business delegation

leaves for iran to

explore trade

opportunities

ISLAMABAD: A 14-member

delegation of businessmen from

Khyber Pakhtunkhwa, led by Vice

President Federation of Pakistan

Chambers of Commerce and Industry

(FPCCI), Zubair Ali left for Iran to

promote trade between the two

countries. According to FPCCI press

statement issued here Friday, the

delegation is scheduled to visit Pars

province of Iran to bring businessmen

closer to each other. During its visit to

Paris province, the delegation is

scheduled to meet government

functionaries, industrialists,

businessmen and office bearers of

Sheraz Chamber. The delegation is also

scheduled to visit various industrial

sites of the province, it said adding

that agreements would also be inked

for the promotion of trade and

investment. Talking to mediapersons

before leaving for Iran, the FPCCI Vice

President said that Pakistan and Iran

were enjoying cordial relations and the

objective of the visit is to bring further

closer the businessmen of the two

countries. He said that KPK has huge

natural resources, thus offering vast

opportunities for investment. He said

that the delegation comprised of

businessmen from all the sectors of

economy, so it would be in better

position to explore potential in various

fields of trade and economy. APP

SC issues noticesto aG, power secyover dues to iPPsISLAMABAD: The Supreme Court

Friday issued notices to the Attorney

General of Pakistan (AGP) and the

Secretary Water and Power to present

their stance over non-payment of dues

to certain independent power

producers (IPPs). The two-member

bench headed by Justice Tasadduq

Hussain Jilani heard a petition moved

by Khawaja Muhammad Asif, a leader

of Pakistan Muslim League-N (PML-N).

Khalid Anwer, counsel for the IPPs,

apprised the court that there was no

shortage of electricity in the country

and the problems emerged due to non-

payment of dues to the companies. The

counsel requested the court to issue

directives for payment of dues as the

apex court’s earlier order in this regard

had not been complied with. The court

issued notices to the AGP and the

Secretary Water and Power, and

adjourned the case till February 19. APP

PSo receives Rs 10.5b

for furnace oil

ISLAMABAD: Ministry of Finance has

released Rs 10.5 billion to Pakistan

State Oil (PSO), a private TV channel

reported. Reports said that the PSO has

now increased the furnace oil supply

from 8,000 tons to 13,000 tons, adding

that the supply would be made to only

those companies that pay on time. It

may be noted here that PSO is to pay a

total of Rs56 billion to international fuel

suppliers from February 19 to 28, 2013.

Last week, the PSO had urged the

federal government to release Rs15

billion so that it could save itself from

defaulting on its LC payments and

square with its creditors. Various

departments including ministry of water

and power are indebted of Rs150 billion

to PSO collectively. ONLINE

01

BUSINESS

BSaturday, 16 February, 2013

Measures to combat grey telephony by FIA

has helped save Rs 763 million of national

exchequer. – Interior Minister Rehman Malik

DUBAI

AGENCIES

REAlTOR Malik Riazplans to build theworld’s tallest buildingin Karachi in collabo-ration with the AbuDhabi Group. Accord-ing to a press state-

ment by Bahria Town, an agreement to thiseffect was signed between the former chair-man and now consultant of the Bahria Towngroup and Sheikh Nahyan bin Mubarak AlNahyan, chairman Abu Dhabi group, UnionNational Bank and United Bank limited.

Under the agreement $45 billion wouldbe invested in Pakistan for various construc-tion projects. Out of the total investment,$10 billion would be invested in Islamabadand lahore whereas the remaining sumwould be invested in Sindh. These projectsalso include the construction of tallest build-ing of the world (taller than BurjKhalifa,

Dubai) in Karachi. Moreover, the project en-compasses Sports city, Educational andMedical City, International City and MediaCity. The project also includes the construc-tion of miniatures of Seven Wonders of theWorld. These projects will employ morethan 2.5 million people and will boost morethan 55 industries like cement, bricks, iron,steel and glass. Moreover these projects areexpected to represent all the social classes ofthe society and middle-class and lower-mid-dle class will have equal representation. The

agreement will have a revolutionary impacton not only the Pakistani economy but alsothe tourism of the country and will be a mile-stone in reviving the lights of Karachi.

