Trade Chronicle May & June 2015

www.tradechronicle.com Vol. 62 Issue Nos. 05 & 06 May-June 2015 Rs. 200/- 

Trade Chronicle 

PAKISTAN'S LEADING MONTHLY MAGAZINE OF COMMERCE, INDUSTRY & PUBLIC AFFAIRS 

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Editor: 

ABDUL RAB SIDDIQI 

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ABDUL RAFAY SIDDIQI 

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FDI incentives should be revitalized 

GIDC may affect Industry 

China Pakistan Economic Corridor will usher new era of prosperity 

A review of Federal Budget 2015-16 

38th FPCCI Export Trophy 

PM distributes award to top businessmen 

Country’s Largest oil refinery unveiled 

Nawaz says: Byco refinery would make self sufficient 

in crude oil refining 

POGEE 2015 concludes successfully 

Sindh Province: solution providers for energy crisis in Pakistan, 

says Syed Murad Ali Shah, Sindh Minister for Energy 

Aamer Khanzada said, Pakistan gets $573m FDI in Energy Sector 

Sindh Chief Minister inaugurates the Livestock, Dairy, Fisheries, 

Poultry and Agriculture Exhibition (LDFA-2015) 

Shura Hamdard discusses the 

coming National Budget 2015-16 

Hamdard Naunehal Assembly Held 

Opening of Stoll/Nazer Demo Centre 

and Nazer Training Centre 

18 Years of Businessmen Group’s Public Service 

Siraj Teli criticises GIDC 

Federal Budget looks positive for Cement Industry 

by Abdul Rab Siddiqi 

 

 

 

 

 

 

EDITORIAL 

COMMENTS 

ARTICLES & FEATURES 

REGULAR FEATURES 

Leather Industry 

Port & Shipping News 

People & Events 

Cement Industry 

Telecommunication News 

Oil & Gas Industries 

 

 

 

 

Automobile News 

Fertilizer & Petrochemical 

Industries 

Banking & Insurance News 

Aviation & Hotel News

TRADE CHRONICLE 

We begin with the name of Allah the Magnificient 

FDI incentives should be revitalized 

From 

Editor's 

Desk 

ABDUL RAB SIDDIQI 

Pakistan’s President Mamnoon Hussain while speaking at a 

dinner arranged in honor of the participants of Pakistan-China 

Business Forum 2015 earlier this year, had stated that as the 

present government was keen to provide a level playing field to 

all international and local businesses, Pakistan offered 

tremendous opportunities for foreign direct investment on the 

back of skilled human resource, relatively low wages and 

worthwhile business incentives – which are important factors to 

attract investment. He said the Government ensures the 

protection of investment, profit repatriation and equal treatment 

in matters of taxation. 

Similarly, Chairman, Board of Investment (BoI) Miftah Ismail told 

local media that Pakistan was fast becoming the best country 

for foreign investment, as the situation here has been changed 

and several countries want to invest capital due to the 

government’s effective policies. 

Contrary to this tall claims, data released by State Bank of 

Pakistan says that the net flow of Foreign Direct Investment 

(FDI) fell by 47 percent during the first 11 months – ( July – 

May) of current fiscal year 2015, mainly due to shrinkage of 

investment in food sector, chemicals, oil and gas exploration, 

cement and in some other sectors. Pakistan has attracted FDI 

amounting $803 million in July-May of FY15 compared to 

$1.509 billion in corresponding period of FY14, depicting a 

decline of $706 million or 46.78 percent. During the period under 

review, the country received FDI inflows amounting to $2.146 

billion as against outflow of $1.342 billion. 

Hopefully, implementation of Pak China Economic Corridor, 

some relief in Federal Budget 2015 – 16 for cement/construction 

industry and exemption of Tax/duty etc on setting up the industry 

in KPK and Balochistan Provinces, the flow of direct investment 

will improve in years to come. However, to ensure it, the Govt. 

should overcome energy crisis, availability of water and bring 

stability in law and order at the earliest. 

Economists say that the current trend is not surprising, as since 

the beginning of this fiscal year FDI is on decline. During the 

last fiscal year, privatisation proceeds and auction of 3G 

technology supported the FDI inflows, while this year government 

was unable to execute its privatization programme as envisaged. 

The government, for the last two years, has been expressing hopes 

of huge foreign investment in the country, particularly from 

China. However, the data indicates that so far it has failed to 

mobilize foreign investors. 

Analysts reportedly say that the country lacks policy to attract 

foreign investors, who are reluctant for variety of reasons. 

Trade Chronicle - May - June 2015 - Page # 04


There is dire need of exchange 

of delegations between 

Pakistan trading partners in 

order to improve bilateral trade 

relations and attract 

investment. 

Swiss food giant Nestle which 

recently announced to invest 

more than $37 million this 

year to improve production 

capacity has rightly pointed 

out that consistent 

implementation of prudent 

economic policies by the 

government remains crucial to 

unlocking the country’s full 

potential. 

Economic experts were of the 

view that low foreign direct 

investment inflow is an 

alarming situation. It is one of 

the many but most important 

indicators of what the world 

feels about us and our 

government policies. Apart 

from political turmoil and 

social unrest, there are many 

controllable factors which 

affect FDI. These include 

rationale monetary and fiscal 

policies, government’s 

assurance for repatriation of 

profits, the government’s other 

economic policies that attract 

FDI. 

The Overseas Investors 

Chamber of Commerce and 

Industry (OICCI) had rightly 

pointed out that the budget 

2015-16, has ambitious targets 

and incentives for certain 

sectors of the economy, 

looking for generating growth. 

However, the budget does not 

contain sufficient incentives to 

boost Foreign Direct 

Investment (FDI), and large 

investments in the country. It 

includes only marginal tax 

broadening measures and some 

proposals are likely to impede 

capital formation which is 

essential for investment to 

drive growth. The Chamber has 

urged the government to focus 

on attracting foreign direct 

investment with supportive 

taxation policies. To attract 

new FDI, upfront levy of 

withholding income and sales 

tax at import stage on plant and 

machinery should be exempted 

for new foreign investment, 

the OICCI suggested. 

We hope that govt. in view of 

the OICCI suggestions, will 

improve policies to facilitate 

flow of FDI. 

EDITORIAL 

COMMENTS 

GIDC may affect 

Industry 

Following National Assembly, 

the Senate has also passed a bill 

to impose and enable 

government to collect the Gas 

Infrastructure Development 

Cess (GIDC) from commercial / 

industrial consumers to finance 

proposed Iran - Pakistan gas 

pipeline and Turkmenistan - 

Afghanistan - Pakistan India 

Pipeline Project. 

The passage of bill will enable 

the government to have an 

access to about Rs100 billion 

lying in its account under the 

head of the GIDC. The 

government had set a target of 

Rs145bn GIDC collection for 

the current financial year. 

The GIDC was first introduced 

through the GIDC Act, 2011 but 

was declared illegal and 

unconstitutional by the 

Peshawar High Court and the 

Supreme Court. 

However, the federal 

government recently passed 

the GIDC Act, 2015 and included 

Section 8 in it for recovery of 

arrears for the period for which 

the GIDC levy was declared 

illegal. 

It is said that the bill was tabled 

in Parliament to get nod of 

legislators, in order to make it 

a law of land and subsequently 

meet conditionalities of IMF 

and indirectly to meet shortfall 

in revenue collection. 

All major natural gas 

consumers have raised voices 

against GIDC. The Federation of 

Pakistan Chamber of Commerce 

and Industry, Karachi Chamber 

of Commerce and Industry, All 

Pakistan Textile Mills 

Associations, Korangi 

Association of Trade and 

Industry, five zero rated export 

sectors representing seventeen 

associations, have requested 

govt. to withdraw retrospective 

imposition of GIDC. They were 

of the view that it would 

increase the cost of doing 

business tremendously. It 

would make export sector 

unviable in the global market, 

as gas tariff in Pakistan even 

without GIDC is the highest. 

The government should think 

about their worries as country 

export has already in hang in 

balance around $25 billion for 

the last couple of years and 

unrest in exporters will further 

hit exports. The government 

should support the exporters 

instead of pushing them to the 

wall. 

Opposition and some of the 

treasury benches claimed the 

proposed legislation: the Gas 

Infrastructure Development 

Cess Bill, 2015, was in gross 

violation of the Constitution’s 

five Articles, including Articles 

158, 161, 162 and 172, and 

insisted that it should have been 

also placed before the Council 

of Common Interests (CCI). 



Some opposition senators 

asked the government to put on 

hold metro bus and orange train 

projects and utilise funds for 

development of gas 

infrastructure, fearing the 

funds collected under the 

process cess would be diverted 

for the favourite projects of the 

rulers. 

The government should have 

taken on board all stakeholders 

before getting passed the bill 

from Parliament. CNG Stations 

and the Industrial units have 

already moved petitions in 

Peshawar High Court against 

the recovery of arrears on 

account of GIDC through 

enforcing law for the period for 

which Superior court had 

declared levy as illegal. 

The Govt. has to make efforts 

for win win situation for all the 

stakeholders instead of going 

through ligitation. 

