SIGNIFICANT TURNOVER

Company Name                   Prv.Rate     Opening Rate        Closing Rate      Highest Rate          LOW Rate            Turnover
Lotte Chemical                  10.01            10.00               10.35             10.50              9.97              20,105,000
Nimir Resins                    10.14            10.13               11.11             11.14             10.10               9,494,000
Fauji Foods Ltd                 28.74            28.69               29.74             30.17             28.25               6,045,500
Faysal Bank                     25.74            25.90               25.53             26.00             25.43               4,400,000
TRG Pak Ltd                     34.67            34.57               35.40             35.65             34.20               4,359,000
Unity Foods Ltd                 26.74            26.73               27.49             27.69             26.55               4,057,000
Pak Elektron                    46.54            46.70               46.12             46.75             45.77               4,036,000
Azgard Nine                     14.99            14.89               14.73             15.30             14.65               2,677,500
Matco Foods Ltd                 33.76            34.10               35.44             35.44             33.95               2,569,000
Shabbir Tiles                   17.24            17.40               18.24             18.24             17.40               2,501,000

                                                     COMPANIES REFLECTING HIGHEST INCREASE/DECREASE IN THEIR RATES

Company Name                    Increased By                     Closing Rate            Company Name          Decreased By     Closing Rate
Rafhan Maize                          100.00                        7800.00             Philip Morris Pak.           157.50        2992.50
Ghandhara Ind.                         40.21                         844.48             Pak Tobacco                  105.25        1999.75

                                                                    FUTURE CONTRACT

                                  TURNOVER                                Plus                                 128
Current                           26,106,000                              Minus                                 16
Previous                          31,855,000                              Unchanged                              2

Company Name                         Prv.Rate     Opening Rate         Closing Rate      Highest Rate         Low Rate      Turnover
LOTCHEM-MAR                           10.06            10.00                10.37             10.53            10.00        10,896,500
PAEL-MAR                              46.71            46.71                46.22             46.80            45.76         4,800,000
TRG-MAR                               34.81            34.98                35.47             35.70            34.34         4,723,000
DGKC-MAR                             150.65           151.00               151.83            152.20           149.11           784,500
EPCL-MAR                              29.57            29.70                30.02             30.10            29.65           588,000

For more information, contact:
Senior Manager
Public Relations
Pakistan Stock Exchange Limited
Tel: (92-21) 111-001122
Fax: (92-21) 3241 0825, (92-21) 3241 5136
Email: info@psx.com.pk
Web: www.psx.com.pk

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Unilever announces USD 120 million investment in Pakistan

Islamabad, March 19, 2018 (PPI-OT): Unilever has announced an investment of USD 120 Million (PKR 11 Billion) in Pakistan acknowledging the country’s high potential for long-term growth. The announcement was made in the presence of Miftah Ismail, Minister of State and Advisor to the Prime Minister on Finance, Revenue and Economic Affairs.

A majority of the investment will be made to enhance manufacturing operations across Unilever’s four factories in Pakistan over the next two years. This is a testament to Unilever’s commitment to growing the business in Pakistan and highlights the increasing uptake of consumer good products across the country.

Shazia Syed, Chairperson and CEO, Unilever Pakistan Limited, highlighted “We have been a part of Pakistan’s growth for nearly 70 years, during which time we have seen our business grow to over 30 brands in areas of Home Care, Personal Care, Foods, Beverages and Ice Cream. We take pride in the fact that over 95% of our brands are produced locally, creating employment for thousands, contributing to the exchequer of the country and simultaneously creating a better future every day for the people of Pakistan.”

Unilever’s operations in Pakistan are counted amongst the best performing businesses units within Unilever’s global operations. In 2013, Unilever Overseas Holding, which is a majority shareholder in Unilever Pakistan Limited, invested over €400 Million (USD 530 Million) in Pakistan which is the single largest foreign direct investment in the recent history of Pakistan. This investment re-affirmed Unilever’s strong commitment to local operations and to Pakistan’s economic potential.

For more information, contact:
Corporate Relations Manager,
Unilever Pakistan Limited
Avari Plaza, Fatima Jinnah Road,
PO Box 220, Karachi – 75530, Pakistan
Tel: +92-21-35660062
Fax: +92-21-35680918
Email: sadia.dada@unilever.com
Website: https://www.unilever.pk/

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Faysal Bank Car Finance and Honda Atlas Cars Pakistan Limited enter into a Strategic Alliance

Islamabad, March 19, 2018 (PPI-OT): Faysal Bank Limited (FBL), one of the leading banks in Pakistan, joins hands with Honda Atlas Cars Pakistan Ltd. to offer exclusive rewards and value added services to their customers. As part of the Strategic Alliance between Faysal Bank and Honda Atlas Cars Pakistan Limited, customers can avail fast track vehicle delivery along with complimentary vehicle maintenance and accessories. Furthermore, customers will also receive priority treatment at Faysal Bank and Honda Atlas Authorized Dealership Premises.