Speaking on the occasion, SheikhNahyan said that Bahria Town was a credi-ble, respected and authentic name in the realestate sector across the world. “I am gen-uinely happy that in this historic project ofPakistan we are working with the visionaryMalik Riaz, this guarantees that not only theproject will be delivered beyond our expec-

tations but also before time. We will Inshal-lah be welcoming first residents in next 3-4years,” he said. Malik Riaz said that it was amatter of great pride for him that SheikhNahyan had selected Bahria Town for mak-ing the dream come true for a modern anddeveloped nation with this historical project.

A distinguished feature of this project isthe utilization of seawater to produce elec-tricity. The projects will have their own gridstations. Moreover, a separate modern watertreatment plant will be established to convertseawater into drinking water.

Riaz aimS to build woRld’S tallESt buildinG in KaRaChi

Bahria town and aBu dhaBi Group toinveSt $45 Billion in pakiStan

Project encompassesSports city, Educational

and Medical City,International City and

Media City. It alsoincludes the construction

of miniatures of SevenWonders of the World

ISLAMABAD

INP

Special Economic Zones (SEZs) wouldbe declared soon aimed at promotinglocal industry as well as attracting the for-eign investments for the economic pros-perity of the country.

This was stated by the Minister ofState for Finance and Economic Affairs,and Chairman Board of Investment(BOI), Saleem H. Mandviwalla while ad-dressing the business community at Is-lamabad Chamber of Commerce andIndustry (ICCI). He said that the rules ofthe SEZs would be submitted before thecabinet meeting for approval under whichtax exemptions on the import of machin-ery and 10 years income tax will also beprovided. Industrial zone identified bythe ICCI and Chakwal Chamber couldalso be declared as SEZs for the promo-tion of local industry and export oriented

trade in that area, he added.The minister said that approval of

SEZs bill by the parliament was a landmark achievement of the democratic gov-ernment which was prepared after takingthe all stakeholder on board and receivingthe inputs from the relevant authorities.Under the SEZs bill, all the investors arebeing provided safeguard on their invest-ment besides it will also help the nextgovernments for continuation of eco-nomic policies for economic develop-ment in the country, he maintained.

Mandviwalla further informed thatnew investment policy has been finalizedand it would also be presented before thefederal cabinet in its next meeting for ap-proval. He said that the draft of the policywas prepared by consulting the relevantstakeholders and taking the input fromthe trade bodies to promote trade andcommerce in the country. The term ofminimum limits of investment has alsobeen abolished to encourage small andmedium level investors for alleviatingpoverty from the country by creatingmore job opportunities in the private sec-tor, he added.

Speaking on the occasion, Mr. ZafarBakhtawari, President Islamabad Cham-

ber of Commerce and Industry lauded thedynamic role of Saleem H. Mandviwallaas Chairman BOI for promoting domesticand foreign investment to enhance Pak-istan’s international competitiveness andexploring the new markets for Pakistaniproducts. He urged the Government forpromoting the economic diplomacy in-stead of political diplomacy for develop-ing economic relations with the rest ofthe world as well as stressed upon intro-ducing business friendly policies for eco-nomic development.

Government to give 10-year tax exemption to investors in SEZs

KARACHI

NN I

Haji Fazal Kadir Khan Sherani, President,Federation of Pakistan Chambers of Com-merce & Industry and its Vice PresidentSheikh Shakeel Ahmed Dhingra haveurged the Chairman of National Account-ability Bureau NAB), Admiral FasihBukhari to stop harassment and keep therecovery notices, issued to 1024traders/consumer dealers of Pakistan SteelMills (PSM), in abeyance and in the mean-time hold a meeting with the representa-tives of Pakistan Steel Re-Rolling MillsAssociation to resolve the issue amicably.