China Pakistan 

Economic Corridor 

will usher new era of 

prosperity 

It is heartening to note that 

Mian Nawaz Sharif’s 

government and all political 

parties have reached on a 

consensus on the 

implementation of China- 

Pakistan Economic Corridor 

(CPEC). The reservations being 

expressed by certain political 

parties till recently were 

removed by the government 

and the project, which has been 

termed a ‘game-changer’ for 

Pakistan, is now set to sail 

smoothly. China, the co-sponsor 

of the project, will have a sigh 

of relief as the project involving 

US $46 billion initially secured 

political ownership from all the 

political parties of Pakistan. A 

remarkable achievement and 

credit goes to all stakeholders. 

This consensus was necessary 

when India had raised objections 

to the China – Pakistan 

Economic Corridor. Both 

Chinese and Pakistan 

Governments have denied the 

Indian claim that the CPEC is a 

project against India. Although 

officially these projects have 

been approved, it is obligatory 

for our government to ensure 

that these projects in no way fall 

victim to bureaucratic delays or 

Indian hindrance in their 

materialization. By the grace of 

Almighty Allah, if utmost and 

sincere efforts are made to 

implement these projects, no 

internal or external force can 

stop Pakistan from becoming the 

second biggest economy in Asia. 

It is a good sign that even 

Pakistan Army has also strongly 

supported the project. In an 

encouraging note Chief of Army 

Staff Gen Raheel Sharif said that 

China Pakistan Economic 

Corridor (CPEC) with Gwadar port 

as its catalyst would be built and 

developed as one of the most 

strategic deep-sea ports in the 

region at any cost whatsoever. 

Since all the major political 

parties were represented 

through their leadership in all 

Parties Conferance hopefully 

there would be no hue and cry in 

future from any political parties 

about change of routes. 

It is a good sign that government 

is constituting a working group 

consisting of representatives 

from all the provinces to make 

recommendations regarding the 

selection of industrial parks and 

other development works along 

the corridor route. 

It is a matter of great 

satisfaction that Sindh Police 

have set up Foreign Security 

Cell to ensure security of people 

to be engaged for Pak China 

Economic Corridor Projects. 

Hope the other provices will 

follow the footstep. 

If the $46 billion China- 

Pakistan Economic Corridor, 

linking the Gwadar Port in 

Balochistan with Kashgar in the 

north-western Chinese province 

of Xinjiang is indeed completed 

within the next three years as 

is the plan, the route would 

quite dramatically change the 

geo-strategic realities for the 

region, bringing electricity and 

gas into Pakistan, offering it 

potentially huge trade benefits 

and allowing China easier 

access to Middle Eastern and 

European markets. 

Some of the key projects 

proposed to be undertaken 

under the CPEC program as 

announced by government in 

Federal Budget are as follows: 

* 2 x 660 MW Coal-Based Power 

Projects (IPP) at Port Qasim; 

* Power Evacuation from Mitiari 

to National Grid (IPP); 

* 3.5 MT/A Coal Mining and 

2x330 MW Power Plants based 

on Thar Block-II SECMC; 

* Solar Power Park at 

Bahawalpur; 

* 2793 MW (Three) Hydro Power 

Projects; 

* Multan-Sukkur section 

(387Km) of Karachi-Lahore 

Motorway; 

* Karakoram Highway (Phase-II) 

Raikot to Islamabad; 

* Fiber Optic; 

* Rehabilitation & Up-gradation 

of Karachi-Lahore-Peshawar 

(ML-1) Railway Track; 

* Gawadar Package; 

* East Bay Expressway at 

Gawadar (18.98 Km); 

* Jhimpir Wind-Power 200 MW; 

* 2 x 660 MW Coal-Based Power 

Projects at Sahiwal; 

* Jetty + Infrastructure at 

Gaddani as IPP (preferably) or 

Public Sector. 



A review of Federal Budget 2015 – 16 

Ishaq Dar proposes incentives for real estate investment, agriculture / 

manufacturing sectors 

A target of 5.5% set for GDP growth 

Rs. 700 billion allocated for PSDP 

With a consolidated outlay of 

Rs.4.451tn ( +3.5% YoY), Finance 

Minister Ishaq Dar has presented the 

Federal Budget 2015-16 (July - June ) 

in Parliment on June 05, 2015. 

According to leading brokerage house, 

overall, the budget represents a fine 

balance between the government’s 

intent of lifting economic 

growth to medium-term 

target and the need for further 

fiscal consolidtation to 

strengthen the macro stability 

gained from past two years 

of reforms under the IMF 

program. The federal budget 

also got mixed response from 

local businessmen and 

associations. 

The Finance Minister 

proposes incentives to real 

estate investment, agriculture/ 

manufacturing sectors as well as 

business community with enhanced 

rates of withholding taxes on non-filers 

of returns. 

The Finance Minister in his two-hourlong 

speech mostly focused on 

government’s performance and 

promised to increase investment to 

GDP ratio to 16.5 percent, reduce 

debt to GDP ratio within the limit of 

the Fiscal Responsibility Act in the 

medium. He proposes increase in 

Benazir Income Support Programme 

(BISP) to Rs 102 billion. 

Dar said the government was facing 

fiscal constraints and thus announced 

a 7.5 percent ad hoc relief allowance 

on running basic pay to all federal 

government employees and merger 

of Ad-hoc increases of 2011 and 

2012 in the pay scales. 

The Finance Minister announced a 

federal outlay of Rs 4,451 billion for 

Federal Finance Minister Ishaq Dar presenting Federal 

Budget 2015 - 16 in Parliament. Prime Minister Muhammad 

Nawaz Sharif also attended budget session in Parliament 

House Islamabad on June 5, 2015. 

the next fiscal year with gross revenue 

estimated at Rs 3,103 billion. Fiscal 

deficit for the next fiscal year is 

projected at 4.3 percent (Rs 1328 

billion) after excluding Rs 297 billion 

provincial surplus. The share of 

provincial governments out of these 

taxes will be Rs.1849 billion and net 

resources left with the federal 

government will be Rs 2463 billion. 

The current expenditure is estimated 

at Rs.3128 billion for 2015-16 with 

defense allocation of Rs780 billion, 

reflecting an increase of 11 percent 

against Rs.700 billion for the current 

fiscal year. Public Sector 

Development Programme projected 

at Rs 700 billion against a revised 

Trade Chronicle - May - June 2015 - Page # 07 

estimate of Rs.542 billion for 2014- 

15, showing an increase of nearly 29 

percent. 

Dar announced that the government 

plan is to raise GDP to gradually rise 

to 7 percent by 2017-18, contain the 

inflation to single digit, raise 

investment to GDP ratio to 

20 percent at the end of 

medium term, reduce fiscal 

deficit to 3.5 percent and 

increase tax to GDP ratio 

to 13 percent as well as to 

maintain foreign exchange 

reserves to $20 billion. The 

GDP growth for 2015-16 is 

targeted at 5.5 percent on 

the assumption of a 3.9 

percent growth by 

agriculture sector, 6.4 

percent by industry and 5.7 

percent by services sector. 

Cumulative development spending is 

targeted at Rs.1513 billion with 

federal PSDP share of Rs.700, he 

added. 

The Finance Minister added that the 

government has decided to increase 

rate of Capital Gains Tax (CGT) from 

12.5 percent and 10 percent to 15 

percent and 12.5 percent, 

respectively, and decided to tax the 

securities held for a period of more 

than 2 years and less than 4 years, 

though at a reduced rate of 7.5 

percent. 

Dar further stated that the rate of tax 

in the case of non-filers was


increased for contractors by 3 

percent, suppliers by 2 percent and 

commission agents by 3 percent. The 

government also proposed that 

adjustable advance income tax at the 

rate of 0.6 percent of the amount of 

transaction may be collected on all 

banking instruments and other modes 

of transfer of funds through banks for 

those who do not file income tax 

returns. The income of banks from 

all sources is proposed to be subjected 

to 35 percent income tax. 

Tax on earning taxable income from 

Rs 400,000 to Rs 500,000 has been 

reduced to 2 percent and for nonsalaried 

individual taxpayers and 

Association of Persons earning 

taxable income from Rs 400,000 to 

Rs 500,000 are chargeable to 7 

percent. 

The peak customs duty slab was 

proposed to further reduce from 25 

percent to 20 percent and federal 

excise duty on cigarettes was 

increased from 58 percent to 63 

percent. The government also decided 

to give special incentive packages to 

the Construction, Agriculture, 

Manufacturing and Employment 

Generation Sectors, he said, adding 

that certain items are only exempted 

from Sales Tax and Customs Duty 

on import if they are not locally 

manufactured. However, import of 

Solar Panels and certain related 

components was exempted from this 

‘local manufacturing’ condition until 

30th June 2015. 

He said that the energy sector would 

continue to remain a priority with an 

allocation of Rs 248 billion for the 

next fiscal year to add 10600 MW 

to the system to end load-shedding. 

Water sector would get Rs 31 billion 

in the PSDP and Roads and 

Highways Rs 182 billion. He said the 

HEC would get Rs. 51.5 billion and 

Railways Rs 78 billion. Finance 

Minister also promised that sincere 

efforts would be made to increase 

allocation for education to 4 percent 

by 2017-18. 

