Category: Business

Islamabad, September 27, 2023 (PPI-OT): The Islamabad Chamber of Commerce and Industry (ICCI) in collaboration with the Pakistan Pharmacists Association (PPA) organized a ceremony to celebrate the World Pharmacist Day. Kamran Rehman Khan, Additional Secretary, Ministry of National Health Services Regulations and Coordination Islamabad was the chief guest. The event was attended by the members of PPA, ICCI and other dignitaries.

Speaking on the occasion, Kamran Rehman Khan Additional Secretary, Ministry of National Health Services Regulations and Coordination said that pharmacists are playing a key role in manufacturing of quality medicines and Pakistan can earn billions of dollars by enhancing the exports of pharmaceutical products to the world, especially to the African countries. He stressed that all healthcare professionals should focus on their skills development as by enhancing their skills and knowledge, they can contribute more effectively towards strengthening the healthcare system and developing the economy. He said that the government is determined to take measures for further strengthening the pharmacy profession to produce high quality pharmaceutical products and provide better health services to the society.

Ahsan Zafar Bakhtawari, President, ICCI said that this day reminds us to recognize the useful contributions of pharmacists in our healthcare system. He said that pharmacists are an integral part of the health industry and they should realize their important role in enhancing the exports of pharmaceuticals products by manufacturing high quality medicines that would help revive the economy. He said that the Philippines is a major exporter of health professionals to the Middle East and other countries and Pakistan has great potential to export health professionals by focusing on this sector that would benefit the economy.

Sardar Shabbir Ahmed, President, Pakistan Pharmacists Association highlighted the role of pharmacists in the healthcare system. He pointed out that medication errors were causing around 7000 to 9000 deaths in the United States and adding a liability of around US$ 40 billion each year to the national exchequer of the USA. In these circumstances, there is a great need to introduce the clinical pharmacy services and pharmacovigilance centers in public and private health facilities to prevent deaths and disabilities due to medication errors.

Zafar Bakhtawari Former President ICCI and Secretary General UBG said that pharmacists are now becoming entrepreneurs by opening pharmacies and creating jobs for others. He said that the government should create a conducive environment for youth to stop the brain drain and promote young entrepreneurs so that they could play a more effective role in the economic development of the country.

Prof. Shehzad Ali Khan Vice Chancellor Health Services Academy, Islamabad and Fakharuddin Aamir Director Drug Regulatory Authority of Pakistan also spoke on the occasion and recognized the contributions of pharmacists.

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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Karachi, September 27, 2023 (PPI-OT): Oraan, a trailblazing fintech start-up committed to enhancing financial inclusion and security, is excited to announce a strategic partnership with State Life Insurance Corporation of Pakistan (SLIC), the nation’s largest and leading life and health insurance provider.

This collaboration aims to bring forth a pioneering cancer protection plan, Sinf-e-Aahan, exclusively tailored for women, providing crucial financial security in the face of cancer diagnosis.

According to the World Health Organization (WHO), over 90,000 Pakistani women are diagnosed with cancer each year. Over fifty percent (50%) of women diagnosed with cancer die of the disease due to lack of awareness and financial enablement. The need for accessible and effective healthcare solutions has never been more urgent. While medical advancements have significantly improved cancer prevention and treatment, the financial burden of treatment, particularly in developing countries like Pakistan, remains a challenge due to global inflation.

The Sinf-e-Aahan Cancer Protection Plan (SACP) addresses this issue by providing cashless health insurance services tailored to women’s health for as low as Rs.200 premiums for coverage up to Rs. 200,000. With over 1200 empanelled hospitals to choose from across Pakistan, SLIC’s 3-tier gate keep facilities and state-of-the-art health data management system ensures timely medical intervention during critical times.

“We are thrilled about our partnership with State Life Pakistan in launching this significant Cancer Protection Plan,” said Halima Iqbal, CEO at Oraan. She added: “At Oraan, we are committed to promoting financial empowerment and security, and this partnership aligns perfectly with our mission. By offering women accessible protection against the financial setbacks caused by health concerns, we are striving to make a meaningful impact in their lives.”