They argued, “These notices arebased on the false assumptions as therecord available with the dealers clearlyproves that all the purchases have beenmade as per the listed prices of PSMproducts and the dealers have no controlover the prices of the PSM products.

However, they lamented that the NAB

is punishing themwithout any solidevidence andserving themwith notices”.

FPCCI ChiefHaji Fazal KadirKhan Sherani addedthat it was notlogically pos-sible for 1024c o n s u m e rdealers andtraders to act inc o n n i v a n c ewith the offi-cials of PSMto securew r o n g f u l

gains on account of pur-chases of PSMproducts. He dis-closed that the real

culprits have ab-sconded from the

country and now thePSM is trying to

rope in innocentparties thatmade pur-chases as per

their routine atthe prices of-fered by PSM.

The Presi-dent of FPCCIcastigated for

i s suance

of the recovery notices on the basis offaulty forensic reports, which had alreadybeen rejected by FIA, PSM and the Min-istry of Industries & Production. He in-formed that the traders and consumerdealers served with recovery notices hadalso been issued clearance certificates byPSM.

Sheikh Shakeel Ahmed Dhingra, VicePresident informed that the allegationsleveled against PSM traders and con-sumer dealers are totally incorrect andfalsified by the fact that they got less sup-ply during the alleged period as com-pared to the periods before, because hadthere been any collusion, these peoplewould have been allocated more materialby the PSM.

Moreover, he continued that the re-sponsibility of corruption and misman-agement fall entirely on the shoulders ofPSM management, however, it seemedthat the traders and consumer dealers arebeing made scapegoat.

Sixth Power Generation

Conference, Energy

Expo on 26th

KARACHI: The 6th International PowerGeneration Conference and Exhibition(POWERGEN PAK 2013) will be held onFeb 26, with a theme “Emerging Energy-Mix for Sustainable Power Generation” ata hotel here. According to organisers hereFriday, Minister for Science and Technol-ogy Changez Jamali will be the chiefguest and preside the inaugural session.Chairman Sindh Board of Investment,Zubair Motiwala, Secretary Thar CoalEnergy, Ejaz A. Khan, President KCCI,Haroon Agar, MD Thar Coal (under-ground coal gasification plant), Dr. Shab-bir Ahmed, Director Siemens Pakistan,Irfan Ahmed, Country Head IUCN,Mehmood Akhtar Cheema, RegistrarNEPRA, Safeer H. Shah, former MDPSO, Kalim Siddiqui, CEO Alternate En-ergy Development Board, Arif Allauddin,former VC Hamdard University Prof.Nasim A. Khan and other experts woulddeliver their speeches on the powercrises, problems and solutions, futurestrategies, research and development,technological development and advance-ment, plan of action, energy efficiency,conservation and management, impact oneconomic growth and development in thecountry. A special session on coal energyand renewable energy will also be held onthe occasion. APP

Saleem mandviwallaSayS new inveStment policy ready The term of minimum

limits of investment has also been abolished

to encourage small and medium

level investors

FPCCI urges NAB to halt action on notices to 1024 PSM dealers

PRO 16-02-2013_Layout 1 2/15/2013 11:33 PM Page 1

BUSINESSSaturday, 16 February, 2013

Major Gainers

COMPANY OPEN HIGH LOW CLOSE CHANGE TURNOVERSanofi-aventis pak 334.57 351.25 340.00 351.25 16.68 700national Foods 324.05 340.25 328.45 334.38 10.33 25,600pak Services 173.42 182.09 180.00 182.09 8.67 4,900indus motor co 306.17 320.00 306.17 314.08 7.91 135,300Sunrays textile 156.50 164.30 164.30 164.30 7.80 500

Major Losersunilever pak 10380.00 10300.00 10200.00 10300.00 -80.00 380indus dyeing Spot 546.73 519.50 519.40 519.50 -27.23 400mithchellsFruit XdXB 332.00 320.00 320.00 320.00 -12.00 200philip morris pak. 194.25 184.60 184.58 184.59 -9.66 200packages ltd. 183.50 192.49 176.00 177.00 -6.50 105,000