Dar said that mark-up rate on export 

finance would be further reduced to 

4.5 percent from July 1, 2015 to 

promote exports, and long term 

financing facility for 3-10 years would 

be further brought down to 6 percent.” 

He said that more measures in this 

regard would be announced in the 

trade policy by the Commerce 

Ministry. 

The Finance Minister also stated that 

fiscal incentives would be provided 

to entice private investment through 

promoting public private partnerships, 

FDI and by creating special economic 

zones to boost economic growth. 

Finance Minister said under the 

Textiles Policy 2014-19 a financial 

package of Rs.64.15 billion has been 

approved in order to double textiles 

exports and create 3 million additional 

jobs by the year 2019 and a benefit 

of drawback of local taxes & levies 

scheme would remain available for 

the textile exporter in the next fiscal 

year. 

No one will be allowed to 

increase prices; price of ghee and 

cooking oil to remain 

unchanged; wheat subsidy 

for Gilgit-Baltistan not 

abolished; duty imposed on 

import of cement to protect 

local industry; super tax to 

be imposed on 200 people 

and companies to generate 

remaining Rs20-22 bn for 

TDPs; country needs 

Charter of Economy. 

Federal Minister for Finance 

Senator Muhammad Ishaq 

Dar said the Federal Budget 

2015-2016 was poor-friendly and 

the government would not allow 

anyone to increase the prices by 

using the name of budget. 

Finance Minister, Senator Mohammad Ishaq Dar 

addressing post budget Press conference in 

Islamabad on June 6, 2015. 

Addressing the post-budget Press 

conference, the minister said he didn’t 

agree to the perception that the budget 

Trade Chronicle - May - June 2015 - Page # 08 

Ishaq Dar Post - Budget Briefing 

2015-2016 had increased the burden 

on the poor. 

Packaged yogurt and cheese 

have been brought into the tax 

net, he said and added that 

there was no tax imposed on 

milk. 

On mobile phone, he said the 

regulatory duty was abolished 

to bring down the tax burden on 

two tiers but tax on expensive 

phones was increased from 

Rs700 to Rs1,000, jumping up 

by Rs300 on phone set in the 

price range of Rs70,000. On the 

internet, he said tax was rationalised 

as it was imposed on use of Evo.


Budget Revision for 

Fiscal Year 2015 - 16 

Federal Finance Minister Ishaq 

Dar in his winding up speech on 

general discussion on budget 2015- 

16 and feedback from Senate & 

Industry Group has announced a 

significant relief in taxes for 

agriculture sector, beverage 

industry, pesticides, Poultry 

Industry as well as an incentive 

package for industry to be 

established for manufacturing of 

mobile phones. 

He announced a reduction in GST 

from 17 percent to 7 percent (nonadjustable) 

as well as 5 percent cut 

in ST on oil seeds and removal of 

customs duty on import of oil seed. 

The minister also announced an 

increase in PIU (Per Indent Unit) 

for taking loan up to Rs 4000 and 

establishment of a Rs 20 billion 

fund with equal contribution by 

federal government and provincial 

governments to subsidize 

phosphate and potash fertilizers 

for increasing productivity of land. 

The Finance Minister also 

announced withdrawal of 5 per 

cent sale tax on poultry feed 

supplies locally but imposition of a 

5 percent sales tax on import of 

such feed. 

To facilitate beverage 

manufacturers, the government 

has cut federal excise duty on 

beverages to 10.5 per cent from 

12 per cent. The government has 

announced a tax incentive package 

for cellular phone industry for 

manufacturing of mobile phones. 

Under the package, income tax 

exemption would be available for 

a period of five years, a 90 percent 

deprecation allowance for plants 

and machinery during the first year, 

customs duty and sales tax 

exemption on the import of plants, 

assembly line machinery and 

equipment. 

The government has accepted the 

demand of the mutual fund industry 

that the income of Mutual Funds 

would not be subjected to the 

Workers Welfare Fund (WWF). 

The government has also decided 

to allow export of perishable items 

from Balochistan to Afghanistan in 

Pak rupee instead of dollars. 

According to the government, Hajj 

operators will continue to enjoy 

certain exemptions of the Income 

Tax Ordinance in 2015. The 

Finance Minister also announced 

an increase in withholding tax on 

advertisements of print and 

electronic media for non-filers to 

12 percent and 15 percent for 

corporations and individuals, 

respectively, and a decrease from 

10 to one percent for filers. 

On the pattern of KPK, industries 

to be established in Balochistan 

from 2015-2018 would be 

exempted from taxes including 

turnover tax. The income tax 

exemption to Halal meat units has 

been extended up to June 30, 2017. 

A 0.6 percent withholding tax on 

all banking instruments of nonfilers 

would not be applicable up 

to a transaction of Rs 50,000. Dar 

also stated that a 7.5 percent 

increase in government 

employees’ salary would be 

applicable after the merger of 

previously allowed two ad-hoc 

increases. 

Dar said that as many as 92 budget 

proposals have been received from 

Senate, of which 20 have been 

fully accepted, 21 partially while 

15 in principle but the 

implementation of 36 was not 

immediately possible. 

(Courtesy: “A Chronicle report 

and local media.”) 



Prime Minister Nawaz Sharif has 

distributed 38th FPCCI Trophy to top 

businessmen of country at a function 

organized by apex trade body - 

Federation of Pakistan Chambers of 

Commerce & Industry recently. 

38th FPCCI Export Trophy 

PM distributes award to top businessmen 

While addressing the members of 


Commerce & Industry (FPCCI) the 

Prime Minister said the Government 

would consider the proposal to waive 

off duties on import of new plants and 

machinery. He said the duties can be 

recovered when the plant becomes 

operational. 

The Prime Minister said work is about 

to begin on Karachi-Hyderabad 

Motorway, which would later be 

extended to Sukkur, Multan, Lahore 

and Peshawar. 

He said it is the effort of the present 

government to connect Pakistan with 

Central Asian States. He said 

construction of Gwadar-Quetta- 

Chaman and Kandhar route would 

open the entire Balochistan to 

development. 

Prime Minister Muhammad Nawaz Sharif distributing Export Awards to the 

winners at 38th FPCCI Exports Awards Distribution ceremony in Karachi on 

12-6-2015. 

Sindh Governor Dr Ishrat-ul-Ebad 

Khan, Federal Commerce Minister 

Engr Khurram Dastagir Khan, 

Federal Minister for Finance and 

Economic Affairs Senator 

Muhammad Ishaq Dar, Minister of 

State for Petroleum and Natural 

Resources Jam Kamal and Minister 

of State and Chairman Board of 

Investment Dr Miftah Ismail, 


Commerce and Industry (FPCCI) 

President Mian Muhammad Adrees, 

Trade Development Authority of 

Pakistan (TDAP) Chief Executive 

Officer S M Muneer, United 

Business Group (UBG) Chairman 

Iftikhar Ali Malik, Senior Vice 

President FPCCI Abdul Rahim 

Janoo, FPCCI vice presidents, 

former vice president, In-Charge 

WTO Cell at FPCCI Engr. M.A. 

Jabbar and a large number of business 

leaders were present. 

The Prime Minister said massive 

investment of 46 billion dollars would 

be made by China under China- 

Pakistan Economic Corridor. He said 

two power plants of 330 MW each 

are to be established at Thar which 

would use Thar coal. 

He said the ultimate objective of the 

Government is to eliminate load-shedding 

and bring down prices of electricity. 

Nawaz Sharif said the Government 

is also addressing issues of security 

in Karachi, Balochistan and overall 

in the country. 

Dr. Navaid ul Zafar, Managing Director, Hamdard Laboratories (Waqf) Pakistan 

receiving FPCCI Export Award 2014 on best export of Rooh Afza Syrup from 

Prime Minister of Pakistan, Mian Mohammed Nawaz Sharif in 38th FPCCI 

Export Awards Ceremony, held at a local hotel of Karachi. 



Country’s largest oil refinery unveiled 

Nawaz says: Byco refinery would make self sufficient in crude oil refining 

Prime Minister Nawaz Sharif has 

inaugurated country’s largest Byco oil 

refinery complex with a crude oil 

refining capacity of 120,000 barrels 

per day at Lasbella in Balochistan 

recently. Hopefully it will meet 

around 39 per cent of country’s 

energy requirements and minimize 

down reliance on imports. 

The refinery built by the Byco Group 

has attracted in an investment of US 

750 million and will produce about 1.6 

million tons of Fuel oil, 2.4 million tons 

of diesel and 1.1 million tons of LPG 

annually. 

The Prime Minister said the refinery 

is an appreciable addition to the oil 

and gas sector, and will go a long 

way in achieving sustainable 

productivity and increased 

profitability. 

He said currently, Pakistan requires 

22 million tons oil, but the country is 

still short of capacity to refine crude 

oil. He said it would take time to 

achieve complete self-sufficiency. 

He noted the role of Byco Group in 

oil refining and said the setting up of 

the second refinery would help 

generate employment opportunities 

and help the country achieve selfsufficiency 

in crude oil refining. 