Speaking about the partnership, Shoaib Javed Hussain, CEO of SLIC said: “We are committed to providing the women of Pakistan with the best possible health protection, and the SACP is one step closer in that direction. In Pakistan, women cancer rates are among the worst in South Asia.

The purpose of Sinf-e-Aahan is to empower the women of Pakistan ensuring financial enablement and health protection. Our partnership with Oraan will help women who are diagnosed with cancer to have access to the treatment they need, without having to worry about the financial burden.” Oraan’s dedication to fostering financial inclusion and SLIC’s legacy of safeguarding lives converge in this momentous partnership. By uniting their expertise and resources, Oraan and SLIC aim to empower women across the nation with a shield of financial security against the challenges posed by cancer.

For more information, contact:

State Life Insurance Corporation of Pakistan

Corporate Communications Department

Principal Office

1st Floor, State Life Building No. 9

Dr. Ziauddin Ahmed Road,

Karachi 75530

Telephone: 99202819 and 99204597

Fax: 99202868

E-mail: ccd.statelife@yahoo.com

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Islamabad, September 27, 2023 (PPI-OT): Meta today shared updates on how it will help keep Pakistan’s communities safe and protect the integrity of the upcoming Pakistan’s General Election through its proactive approach, which includes forming an Election Operations team; developing stronger policies to address harmful content and networks; combating misinformation; increasing transparency for political ads, and driving digital literacy and civic education programs.

“Over the years, we have developed a comprehensive approach to how elections play out on our platforms. We continue to invest significantly on efforts and resources to connect people to reliable information about voting, while combating misinformation, hate speech, and voter interference. We are drawing on our global experiences and inputs from experts, as well as coordinating with local election bodies, to help preserve the integrity of elections around the world, including here in Pakistan.” said Alice Budisatrijo, Head of Misinformation Policy for Meta, Asia Pacific.

For Pakistan’s upcoming general election, Meta has a dedicated election operations team comprising subject matter experts who are deeply familiar with the local country context to help monitor and respond to emerging risks in real time - including Pakistani nationals who speak the local language.

We’re tackling abuse on several fronts, including fighting inauthentic behaviour, limiting the spread of misinformation, expanding our fact checking capability and increasing transparency around the ads people see on Facebook.

Other initiatives from Meta to support the election integrity in Pakistan and its communities include:

Voter education: Meta supported a digital civic education campaign in collaboration with the Election Commission of Pakistan (ECP), PakVoter and Shehri Pakistan, to promote information about voter rights and address key election-related digital literacy topics such as tackling misinformation, being respectful in your communication, and staying safe online.

Third-party fact checking partnerships: We continue to work with AFP and Soch Fact Check in Pakistan who review and rate viral misinformation in English and Urdu

Digital literacy program: Meta launched its digital literacy flagship program ‘We Think Digital’ (available in English and Urdu) in Pakistan in 2020 to empower people in Pakistan with digital literacy skills and promote responsible digital citizenship

Furthermore, Meta also shared its initiatives around supporting community safety in Pakistan.

“We’re committed to providing a platform that helps people safely connect and engage with their communities. We will continue working with our partners to support voter education campaigns, digital literacy programs and dissemination of safety tools and resources in the lead up to, during and after the elections,” said Dr. Priyanka Bhalla, Safety Policy Manager for Meta, Asia Pacific.

For more information, contact:

Meta

Website: https://www.meta.com/

The post Meta Shares Approach to Protect Election Integrity and Support Community Safety in Pakistan appeared first on Pakistan Business News.

Islamabad, September 27, 2023 (PPI-OT): Pakistan’s large telecommunication operator, PTCL Group (PTCL and Ufone 4G) collaborated with ConnectHear, a social enterprise working to empower persons with hearing impairment, to organize a sign language training session for its Customer Service Center (Joint Shops) representatives from the North region. Coinciding with the International Day of Sign Languages, the training aimed to promote inclusivity and enhance the accessibility of PTCL and Ufone 4G services for customers with hearing impairment.