Volume Leaders

p.t.c.l.a 21.10 22.15 21.24 21.95 0.85 28,759,500telecard limited 5.60 5.67 5.22 5.49 -0.11 19,622,500wateen telecom ltd 3.98 4.07 3.70 3.84 -0.14 15,058,500worldcall telecom 3.75 3.85 3.46 3.55 -0.20 13,975,000engro corporation 95.28 97.40 93.55 94.44 -0.84 11,913,300

Interbank RatesuSd pkr 98.0721GBp pkr 152.2275Jpy pkr 1.0614euro pkr 130.6909

ForexBUY SELL

uS dollar 99.00 99.25 euro 131.30 131.53 Great Britain pound 152.61 152.85 Japanese yen 1.0439 1.0547 canadian dollar 97.10 98.81 hong kong dollar 12.49 12.74 uae dirham 26.80 27.05

Saudi riyal 26.30 26.54

ISLAMABAD: Punjab Governor Makhdoom

Ahmed Mehmood with Pak-Gulf Chairman

Sardar Tanvir Ilyas visits The Centaurus Mall. PR

KARACHI: Standing (L-R) Mr Adeel Zahid,

Manager Cards Operations-PSO, Mr Arif Nasib

General Manager Marketing Services-PSO, Mr

Rustom H. Mavalwala, DGM Cards-PSO, Mr

Asrar Alvi (ORIX). Sitting (L-R): Mr Naeem Y.

Mir CEO&MD-PSO and Mr Teizoon Kisat, CEO-

ORIX, at an agreement signing ceremony

between PSO and Orix. PR

KARACHI: Al Meezan Investments and

Standard Chartered Bank (Pakistan) Limited

signed an agreement to distribute Meezan

Tahaffuz Pension Fund (MTPF), the largest

VPS in Pakistan. Seen in the photograph are

Mr Mohsin Nathani, Chief Executive, Standard

Chartered Pakistan, Mr Naseer Hasan, Head of

Consumer Banking, Standard Chartered

Pakistan, Mr Mohammad Shoaib, Chief

Executive Al Meezan Investment Management

Limited, Mr Muhammad Asad, Senior

Executive Vice President, Chief Investment

Officer, Al Meezan Investment Management

Limited and other representatives from both

the organisations. PR

bells ring in lahore’s primary schools for ‘little things Renew nature’ campaign

LAHORE: World’s leading food processing and

packing solutions company, Tetra Pak, is reaching

out to primary school students all over Lahore

through their campaign ‘Little Things Renew

Nature’, which aims to educate them on the

importance of using natural resources economically

and the benefits of recycling. Throughout the

campaign, Tetra Pak aims to reach over 100

schools and more than 30,000 students. This was

unveiled in a launch ceremony held at the Royal

Palm Golf & Country Club in Lahore, which was

attended by the media and environmentalists. Dr.

Ejaz Ahmad, Senior Director – WWF Pakistan also

graced the occasion as the Chief Guest and shared

his views on the importance of environmental

awareness. While speaking at the occasion, Kashif

Bhatti, Marketing Director – Tetra Pak Pakistan

shared, “As world’s leading food processing and

packing company, Tetra Pak gives priority to its

social responsibility activities in education, food

safety and environmental issues. PR

aCCa islamabadcelebrates achievementISLAMABAD: ACCA Islamabad organised a students’

appreciation event title ‘Celebrating Achievement’ in

Islamabad on 11 February 2013. The event honoured

the nine high achievers of December 2011 and June

2012 sessions. Dr Javaid Leghari, Chairperson,

Higher Education Commission (HEC) presented the

certificates to the achievers in presence of fellow

students, teachers and ACCA fraternity. Speaking on

the occasion, Mr Leghari said, “The concept of getting

educated is changing dynamically. Seeing the trend,

students should focus on opting for a qualification

that gives them global mobility, they should focus on

continuous development and adopt a professional

qualification. ACCA offers all three.” He also

congratulated the place winners for securing these

national positions. Ms Noor Aftab, head of ACCA

Islamabad thanked the parents, teachers and tuition

providers for their efforts in shaping these high

achievers. She also emphasised on the employment

opportunities that exists for ACCA students in the

corporate, public and public practices. PR

Grassroots initiatives toreduce maternal andchild mortalityISLAMABAD: Pakistan’s Demographic and Health