Prime Minister Nawaz Sharif said it 

is his government’s vision to make 

Gwadar a free port and assured that 

necessary legislation would be done 

soon to accord it the status. 

He said the Port would be connected 

through road, rail links to Peshawar 

Prime Minister Muhammad Nawaz Sharif unveiling the plaque of Byco Oil 

Refinery Complex II at Lasbella Baluchistan on June 12, 2015. 

and then onwards to Central Asian 

Republics. He said a beautiful road 

was being constructed from Gwadar 

to Chaman, near Quetta, while 

another option was to link it with 

Wakhan corridor in Afghanistan, from 

where it can be connected to the 

Central Asian Republics. 

Prime Minister Sharif asked Finance 

Minister Ishaq Dar to consider giving 

more concessions to new industries 

in taxation to woo more foreign 

investment. 

Chief Executive of Byco Industries 

Amir Abbasi said the project, 

completed in six years, enjoys a 

substantial position in the value 

addition chain of hydrocarbon from 

the well-head to the consumer. 

He said Byco has so far invested 

US$750 million into country’s 

infrastructural and industrial 

development. 

Arif Masood Naqvi, CEO of Abraaj 

Capital Limited said the Middle 

East’s premier private equity fund 

would like to make more 

investments in Pakistan in various 

areas. 

With new refinery, Pakistan has joined 

the club of countries with Single Point 

Mooring (SPM) facilities in the deep 

sea to transport crude oil through a 

pipeline to refineries set up along the 

coast. 

Byco Terminals Pakistan Limited 

(BTPL) has set up its terminals in 

Keemari and Mahmoodkot and has 

acquired land at Shikarpur and 

Machike for terminal installation. 

The SPM has been set up in the North 

Arabian Sea at a distance of 

approximately 14 kilometers from the 

Byco’s Mouza Kund Site located at 

Hub, and is 10 km inside the sea at 

2.5 metres deep. 



Syed Murad Ali Shah, Minister for 

Finance and Energy, Government of 

Sindh has congratulated Pegasus 

Consultancy (Pvt) Ltd; for holding 

POGEE, the 13 th International 

Exhibition for the Energy Industry at 

Karachi Expo Centre, in Karachi 

from 23 – 25 April, 2015, in a befitting 

manner. 

He said that events like POGEE 

provide a chance to the industry 

professionals and experts to gather 

at a unique avenue that guarantees 

attainment of latest information 

available through latest technology 

display and business networking 

opportunities. 

More than 170 companies from 

twenty seven countries such as 

Australia, Austria, Bahrain, Belgium, 

Canada, China, Denmark, Egypt, 

France, Germany, Hong Kong, India, 

Italy, Japan, Korea, Malaysia, 

Netherland, Poland, Russia, 

Singapore, South Korea, Spain, 

Switzerland, Thailand, Turkey, UAE, 

UK, and USA have displayed their 

innovative engineering products. 

A big number of Pakistani companies 

had also participated. The beautifully 

decorated stall of Sui Southern Gas 

Company (SSGC) has attracted a 

large number of trade visitors. They 

also got best stall award as well. 

POGEE 2015 concludes successfully 

Sindh Province: solution providers for energy crisis in Pakistan, 

says Syed Murad Ali Shah, Sindh Minister for Energy 

Shoaib Warsi reviews SSGC working at POGEE 

Aamer Khanzada said, Pakistan gets $573m FDI in Energy Sector 

A Chronicle report 

Syed Murad Ali Shah 

Sindh Minister for Finance & Energy 

valuable insights and industry trends 

to the business professionals. 

While formally inaugurating the 

exhibition, Sindh Minister said, Sindh 

Province by the grace of Almighty 

Allah, has been fully endowed with 

natural resources such as Coal, Gas 

and Wind Corridor (seven largest in 

the world) to provide “energy 

solution” for the country and added, 

“Sindh Province has 99 percent coal 

reserves, supplying 70 percent and 50 

percent gas and oil respectively.” 

He expressed the hope that if these 

huge resources such as deposit of 

coal and wind corridor are exploited, 

can help to overcome energy crisis 

in the country. 

He applauded the efforts of Prime 

Minister Mian Mohammad Nawaz 

Sharif who alongwith former 

President Mr. Asif Ali Zardari 

inaugurated the work on the Sindh 

Engro Coal Mining (SECMC) project, 

a joint venture between government 

of Sindh and Engro Corporation 

earlier this year. This marks the 

beginning of coal extraction from 

Thar Coal block II, he remarked. The 

investment for other block of Thar has 

also been materialized following 

signing of financial close between 

Chinese banks and local financial 

institutions. 

An International Conference under 

the theme “Integrated Solutions to 

Pakistan’s Energy Needs” was also 

held on the sidelines of fair to provide 

A View of stall at Pogee 2015. 



He requested Govt. to take on board 

Sindh government in the power policy 

and the other projects being planned 

for Sindh Province. He was optimistic 

that working together will resolve 

energy problems. He suggested wind 

power projects are short solution for 

energy requirements while coal 

power plants as for long terms. 

Mr. Shoaib Warsi, 

Chief Operating Officer and 

Dy. Managing Director of 

Sui Southern Gas Company (SSGC) 

Mr. Shoaib Warsi, Chief Operating 

Officer and Dy. Managing Director 

of Sui Southern Gas Company 

(SSGC) in his brief speech at the 

POGEE, also appreciated role of 

Pegasus Consultancy (Pvt) Ltd., for 

organizing POGEE, and brining world 

class energy equipment suppliers 

under one roof. 

He said SSGC is supplying 1.2 bcf 

gas to its 2.6 million 

customers in Sindh and 

Baluchistan Provinces 

from 31 gas fields. He 

said domestic 

customers are their 

priority customers as 

per policy and due to 

shortfall in gas supply, 

they have launched gas 

curtailment for CNG 

and other industries in 

the Provinces. 

Mr. Aamer Khanzada, 

Managing Director, 

Pegasus Consultancy (Pvt.) Ltd 

Mr. Aamer Khanzada, Managing 

Director, Pegasus Consultancy 

(Pvt.) Ltd in his address of welcome 

has extended thanks to all the local 

and international exhibitors and 

trade delegates for their presence 

in the 13th International Exhibition 

for the Energy Industry — POGEE 

2015. 

He said government has signed 

number of energy projects with 

Chinese government and firms that 

will bring $34 billion investment in 

10400 mw power projects and will 

Air Mix Synthetic natural gas plants 

in 22 small villages, where gas 

pipeline cannot be laid due to 

economic viability. Four plants are 

already working. He appreciated the 

Govt. for facilitating import of LNG 

ensure solution to energy crisis and 

provide employments. 

He said Pakistan’s energy 

requirement is increasing every 

year with the growing population 

and fast-paced industrial 

developments. To meet the rising 

demand of the energy, the 

Government is currently focused in 

the development of hydropower and 

coal based power plants, tapping of 

renewable energy sources and 

sustainable Oil & Gas supply to the 

country. 

In his special message, he said, 

“attractive investment policies of 

the Government and business 

friendly environment have brought 

foreign direct investment of USD 

573 millions in the Energy sector 

last year. The sector has registered 

an import of USD 2.1 billion 

machinery during last year to 

maximize the power generation in 

the country”. 

through Engro Terminal at Port 

Qasim. The shipment came on 28th 

March, earlier this year. He said 

another terminal would come on 

stream by 16th December later this 

year. 

The company is 

planning to install LPG 

SSGC's Corporate booth at Pakistan's Premier Energy Exhibition POGEE remained the centre 

of attraction for the visitors. 



He said that SSGC was updating its 

transmission and distribution systems 

to provide uninterrupted gas with 

required gas pressure to its 

customers. 

Mr. Abdul Sami Khan, Chairman, 

CNG Dealer Association and 

Chairman, Pakistan Petroleum Dealer 

Association highlighted problems 

faced by CNG industry in the country. 

He requested for regular supply of 

gas to CNG stations in Sindh province. 

The Vice President FPCCI 

Muhammad Ikram Rajput also 

applauded the efforts of Pegasus 

Consultancy (Pvt) Ltd; for bringing 

world class energy equipment 

suppliers in the country for the mutual 

co-operation of the local companies. 

A View of stall at Pogee 2015. 

The Ambassador of Belgium, Peter 

Claes commented on the occasion 

that events like POGEE are much 

helpful in providing solutions to the 

energy issues. He said that his 

country is willing to extend 

technological assistance to Pakistan 

in resolving its energy crisis. 

Mr. Aasim A. Siddiqui, Chairman 

Pegasus Consultancy (Pvt.) Ltd is his 

special message said, POGEE is 

considered as the Regional Gateway 

for Energy Industry and has always 

played a vital role in the development 

of energy sector of Pakistan”. 

"Foreign exhibitors displaying their products at Pakistan oil, gas & energy 

exhibition, POGEE-2015, held at Expo Centre, Karachi. 

14TH INTERNATIONAL 

EXHIBITION FOR 

THE ENERGY INDUSTRY 

The next POGEE will be held 

in Lahore Expo Centre 

from 19-21 st May in Lahore. 