CEO/Co-founder ConnectHear, Ms. Azima Dhanjee led the engaging and interactive training session that included a variety of activities and real-life case studies designed to sensitize the PTCL Group customer service staff to the unique needs of Deaf customers.

The session is a pioneering initiative in Pakistan’s telecom industry that mirrors PTCL Group’s strong focus on promoting the inclusivity of differently-abled persons. Inclusion has always been a cornerstone of the Group's Corporate Social Responsibility (CSR) policies and by providing sign language training to its customer service representatives, PTCL Group reaffirms its commitment to creating a more accessible environment for all its customers.

Commenting during the session, Group Director, Public Relations, Media, CSR and Corporate Communications, PTCL and Ufone 4G, Amir Pasha, said, "Inclusivity is a major driver of socioeconomic change, therefore it is the foundation of PTCL Group’s CSR program. We believe every customer should have equal access to our services, regardless of their abilities. I am positive that the Deaf sensitization training for our customer-facing teams will improve customer experience."

CEO/Co-founder of ConnectHear, Azima Dhanjee, said, "It is heartening to see PTCL Group playing a significant role and actively participating in Deaf sensitization in Pakistan’s telecom industry. Our partnership, particularly this initiative, sets a commendable example for other organizations to follow suit to help bring about a more diverse, inclusive and compassionate society in the country."

PTCL Group's initiative serves as a beacon for other public and private organizations looking to foster diversity and inclusion within their ranks.

For more information, contact:

Pakistan Telecommunication Company Limited (PTCL)

F-8 Exchange, Nazim-Ud-Din Road F-8/1,

Islamabad, Pakistan

Tel: +92-51-111-20-20-20

Fax: +92-51-111-21-21-21

Email: shahzad.khalil@ptcl.net.pk

Website: www.ptcl.com.pk

The post PTCL Group collaborates with ConnectHear to conduct sign language training appeared first on Pakistan Business News.

Karachi, September 27, 2023 (PPI-OT): VIS Credit Rating Company Limited (VIS) has reaffirmed entity ratings of Nishat Chunian Power Limited (NCPL) at ‘A+/A-2’ (Single A Plus/A-Two). Long-term rating of ‘A+’ signifies good credit quality; protection factors are adequate. Risk is modest but may vary with possible changes in the economy. Short-term rating of ‘A-2’ denotes good certainty of timely payments. Liquidity factors and company fundamentals are sound. Access to capital market is good. Risk factors are small. Outlook on the assigned ratings is ‘Stable’. Previous rating action was announced on May 16, 2022.

NCPL has been operating a 200-Megawatt (MW) RFO-based power plant since 2001. The plant is situated in District Kasur, Punjab. Assigned ratings takes into account the 25-year power purchase agreement with CPPA-G, which will expire in 2035 while ‘take or pay’ arrangement alleviates off-take risk. In addition, ‘Implementation Agreement’ provides sovereign guarantee for cash flows, contingent upon adherence to stipulated performance benchmarks. Ratings also draw comfort from the company’s association with Nishat Chunian Group; one of the leading groups in Pakistan with sizable financial strength and presence in textile and power generation. An experienced in-house team is managing operations and maintenance (O and M) of the plant and has demonstrated a satisfactory operating track record. NCPL procures fuel from different local vendors whereas, the price risk is mitigated since the cost is a pass-through item as per the tariff, subject to achieving the PPA stipulated parameters. During FY23, the company ceased to be the subsidiary of Nishat Chunian Limited (NCL) and its shares were transferred amongst members of NCL.

During FY23, NCPL’s net sales were reported lower on account of decline in power dispatched to the CPPA-G as a result of lower demand stemming from overall economic downturn. However, as a result of higher proportion of capacity purchase price component, gross margins have improved notably. Similarly, net profitability was also recorded higher in the outgoing year. Post signing PPA Amendment Agreement in October 2021, NCPL received settlement of outstanding old receivables in FY22. However, circular debt issue has continued to stress short-term liquidity in the ongoing year, as witnessed in increase in overdue receivables beyond 6 months’ period, as of August 2023. With growth in profitability and lower outstanding short-term loans, cash flow coverages improved by end-FY23. Financial risk profile derive comfort from long-term debt free balance sheet.