Survey (2006-2007) states that 61 percent of

Pakistani women give birth at home. For every

100,000 live births, approximately 319 rural women

and 58 newborns die each year. The Rural Support

Programmes Network (RSPN) works with the poor,

using participatory approaches for development. In

areas of rural Pakistan, not yet covered by Lady

Health Workers, the RSPN and one of its partner

organizations, the Thardeep Rural Development

Programme, have implemented a community-based

mechanism to reduce pregnancy-related health

concerns and promote contraceptive use. Community

Resource Persons (CRPs) serve as local health

workers, educating married couples and their families

on the importance of birth spacing and maternal and

child health. They motivate women to go to the

hospital for antenatal care, deliveries, and postnatal

care and for the uptake of birth spacing methods. PR

oGdCl starts productionfrom Sinjhoro

ISLAMABAD: The

Sinjhoro Gas Field of

OGDCL has started

production of 12 MMCFD

gas to SSGCL and 1,100

BBLS of condensate.

Sinjhoro field is located

in District Sanghar

Sindh, about 65 KM

northeast of Hyderabad

City. The Project is a

Joint Venture of OGDCL,

OPL and GHPL having

shares of 62.5%, 15% and 22.5% respectively.

OGDCL has completed gas gathering facilities in

shortest possible time. Almost all of the project

work is done in-house by engineers. OGDCL has

shifted unutilized Dhodak Plant including LPG Plant

and made procurement of other necessary

materials on fast track basis. Dr Asim Hussain,

Advisor to Prime Minister on Petroleum & Natural

Resources will inaugurate the project to provide

supply of gas to SSGCL, as the projects have

started under instructions of the Advisor who took

special interest for its early completion and

emphasized for early production of hydrocarbons.

Dr. Asim Hussain appreciated the Management of

OGDCL for undertaking the project, utilizing only

in-house professionals and resources. PR

ztbl chief inauguratestreasury dept at KarachiKARACHI: The President Zarai Taraqiati Bank Ltd.

(ZTBL) Mr. Ihsan Ul Haq Khan formally inaugurated

Treasury Department of ZTBL at Karachi which was

established with the approval of the Board of

Directors of ZTBL in May 2012. On this auspicious

occasion, the President congratulated and highly

appreciated the efforts of the Treasury team for

establishing and running successful treasury

operations of the Bank in short span of time. He

further stated that its mile stone which has been

achieved in a very professional manner in ZTBL’s

history. The President also inaugurated RTGS

system for Treasury operations and stated that this

will pave the way for smooth and problem free

operations of the newly established treasury

department and will also bring over all operational

efficiency to ZTBL. PR

toyota opens new 3Sdealership in dGKDERA GHAZI KHAN: Indus Motor Company has

announced the opening of its state-of-the-art Toyota

3S (Sales, Service and Spare Parts) Dealership in

Dera Ghazi Khan, a fast emerging business and

commercial hub in Southern Punjab which is

populated by a consumer segment with a growing

disposable income. Toyota and Daihatsu vehicles in

Dera Ghazi Khan and surrounding areas will now be

backed by modern computerized auto servicing and

diagnostic equipment provided at the new Toyota

3S Dealership. Chief Executive Officer IMC, Mr

Parvez Ghias said on the occasion, “It is our special

privilege to serve our customers in this area. We

are well aware of the fact that Dera Ghazi Khan has

come of age as a progressing commercial centre

and we aim to meet the needs of our customers in

this important market by offering them our 3S

network - the most advanced in the country. PR

acer iconia w700 reviewAcer’s Iconia W700 is the first

Windows 8 tablet to grace PC

Pro’s labs. The real surprise is

the price: for just Rs76,999, the

Iconia W700 packs in an 11.6in

Full HD touch screen, a Core i3

processor and somehow finds room in the budget for

a case, a docking station and a Bluetooth keyboard.