Uzair Ahmed Khan, on behalf of SSGC’s Corporate Communication Department, 

receiving the ‘Best Corporate Booth’ award from the representative of Pegasus at 

Pakistan Oil and Gas Energy Exhibition (POGEE), held from April 23-25, 2015. 



Sindh Chief Minister 

inaugurates the 

Livestock, Dairy, 

Fisheries, Poultry and 

Agriculture Exhibition 

(LDFA-2015) 

Sindh Chief Minister Syed Qaim Ali 

Shah has said that the provincial 

government is committed to promoting 

agriculture, livestock, dairy and other 

sectors and will provide incentives 

and facilities to investors. 

He said this while inaugurating the 

Livestock, Dairy, Fisheries, Poultry 

and Agriculture Exhibition (LDFA- 

2015) at the Expo Centre Karachi 

recently. The exhibition was held to 

promote business and investment 

opportunities in the agriculture sector 

of Sindh and bring the government 

and investors on a single platform. 

Shah, while visiting the stalls put up 

at the show, said the fair would help 

the government to identify the sectors 

for increasing productivity. “The 

exhibition will help our industries in 

capitalising on the potential of 

livestock and dairy as millions of 

people and hundreds of industries 

depend on these sectors.” 

Chief Minister Sindh Syed Qaim Ali Shah inaugurating a Livestock Dairy, 

Fisheries, Poultry and Agriculture (LDFA) Exhibition at Expo Centre recently. 

He added the Sindh government had 

been striving to support these sectors 

so that they could be modernised and 

could capitalise on the immense 

potential available in the province. 

This will help them to not only meet 

local demand but also export various 

products. 

Sindh Minister for Livestock and 

Fisheries Jam Khan Shoro said the 

LDFA-2015 would bring a visible 

impact on Sindh’s economy and had 

set the path for the development and 

exploration of new markets. 

“It is heartening that a large number 

of foreign and local companies from 

the agriculture sector are participating 

in the exhibition and sharing their 

experiences in modernising the 

products,” he said. 

Sindh Board of Investment Chairman 

Dr Asif Brohi said the livestock and 

dairy sectors were the backbone of 

the country’s agrarian economy. 

“Therefore, the provincial 

government wants to bring in new 

investment in the dairy sector not only 

for food security but also to improve 

value addition and the value chain.” 

Around 50 local and five international 

companies have displayed their 

products and services at the fair. 

A collection of short stories titled Kuchh 

aur by Dr Huma Mir was launched at the 

Arts Council Karachi recently. The 

launching was addressed by writer Anwar 

Maqsood; former interior minister retired 

Lt-Gen Moinuddin Haider; actor Talat 

Husain; scholar Dr Alia Imam; Journalist 

Nazeer Laghari. Earlier, Ahmed Shah 

welcomed the guests. Dr Huma Mir 

conducted the programme. Others who 

were present on the occasion to speak on 

the salient features of the book were Prof 

Sahar Ansari (who presided over the 

launch), Dr Aamir Liaquat (chief guest), 

Abdul Haseeb Khan, Kamal Ahmed Rizvi 

and Sardar Yasin Malik. 



Speakers at the meeting of Shura 

Hamdard Karachi Chapter urged the 

government to try its level best to 

make the coming national budget 

2015-16 people friendly as the masses 

are already under the burden of high 

prices of daily use commodities. The 

meeting was held on May 14, 2015 

on the theme: “National Budget 2015- 

16 and public expectation”, presided 

over by Justice (Rtd) Haziqul Khairi 

at a local hall. 

Speaking on the occasion, Dr. Shahid 

Hassan Siddiqui, an economist said 

that Pakistan was legged behind in 

collecting taxes than seven other 

Asian countries. There was a 

powerful group in Pakistan which 

didn’t allow to tax agricultural income 

and documentation of economy in the 

country. 

Zafar Iqbal, President, Association of 

Small and Medium Size Enterprises 

(SAMEA) while giving the budget 

recommendations said that small and 

medium size enterprises are the 

engine and backbone of country’s 

economy, having 40 per cent share in 

GDP and consisting of small and 

medium size industrial and trading 

units, involving 80 per cent labour 

force of the country and progress of 

this sector was tantamount to the 

progress of the country. 

Mrs. Sadia Rashid, President, 

Hamdard Foundation Pakistan said 

that national census should be 

conducted in order to make it clear 

how many population and resources 

country have and what can be done 

to meet the requirement of the people. 

Commodore (Rtd) Sadeed Anwar 

Malik said that nature had bestowed 

upon Pakistan with good opportunities 

for the production of Shrimps in 

Balochistan and other places too. We 

should improve the production of 

Mrs. Sadia Rashid, President Hamdard Foundation Pakistan addressing 

on“National Budget 2015-16 and public expectation”, presiding over by Justice 

(Rtd) Haziqul Khairi at a local hall. Dr.Shahid Hasan Siddiqi is also present on 

this occasion. 

shrimps which could give us good 

enough amount of foreign exchange 

as there was great demand of this 

species throughout the world. 

Haq Nawaz Akhtar, former 

Chairman, Pakistan Steel Mills said 

that it should be made obligatory for 

banks that they must put their shares 

Shura Hamdard discusses the 

coming National Budget 2015-16 

in micro finance and the money of 

Benazir Income Support Programme 

be attached to micro finance in order 

to provide respectful support to the 

poor. Dr. Abubakar Sheikh, Ms. 

Shamim Kazmi, Prof. Mohammed 

Rafi, Khalid Ikramullah Khan, Col 

(Rtd) Mukhtar Ahmed Butt and 

Anwar Aziz Jakartawalla also spoke. 

A renowned Social Worker & TV Artist Mrs. Jehan Ara Hai cutting the ribbon of 

inauguration of 24th Annual Eid Card Competition at Bait al Hikmah 

Auditorium, Madinat al Hikmah organized by Hamdard Public School & 

Hamdard Village School. Mrs. Sadia Rashid, President, Hamdard Foundation 

Paistan, Fatema Munir Ahmed, Vice President Madinat al Hikmah , Prof. Hakim 

Abdul Hakim Abdul Hannan, Vice Chancellor Hamdard University, Dr. Khalid 

Nasim, Administrator Hamdard Public School, Ms. Saba Khalid, Headmistress 

& others are present on this occasion. While judges are selecting the cards for 

1st, 2nd & 3rd position. 



Mehmood Arshad, Chief Guest, Chairman, Standing Committee for Islamic Banking and Executive Vice President, Pak 

Qatar Takaful addressing on “Hard Working is essential to achieve greatness” at Hamdard Naunehal Assembly at a local 

hotel. Mrs. Sadia Rashid, President, Hamdard Foundation Pakistan, Ms. Fatema Muneer Ahmed and Mr. Furrukh Imdad 

are also present on the occasion. 

Hamdard Naunehal 

Assembly Held 

A function, comprised recitation from 

Holy Quran, naat, speeches, tableau 

and dua-i-Said was held May 19, 

2015 on the theme “Hard Working is 

essential to achieve greatness” at a 

local hotel. 

world were born in poor or middle 

class families but they reached to the 

highest pedestal of their societies due 

to their sincerity to their purpose and 

hard work of day and night for 

example William Henry Bill Gates, 

founder of Microsoft company, who 

born in a middle class family in 

Washington, USA, but today he was 

one of the richest men of the world. 

Speaking on the occasion, Mehmood 

Arshad Chief Guest, Chairman, 

Standing Committee for Islamic 

Banking and Executive Vice 

President, Pak Qatar Takaful said: 

‘Trust in God, self confidence and 

hard work are the keys of success in 

life as Allah says in Quran: “How 

much a man tries and puts its efforts 

in achieving some thing he would get 

according to his efforts” and Islam 

ordains to take care of deen (religion) 

together with dunya (world). 

Mrs. Sadia Rashid, President, 

Hamdard Foundation Pakistan while 

addressing the gathering of children 

said that Islam had given great 

importance to hard work and labour 

as the life of our Holy Prophet 

(PBUH) was filled with action and 

hard working. There was a common 

value of hard working in all our great 

leaders, including Hakim Mohammed 

Said and mostly great men of the 

Prof. Dr. Hakim Abdul Hannan, Vice Chancellor, Hamdard University, Prof. Dr. 

Javaid A. Khan, Department of Medicine, Agha Khan University, Dr. Sara 

Salman, World Health Organization (W.H.O). Prof. Dr. Mohammad Javed, Dean, 

Faculty of Health & Medical Sciences, H.U. and Prof. Dr. Muhammad Furqan, 

Principal, Hamdard College of Medicine & Dentistry addressing at a seminar 

organized by the Department of Community Health Sciences, Hamdard College 

of Medicine & Dentistry, Hamdard University on the occasion of World No- 

Tobacco Day at Bait al Hikmah Auditorium, H.U. 

Mrs. Sadia Rashid, Chairperson, Hamdard Laboratories (Waqf ) Pakistan 

receiving Consumers Choice Award on Rooh Afza from Chairman Senate 

Mian Raza Rabbani at 10 Consumers Choice Award 2014 at a local hotel. 