Speaking on this occasion, Mr. Yousaf Hussain, President and CEO of Faysal Bank said “I believe both Faysal Bank and HACPL form a natural alliance considering the market segment we are operating in. I am hopeful this alliance will prove to be successful in terms of offering the best services to our customers”.

Mr. Tahir Yaqoob Bhatti, Head Retail Banking at Faysal Bank added, “Faysal Bank and HACPL are key players in growing the auto finance business and together we can contribute towards further strengthening the industry standards”. Mr. Syed Iftikhar Ul Haq, Head Consumer Finance Faysal Bank also mentioned, “This alliance will add to our vision of providing the best customer value proposition along with building a healthier consumer finance portfolio”.

Speaking at the occasion Mr. Hironobu Yoshimura, CEO of Honda Atlas Car Pakistan Limited, said “This initiative has created an ideal scenario for both Faysal Bank and Honda Atlas Cars (Pakistan) Limited. Via this alliance, we aim to strengthen our customer relations by providing the best Honda vehicles at the best possible financial package offered by Faysal Bank Auto Finance”. Faysal Bank believes that this alliance will play an essential role in cultivating a strong mutually beneficial business relationship for both Faysal Bank and HACPL and will benefit their customers.

For more information, contact:
Head Office,
Faysal Bank Limited
Faysal House, ST-02, Shahrah-e-Faisal, Karachi, Pakistan
UAN: +92-21-111-747-747
Fax: +92-21-32795234
Email: corpcomm@faysalbank.com
Website: www.faysalbank.com

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Bank Alfalah team visits Korangi Association of Trade and Industry

Karachi, March 19, 2018 (PPI-OT): Members of the Bank Alfalah senior management team, including three Group Heads, Mehreen Ahmed (Group Head Retail Banking), Mr Bilal Asghar (Group Head Corporate, Investment Banking and International Business), Syed Ali Sultan (Group Head Treasury, Capital Markets and Financial Institutions), along with other bank employees, visited the Korangi Association of Trade and Industry (KATI) to interact with members of the association, industrialists and businessmen.

Tariq Malik (President KATI) welcomed Bank Alfalah’s representatives, and applauded the bank’s outstanding performance, especially in reference to catering to the needs and requirements of the SME sector. During the meeting, those attending discussed the bank’s policy towards the SME Sector, special incentives for export enhancements and the future economic challenges.

Mehreen Ahmed, on behalf of Bank Alfalah President and CEO, Nauman Ansari, recorded her views in KATI’s visitor-book. Bank Alfalah’s Group Heads were presented with shields, while flowers were presented to others attending. The event was widely covered by the electronic and print media.

For more information, contact:
Head of Corporate Communications
Bank Alfalah Limited
2nd Floor, B.A Building, I.I Chundrigarh Road,
Karachi, Pakistan
Tel: (+92-21) 111-777-786 Ext 2638
Tel: (+92-21) 32423952
Email: salimahshiraj@yahoo.com

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Engro Foods signs MoU with Greenland Zone to revolutionize Pakistan’s Dairy Sector and uplift farmer’s livelihood

Karachi, March 19, 2018 (PPI-OT): Engro Foods Limited – a leading enterprise in packaged milk and dairy products has signed a Memorandum of Understanding (MoU) with Greenland Zone – a progressive provider of farm machinery and financial assistance for the agricultural sector. The objective of this collaboration is to enhance the productivity of dairy farms, by facilitating the acquisition of modern farm machinery and equipment, while imparting valuable training to the farmers for capacity-building.

Deployment of modern technology promises to be a game-changer for Pakistan’s traditional farming sector. This will ensure the production and distribution of quality milk for the masses, while increasing the profitability and prosperity of the agricultural sector too. This alliance enables Engro Foods and Greenland Zone to empower the local farmers, by guiding them towards farm-mechanization which will in turn lead to an increase in quality and quantity of diary production. Thus, the two organizations have pledged to nurture a healthy and prosperous society.

Engro will provide consultancy and deeper insights after evaluating the farmers’ technological needs. They will then recommend the right machinery needed for higher profitability for the farmers. Greenland Zone will then facilitate the acquisition, installation, training and maintenance of the recommended equipment.

On this occasion Mr. Syed Saud Pasha – Director Agri Business at Engro Foods said; “This initiative will revolutionize the performance of Pakistan’s dairy livestock sector. It will provide a resourceful forum to inspire the farmers to adopt modern technology and reach greater prosperity. Engro Foods has always been the driving force behind modernization of the farming industry. It has entered into numerous alliances to engage dairy producers located in all regions of the country. This strategy has been driven with the aim of enabling an eco-friendly diary industry.”

This alliance is in line with the international initiative called ‘Global Dairy Development’ which is also being launched in Pakistan this year. The global initiative will give momentum to sustainable development of progressive dairy farming in the country.

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