The Acer Iconia W700 is something different. It’s a

tablet with a laptop-class processor and a docking

station that lets you use the system like a desktop. PR

CORPORATE CORNER

02

B

Diamer Basha dam multi-purpose

project is vital for the country’s economy.

– WAPDA Chairman Raghib Abbas

making Pakistan asafer place formothers and childrenPakistan has some of the worst indicators inthe region pertaining to health of mothers andchildren. The country is set to miss the targetsfor Millennium Development Goals (MDGs)4 and 5 related to decreasing maternal mortal-ity by three-fourths and infant mortality bytwo-thirds till 2015. According to research,multiple issues like gender inequity, illiteracy,early marriage and multiple pregnancies inquick succession, contribute to most of thispoor health and mortality. Children born atfrequent intervals to such mothers also bearthe burden of ill health by having low birthweight, receiving poor nutrition and inade-quate attention. About 30% of maternal deathscan be avoided with birth spacing servicesthat focus on healthy timing and adequate in-terval between pregnancies. In addition, re-search shows that children born at suitableintervals have better health and survival thanthose born at shorter intervals. Due to lack ofaccess to appropriate birth spacing services,many Pakistani mothers and children are un-able to enjoy good health. The situation is alsoleading to rising number of unwanted birthsand termination of pregnancies. In this con-text, APNA Pakistan (Advocacy for Popula-tion and National Advancement - a UNFPAled health and development initiative) isworking to highlight the preventable nature ofdeaths and ill health through improving cover-age and access to comprehensive reproductivehealth and birth spacing services. This willensure that women can benefit from all as-pects of safe motherhood including antenatalcare, delivery, post delivery care and birthspacing services. PR

KARACHI

StAff REPORt

THE Board of Directors ofEngro Corporation limitedtoday announced the financialresults for the year ended De-cember 31, 2012. During theyear, Engro faced an existential

threat due to government default on its contractualobligations. Blatant discrimination of the govern-ment leading to continued gas curtailment toEngro Fertilizer resulted in a cash shortfall of Rs.10 billion and which impacted the profitability ofEngro Corporation.

The consolidated revenue of the Companystood at Rs. 125billion compared to 115billion in2011, while net profit after tax was Rs. 1,333mil-lion as compared to a net profit after tax of Rs.8,060million, a decrease of 83%, in the same pe-riod last year. The company announced an EPS ofRs. 2.61for the year ended December 31, 2012 asopposed to the EPS of Rs. 15.77in 2011.

The government and SNGPl’s blatant de-fault on its contractual agreement to Engro’s$1.1b EnVenplant, resulted in gas supply of ap-proximately 9 percent of its total allocatedamount throughout 2012.

The discriminatory policies of the govern-ment against Engro have also resulted in massivelosses at the government level and led to acutefood shortage. Urea sales have registered a de-cline of 12% to reach 5.2 million tons in the cal-endar year 2012, which is the steepest annualdecline in recent history. Farmers have sufferedextra burden of Rs. 53 billion due to higher urea

prices on the back of continued gas curtailmentto fertilizer plants whereas the national exchequerhas also suffered since 2.2 million tons urea hasbeen imported at a forex cost of $1.1 Billion anda subsidy of Rs. 57 billion (Jan 2011 -June 2012).

The agricultural sector, therefore, representsan alarming situation with the country nowmoving towards a significant food crisis. Ac-cording to a recent study total cost of fertilizerinput per acreage has witnessed a massive in-crease of 83% between 2008 and 2012, and hasgone up from Rs. 4,450 per acre to Rs. 8,125 peracre for the average farmer.

Engro’s Fertilizer businessreports loss of Rs 10 billion

The consolidated revenue ofthe company stood at Rs 125

billion compared to Rs 115 billion in 2011, whilenet profit after tax was Rs

1,333million as compared tonet profit after tax of Rs 8,060million in the same period last year

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