Kaukab Iqbal, Chairman, Consumers Association of Pakistan and others are 

present on this occasion. 



Opening of Stoll/Nazer Demo Centre 

and Nazer Training Centre 

Holding true to its commitment to 

serving the Pakistani textile 

industry, Nazer & Co. has recently 

established two facilities: a flat 

knitting demonstration center in 

collaboration with H. Stoll GmbH 

and a training center. 

Through these mediums, Nazer & 

Co. aims to introduce the latest 

technological developments in 

Knitting, Textile Processing and 

Finishing to the Pakistani Textile 

manufacturers and processors and 

by doing so, help them achieve a 

competitive edge in an ever 

increasingly competitive market. 

The opening ceremony of these 

centers was held earlier this year 

and was well attended by many of 

Nazer & Co’s customers and 

principals. 

Opening of Stoll/Nazer Demo Centre (Mr. Luqman Ali Mooraj, Mr. Rizwan Fasih 

of RKM Knitwear, Mr. Abbas Mooraj and Mr. Thomas Hoffmann Area Sales 

Manager of Stoll.) 

Mr. Thomas Hoffmann from H. 

Stoll GmbH had inaugurated the 

Stoll Nazer Demonstration Centre 

while Mr. Manfred Schulte- 

Austum of Brückner inaugurated 

the Nazer Training Centre. 

The Nazer Stoll Demonstration 

Center includes three of Stoll’s 

latest multigauge machine; two 

CMS 502 HP in 3,5.2 gauge and 

7.2 gauge and one CMS 530HP 

machine in 6.2 gauge. 

View of training centre. 

The demonstration centre was 

established to provide training to 

the flat-knit produces in machine 

operation and flat knitting design 

(on Stoll’s M 1 plus software), 

as well as to help customers 

develop new innovative knitted 

products. 

The Nazer Training Centre, 

established with the support of 

Nazer & Co’s principals is a forum 

where seminars and training 

sessions will take place, introducing 

our customers to the latest 

developments in textile technology. 

It is through the provision of 

these facilities that Nazer & 

Co. reaffirms its commitment 

of support to the Pakistani 

Textile Industries as it has done 

so since its establishment in 

1952. 



At the training centre 

Visitors at the opening of the training centre. 

Opening of the Nazer Training Centre by Mr. Manfred 

Schulte Austum of Brueckner and Mr. Abrar Ali Mooraj of 

Nazer & Co. 

Mr. Thomas Hoffmann addressing to the guests at the opening 

ceremony of Stoll/Nazer Demo Centre. 

Guests at the opening ceremony of Stoll/Nazer Demo Centre 

Visitors at the opening ceremony of Stoll/Nazer Demo Centre 

View of the stoll machines at the stoll / Nazer Demo Centre. 



Port t & Shipping News 

German delegation 

visits KPT 

A high-level German 

parliamentarians delegation visited 

the Karachi Port Trust recently, for 

a briefing to gain awareness about 

the avenues offered by the premier 

port of Pakistan for investments 

and joint ventures, a statement said. 

The delegation was led by Niels 

Annen with other members Carey 

Lay, Tabea Rößner, Michael Donth, 

Thorsten Frei, Prof Dr Egon Jüttner, 

Ingrid Brenda Behrmann 

(conference interpreter), Monika 

Hein (German Foreign Office) was 

briefed about the management, 

administrative areas, functions and 

present / future projects of KPT. 

PNSC 

ponders ferry services 

Pakistan National Shipping Corporation 

(PNSC) held a meeting at its head office 

to explore the options for establishing 

ferry services. Proposals included a fast 

ferry cargo service from Pakistan to 

UAE, cargo cum passenger service 

from Karachi to Gwadar, and a special 

ferry for pilgrims between Karachi and 

Iran/Iraq. 

Ports and Shipping Minister Kamran 

Michael, Ports and Shipping 

Secretary Khalid Pervez, Ports and 

Shipping Director General Abdul 

Malik Ghouri, PNSC Chairman Arif 

Elahi, SP&PL Executive Director 

Capt Muhammad Sarfaraz, and 

private entrepreneurs, including 

National Management Consultants 

(Pvt) Ltd Chairman Dr Junaid Ahmad, 

Al Qaem Pilgrims, Saleem Akbar Ali, 

and Shoaib Shipping CEO Jawaid 

Iqbal attended the meeting. 

Chairman KPT and DG Transport Department of China are exchanging MOU 

folders after signing. 

KPT signs MoU with China 

A six member’s delegation of the 

Guangdong Province, China, led by 

Mr Liu Zhigeng, Vice Governor, 

Guangdong Province of China, visited 

Karachi Port Trust recently, for 

signing Memorandum of 

Understanding (MOU) for 

strengthening of port and shipping 

connectivity and for establishing 

cooperation between Guangdong 

Provincial Transportation Department 

and Karachi Port Trust. It was signed 

by Chairman KPT Vice Admiral 

Shafqat Jawed and Director General, 

Department of Transport Guangdong 

Province, People’s Republic of China, 

Mr Zeng Zhaogeng. The MOU 

envisages promoting cooperation in 

port and shipping logistics, 

strengthening communications and 

establishing closer ties between the 

two countries. The ceremony was 

well attended by Minister for Ports 

and Shipping Senator Kamran 

Michael, Chairman KPT Vice 

Admiral (R) Shafqat Jawed and other 

top officials of the Ministry of Ports 

and Shipping and KPT apart from the 

six member delegation of Guangdong 

Province, China, that called on 

Karachi Port Trust Head Office on 

28th May, 2015. 

Photograph of vessel KMTC Dubai is taken on the occasion of its arrival at 

Karachi Port on maiden voyage. The vessel has length overall of 265 meters and 

is capable of carrying 5,500 TEU containers at a time is called by their agents 

in Pakistan – The United Marine Agency. Chairman KPT Vice Admiral Shafqat 

Jawed HI (M) and COMKAR Vice Admiral S. Arifullah Hussaini HI (M) are both 

the Chief Guests on the occasion which was attended by top officials of KPT, 

UMA and PICT. 



Karachi Port registers a 

record container 

handling 

Karachi Port witnessed a record 

handling of containers during the 

month ending May 2015 and it 

reflects the favourable policies 

practiced by Karachi Port Trust 

under the leadership of Chairman 

KPT Vice Admiral (R) Shafqat 

Jawed. The port has registered 

handling of 160,649 TEUs (Twenty 

Equivalent Unit) of cumulative 

imports and exports containers at 

its two terminals – the Karachi 

International Container Terminal 

(KICT) and Pakistan International 

Container Terminal (PICT) during 

the month of May surpasses the 

previous handling of 156,254 TEUs 

that it handled in the month of 

January 2015. 

The breakup shows that KICT 

handled 45,486 TEUs of import 

containers and 44,592 TEUs of 

exports containers during the month 

ending May whereas the PICT 

handled 38,213 TEUs of import 

containers and 30,920 TEUs of 

export containers respectively from 

31 and 36 vessels arrived at the two 

terminals. Handling of containers 

more than their existing capacities 

reflects the efficient handling 

operations of both the private 

terminals. 

A third terminal is to commence 

operations soon at the deep water 

container port also promises to 

attract domestic, in-transit and 

transhipment traffic of containers 

which will further boost up the 

container handling efficiency of 

Karachi Port which is surely the 

premier and main port of Pakistan 

and provides all kind of facilities that 

modern trade requires. 

M V Zi Jingson of China Overseas Shipping Company Leaves the Gwadar Port 

for Jebel Ali, Dubai on 11 May, 2015 after loading reefer containers. 

First export ship leaves 

Gwadar 

The Gwadar Port, which started its 

operations about eight years ago, for 

the first time on 11 May, 2015 

handled commercial containerised 

cargo for export of seafood. M V 

Zi Jingson, a bullebrealc vessel of 

the China Overseas Shipping Co 

(Cosco) took loading and later sailed. 

The export shipment will be 

unloaded at Jebel Ali, Dubai, from 

where a larger ship will carry these 

reefer containers to Far-East with 

its expected destination to Malaysia 

and China. 

Federal Minister for Ports and 

Shipping Kamran Michael, speaking 

at a ceremony organised at the 

Gwadar port to see off the ship, said 

that soon Gwadar will soon be 

connected with its hinterland 

through motorway M-8 and 

National Highway N-85, thereby 

providing connectivity to upcountry 

and beyond to Afghanistan and 

Central Asian states and western 

China. 

IFC signed a memorandum with Engro Elengy Terminal for 20 percent equity in 

the project. The agreement was signed by members from IFC team which included 

Mouayed Makhlof - Regional Director IFC, Nadeem Siddiqui - Country Head of 

Pakistan IFC, Adil Marghub - Senior Manager, Azhar Hussain - Senior Investment 

Officer. Also present at the occasion were Ali Ansari - President Engro 

Corporation; Naz Khan, CFO Engro Corporation; Sheikh Imran Ul Haque - 

CEO Engro Elengy Terminal Limited amongst others. 



People & Events 

Muttahida’s Khawaja 

Izhar appointed 

opposition leader in PA 

Muttahida Qaumi Movement 

legislator Khawaja Izhar-ul-Hassan 

was appointed leader of the 

opposition in the Sindh Assembly 

recently. 