Gearing ratio and leverage were reported lower and are expected to remain manageable, going forward as well. Given unfavorable position in merit order list due to relatively higher cost of generation amidst addition of new efficient and cheaper power projects in country’s generation capacity base, NCPL’s dispatch is likely to be impacted in the ongoing year. Moreover, country’s power demand is expected to decrease owing to current macroeconomic challenges including inflation, power prices hikes and slower economic growth.

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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Karachi, September 27, 2023 (PPI-OT): VIS Credit Rating Company Ltd. (VIS) has upgraded the Broker Fiduciary Rating of BMA Capital Management Limited (BMA) from ‘BFR3+’ to ‘BFR3++. Outlook on the assigned rating is ‘Stable’. The assigned rating denotes good fiduciary standards. Previous rating action was announced on May 13, 2022.

The rating signifies strong management and client services, internal controls, as well as sound ownership and governance while business and financial sustainability are considered sound.

Assigned rating takes note of the Company’s strong management and client services marked by its geographical presence as well as the employment of various client facilitation tools and resources to support clients in executing transactions. Moreover, availability of research reports is also viewed positively. The Company’s internal controls and regulatory framework is also considered strong. However, enhancement in the overall scope of internal policies may be considered to further enhance the internal control framework.

At present, the Company’s board comprises of three members, increasing board size along with independent representation may enhance its governance framework. While the Company has established four board committees, repetition of members is observed across these committees. Improvement in the same may be considered. Overall, disclosure levels of the company are considered sound. Going forward, rating will be imperative on implementation of the planned initiatives undertaken by the Company.

Assessment of financial profile of the Company indicates deterioration of the Company’s operational earning profile wherein the Company’s profitability profile has taken a toll. With losses reported in FY23 primarily on the back of decline in the brokerage revenue amid contraction in trading volumes, consequently, cost-to-income ratio also came under stress. Market risk is considered moderate, moreover, liquidity profile of the Company is considered adequate. During the year, the Company’s leverage and gearing ratios have declined on a timeline basis while losses incurred by the Company have resulted in a drag on the equity base. Going forward, improvement in operational efficiency, low market exposure along with maintenance of gearing and leverage will remain important for rating.

Further, the Company holds a Trading Right Entitlement certificate (TREC) for Trading and Self Clearing Services issued by the Pakistan Stock Exchange Limited (PSX) since 1992. External auditors of the Company are RSM Avais Hyder Liaquat Nauman Chartered Accountants. Auditors are on the approved list of auditors published by the State Bank of Pakistan (SBP).

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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Karachi, September 27, 2023 (PPI-OT): Bank Alfalah Islamic, the leading Islamic banking institution, has been reappointed as a Joint Financial Advisor (JFA) to the Ministry of Finance for 5 years, reinforcing its status as the sole Islamic Banking window among esteemed JFAs, dedicated to provide advisory services for the issuance of Government of Pakistan Ijara Sukuk, Green Sukuk and any Shariah compliant instrument.

The Ministry’s reappointment highlights the Bank’s commitment and expertise in Islamic Banking and Shariah Advisory, reaffirming its role as a trusted government financial partner.

“We are honored to be reappointed as the Joint Financial Advisor to the Ministry of Finance for Domestic Sukuk issuance. This appointment reflects our expertise and showcases the importance of Islamic banking in Pakistan’s financial landscape”, said Dr. Muhammad Imran, Head of Islamic Banking. Bank Alfalah Islamic remains resolute in its commitment to providing outstanding Islamic financial services, fostering the development and prosperity of Pakistan’s economy.

For more information, contact:

Head of Corporate Communications

Bank Alfalah Limited

2nd Floor, B.A Building, I.I Chundrigarh Road,

Karachi, Pakistan

UAN: +92-21-111-777-786 Ext 2638

Tel: +92-21-32423952

Email: salimahshiraj@yahoo.com

Website: https://www.bankalfalah.com/

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