“On request of 44 members of the 

provincial assembly of Sindh, the 

speaker, in accordance of the 

provisions of sub-rule (3) of Rule 

25 of Rules of Procedure of the 

Provincial Assembly of Sindh, has 

been pleased to declare Khawaja 

Izhar-ul-Hassan as leader of 

opposition with effect from April 29, 

2015,” said the official notification 

issued by the Assembly Secretary 

G.M. Umar Farooq. 

The new opposition leader is a longtime 

MQM worker. His association 

with the MQM began in 1988 when 

he joined the All Pakistan Mohajir 

Students Organisation — the 

student wing of the MQM — in St 

Patrick’s College. He completed his 

MBA degree from a private institute 

in the metropolis and went to 

Malaysia in 1996 for job. The 

MQM gave him a party ticket for 

the 2008 general election from PS- 

99, a provincial assembly 

constituency comprising areas of 

North and New Karachi, and also 

retained him in the 2013 general 

election. 

Rajwana new 

Governor of Punjab 

Malik Rafique Rajwana was 

appointed the Governor of Punjab. 

The position of Punjab Governor 

had been lying vacant since the 

resignation of Chaudhry 

Mohammad Sarwar in January this 

year. Rajwana, who hails from 

Subhani new 

Engro president 

The Board of Directors of Engro 

Corporation Limited announced the 

appointment of Khalid Siraj Subhani 

as the new President and CEO of 

Engro Corp. Subhani takes over the 

company from the outgoing 

President and CEO Ali Ansari who 

served Engro for a term of three 

years and was responsible for 

effecting successful turnaround in 

the company’s flagship businesses, 

said a statement. 

Subhani is a seasoned industry 

veteran and has been with Engro 

for over 32 years, having started his 

career as an Operations Engineer 

with the then Exxon Chemical 

Pakistan Limited in 1983. He has 

seen the transition and growth of 

Engro in different roles over the 

years and has been a major part of 

Engro’s success. 

Multan, became a member of 

Senate in 1998. He became senator 

for the second time in 2012. 

Rajwana began his career as a 

judicial officer. He later served as 

an additional district and sessions 

judge. 

Rajwana was elected president 

of Lahore High Court Multan 

Bar Association in 1996. 

Rajwana has been a member of 

the Foreign Affairs, Law Justice 

and Human Rights, Government 

Assurances, Committee on Rules 

of Procedure and Privileges, 

Senate House and Devolution 

Process committees of the 

Senate. 

Talib elected MAP 

President unopposed 

Talib Syed Karim, Rector & 

Executive Director of Institute of 

Business Management (IoBM) was 

elected President, Marketing 

Association of Pakistan (MAP), 

following the Annual General Meeting 

of the Association held at a local hotel 

recently. Other office bearers elected 

were Syed Imran Ahmed (Vice 

President), Ali Hasan Naqvi 

(Honorary Secretary) and Sohail Aziz 

(Honorary Treasurer). 



BMA Capital promotes 

Mr. Mirza Kamran Baig 

as Head of Treasury 

Operations 

BMA Capital Management Limited, 

Pakistan’s premier financial services 

group, has promoted Mr. Mirza 

Kamran Baig, as Senior Vice 

President and Head of company’s 

Treasury Operations business. As 

Head of Treasury he will have 

oversight of both Fixed Income and 

Foreign Exchange Sales businesses 

of BMA Capital. 

Mr. Baig is an accomplished treasury 

services leader with over 18 years of 

industry experience. He was 

appointed in BMA Capital as Senior 

Dealer Money Market in October 

2011 and was deputed as Head of 

Fixed Income Sales in July 2012 

where he continued to develop the 

fixed income sales processes with his 

steady leadership. 

In this additional role Mr. Baig will 

be responsible for ensuring that 

services provided by both Fixed 

Income and Foreign Exchange teams 

continue to keep pace with the 

growing needs of large corporate 

organizations. 

Bilal Soofi elected WWF 

president 

The Board of Directors of the World 

Wide Fund for Nature-Pakistan has 

elected Ahmer Bilal Soofi, a 

renowned Supreme Court Advocate 

and an international law expert, as 

the new president. He was preceded 

by Khalid Mahmood, CEO of Getz 

Pharma (Pvt) Limited, who was the 

president of the organisation from 

June 2011 to April 2015, disclosed a 

WWF-P's spokesperson recently. 

Over 140,000 Pakistanis to perform Haj this year 

The Haj Policy 2015 was announced 

by Religious Affairs Minister Sardar 

Muhammad Yousaf who said 

143,368 Pakistanis would perform 

Haj this year. 

Haj applications were received by 

10 designated 

banks from 

April 27 to 

May 8 and 

balloting of the 

applications 

took place on 

May 14. The 

applications of 

those who 

h a v e 

performed Haj 

in the past five years will not be 

considered. 

Under the policy, residents of 

Punjab and Khyber Pakhtunkhwa 

will each pay Rs264,971 and those 

belonging to Sindh and Balochistan 

Rs255,971. The policy was 

expected to be announced by April 

14 but got delayed because the 

prime minister could not sign the 

summary earlier. 

For the first time an option of 

“sacrifice” has been offered to the 

pilgrims; those who will prefer the 

government to sacrifice goats on 

their behalf will have to submit 

Rs14,210 separately, whereas those 

who will wish to offer the sacrifice 

themselves will not have to pay this 

amount. Addressing a Press 

Conference, 

the Minister 

said that half 

the pilgrims 

w o u l d 

perform Haj 

under the 

government 

scheme and 

the remaining 

through 

private 

operators. 

He said the pilgrims were required 

to carry machine-readable 

passports, computerised national 

identity cards and medical 

certificates during their visit to 

Saudi Arabia. 

Speaking about the arrangements 

in the kingdom, he said the 

government would provide food to 

the pilgrims and a contingent of 450 

medical personnel would be sent to 

assist them. 

Abdul Rahim Janoo, Senior Vice President of FPCCI is presenting crest to H.M.B 

Herath Consul General of Sri Lanka. Ikram Rajput, Waseem Vohra, Vice Presidents 

of FPCCI are prominent in the picture. 



Corruption can only be eradicated with competent human resource and 

effective processes: M. Zubair 

Pakistan’s socioeconomic potential 

can be unlocked by eradicating deeprooted 

corruption with skilled human 

resource, effective processes and 

strict compliance. Corruption does not 

only retard the pace of development 

but also hinder government’s efforts 

to ensure provision of social services 

and poverty alleviation. The present 

regime is making an all-out effort for 

sustained socioeconomic 

development with healthy foreign 

investment to subsequently achieve 

the vision of a strong, progressive and 

prosperous Pakistan. 

These views were expressed by 

Muhammad Zubair, Minister of State 

and Chairman Privatization 

Commission of Pakistan during 

Pakistan’s first-ever Internal Audit 

Summit - PIAS 2015, organized by 

TerraBiz at a local hotel in Karachi. 

He was delivering his keynote entitled 

‘Vigilant Leadership – Challenges to 

Governance in Government’. 

The day-long conference entitled 

‘Governance, Risk and Compliance’ 

is endorsed by the International 

Association of Financial 

Management, whereas ICMA 

Pakistan and ISACA (Karachi 

Pakistan's leading conference producer TerraBiz organized the first-ever 

Pakistan Internal Audit Summit 2015. Picture shows: Farid Ahmed Khan, CEO 

ABL Asset Management; Yacoob Suttar, President ICAP and MD/CEO Asia 

Petroleum; Muhammad Zubair, Minister of State and Chairman Privatization 

Commission of Pakistan; Hanif Jakhura, CEO, Central Depository Company of 

Pakistan and Hamza Hashmi, CEO, TerraBiz. 

Chapter) are the knowledge partners. 

The conference attracted over 250 

professionals from internal audit, 

governance, risk and compliance 

disciplines besides participation from 

different audit firms. 

Yacoob Suttar, President ICAP and 

MD & CEO Asia Petroleum, during 

his presentation, highlighted the 

uniqueness of internal audit function 

and quoted inspiring examples based 

on his three decades of experience. 

He also presented the kind of aptitude 

and skillset required for internal 

auditing professionals to flourish in the 

future. 

Tariq Isaksson, Vice President IT 

Audit, Etisalat Group, UAE, during a 

session on ‘Impact of Information 

Technology on audit’, highlighted the 

ever growing complexities in the IT 

environment and presented the way 

IT auditors and assurance 

professionals can provide continuous 

value to their respective senior 

management. 

Group photo taken after the completion of Sandspit Beach cleaning activity jointly organized by SSGC and WWF Pakistan. 

Shahbaz Islam, Head of Corporate Communications SSGC and Asad Shahbaz, Corporate Relations Manager of WWF seen 

in the picture with their team members and the participant students . 



MAP held its 49th annual general meeting 

Khalilullah to replace 

Tasnim as FO 

spokesperson 

Qazi M. Khalilullah, an additional 

secretary, has been appointed as 

the spokesperson for the Ministry 

of Foreign Affairs, who will replace 

Tasnim Aslam. 

Foreign Office sources told media 

that Qazi M. Khalilullah, who is 

currently looking after the Middle 

East desk at the Foreign Office 

will be the new spokesperson of 

the Ministry. He is replacing 

Tasnim Aslam, who has been 

serving as Foreign Office 

spokesperson since December 

2013. 

Qazi M. Khalilullah joined the 

Foreign Service of Pakistan in 

1985. He has served at different 

embassies. He was posted at the 

Pakistan Embassy at Moscow 

(Russia) from 1988-1993, the 

Pakistan Embassy at Ashgabat 

(Turkmenistan) from 1993-1996, 

Pakistan Embassy at Kyiv 

(Ukraine) from 1999-2002, and 

Pakistan Embassy at Geneva 

(UN) from 2002-2005. 

Khalil was promoted to the rank 

of Ambassador of Pakistan in 2008, 

and has also served as 

Ambassador to Myanmar. 

Management Association of Pakistan 

(MAP) held their 49th Annual 

General Meeting on 27th 

April 2015 in Karachi. 

The following members 

were declared elected 

unopposed as members 

of the Executive 

Committee for the 

period 2015-2018. 

Ms. Saadia Naveed, 

Syed Masood Hashmi , 

Mr. Asif Ikram, Mr. Sarmad Ali, Mr. 

Amir Jamil Abbasi, Mr. Sarfaraz 

Ahmed Rehman, Mr. Talib Syed 

Karim, Mr. Babar Bashir Nawaz, 

Syed Salahuddin Haider and Mr. 

Humayun Bashir. 

Subsequently, the newly-elected 

Executive Committee convened its 

Muhammad Naeem has been 

appointed as Chairman Pakistan 

Atomic Energy Commission 

(PAEC) for a period of three years. 

He was previously working in the 

capacity of Member Fuel Cycle in 

PAEC. Naeem brings to his key 

assignments, rich academic 

accomplishments, a wealth of 

professional experience and an 

unwavering commitment. 

Muhammad Naeem succeeded Dr 

Ansar Parvez who remained 

chairman of PAEC for six years. 

Muhammad Naeem joined PAEC 

Syed Masood Hashmi 

meeting on the same day and 

unanimously elected the following 

Office bearers of 

MAP for the year 

2015: 

Syed Masood Hashmi, 

President; Mr. Asif Ikram, 

Vice President; Mr. Amir 

J. Abbasi, Honorary 

Secretary; Mr. Sarmad Ali, 

Honorary Treasurer. 

The newly elected 

Executive Committee and the Office 

bearers renewed their resolve to 

reinvigorate the MAP’s vision of 

leading the change process towards 

best management practices by 

actively pursuing MAP activities for 

their membership and to emphasize 

upon a better coverage of MAP 

activities all over Pakistan. 

Muhammad Naeem appointed PAEC chief 

on November 18, 1972 and served 

in various responsible positions. In 

recognition of his meritorious 

services, he was decorated with 

Sitara-e-Imtiaz and Hilal-e-Imtiaz. 

He contributed significantly in 

country's nuclear fuel cycle 

projects. Muhammad Naeem is the 

eighth chairman of PAEC since its 

inception. Dr Nazir Ahmad, Dr I H 

Usmani, Munir Ahmed Khan, Dr 

Ishfaq Ahmad, Parvez Butt, Anwar 

Ali and Dr Ansar Parvez have 

served the Commission in the same 

capacity, earlier. 



Pakistan’s first real estate fund launched at KSE 

Auditor general 

takes oath 

Chief Justice Nasir-ul-Mulk has 

administered the oath of office to 

Rana Asad Ameen as Auditor 

General of Pakistan at a simple but 

dignified ceremony recently. 

Sherry Rehman elected 

senator unopposed 

Pakistan People’s Party vice president 

Sherry Rehman was elected senator 

from Sindh unopposed recently. She 

will serve as senator till 2018. 

She was born on December 21, 1960 

in Karachi. She was educated at the 

Smith College and later at the 

University of Sussex where she 

studied arts, history and political 

science. 

She served as an MNA from 2002 to 

2007 and the central information 

secretary to PPP. 

Arif Habib Dolmen REIT 

Management Limited launched 

Pakistan’s first Real Estate 

Investment Trust (REIT), Dolmen 

City REIT at the Karachi Stock 

Exchange recently. 

Chief Guest Syed Murad Ali Shah, 

Advisor to Chief Minister for 

Finance, said, “The launch of 

Dolmen City REIT is a matter of 

great pride for all of us, as this is 

not just Pakistan’s first Real Estate 

Investment Trust scheme but also 

of all the Sub-continent.” 

REIT is modelled after mutual 

funds and provides investors with 

regular income streams, 

diversification and long-term capital 

appreciation. 

“I expect enthusiastic participation 

from investors during the Book 

Building, which is on June 8 and 9, 

2015, and also from the general 

public who can participate in the 

IPO on June 12,” Murad said. 

Dolmen City REIT is a closedended, 

Shariah compliant rental 

REIT which offers investors the 

opportunity to become unit holders 

of two components of the Dolmen 

City project, Dolmen Mall Clifton 

and The Harbour Front. 

The properties will generate rental 

income that will be distributed by 

the REIT Scheme among unit 

holders in the shape of dividends. 

Any possible appreciation in the 

value of the property will be an 

added benefit. 


Management Limited is a joint 

venture between the Arif Habib 

Group and the Dolmen Group. 

Arif Habib Group Chairman Arif 

Habib, Dolmen Group Chairman 

Nadeem Riaz, KSE Chairman 

Muneer Kamal, KSE Managing 

Director Nadeem Naqvi, Arif 

Habib Dolmen REIT Management 

Limited Chairman Nasim Beg, 


Management Limited CEO 

Muhammad Ejaz, and Arif Habib 

Limited CEO Shahid Habib 

attended the event. 



SSGC signs MoUs with five 

non-profit organizations 

Khalid Rahman MD SSGC has said 

sustainability is a driving force in 

making a marked difference in the 

lives of the marginalized communities. 

He was speaking after a MoU signing 

ceremony for SSGC’s CSR initiatives 

(2014-15) held at the Head Office 

auditorium recently. 

The MD SSGC inked the MoUs with 

respective representatives of five 

leading organisations in education and 

health sector including IBA Karachi, 

Mehran University of Engineering 

and Technology (MUET) Jamshoro, 

Quaid-e-Awam University of Science 

and Technology (QUEST) 

Nawabshah, Marie Adelaide Leprosy 

Centres in Gwadar and Mirpurkas 

and Al-Hijrah Schools, Ziarat. 

Mr. Khalid Rahman 

MD of SSGC 

The MoU signing ceremony marked 

implementation phase of the 

company’s CSR initiatives in the areas 

of education and health. In the case 

of IBA Karachi, MUET, QUEST and 

Al-Hijrah Schools, SSGC will provide 

scholarships for students in different 

disciplines for the period of four years 

while the Company’s monetary 

support to the two branches of 

MALC will help the disease control 

centre in running its operations more 

effectively. 

Exchange of MoU documents was 

followed by a cheque distribution 

ceremony during which the MD, 

SSGC distributed cheques to thirteen 

other CSR collaborators with SSGC. 

Earlier, Shahbaz Islam, Head of 

Corporate Communications, SSGC 

gave a comprehensive presentation to 

the audience about the CSR initiatives 

in the Company. Salman A Siddiqui, 

DGM (Corporate Communications) 

presented a vote of thanks. 



18 Years of Businessmen Group’s Public Service 

Siraj Teli criticises GIDC 

Chairman Businessmen Group 

(BMG) and Former President of the 

Karachi Chamber of Commerce and 

Industry (KCCI), Siraj Kassam Teli, 

has strongly criticised the passage of 

Gas Infrastructure Development Cess 

(GIDC) Bill 2015 by the Senate. 

He was speaking at a dinner 

reception organised by the Karachi 

Chamber of Commerce and Industry 

(KCCI) and the Businessmen Group 

(BMG) to mark 18 years of Public 

Service of Businessmen Group from 

KCCI’s platform. 

Vice Chairmen BMG, Zubair 

Motiwala, Haroon Farooki, Anjum 

Nisar, President KCCI Iftikhar 

Ahmed Vohra, Senior Vice President 

KCCI, Muhammad Ibrahim 

Kasumbi, Vice President KCCI Agha 

Shahab Ahmed Khan, Former 

Presidents KCCI AQ Khalil, M. 

Haroon Bari, Khalid Firoz, Majyd 

Aziz, Muhammad Saeed Shafiq, Mian 

Abrar Ahmed, Abdullah Zaki and 

KCCI Managing Committee were 

also present on the occasion. 

Highlighting the journey of 

Businessmen Group since 1998, Siraj 

Teli stated that due to clear policy of 

Public Service and implementation of 

transparent policies, KCCI has 

succeeded in restoring the 

confidence of the entire business 

community and today’s immense 

participation of thousands of 

supporters to celebrate 18 years of 

BMG’s success is a testimony of our 

commitment and truthfulness 

towards resolving the issues being 

faced by the business community of 

Karachi. 

Vice Chairmen BMG Zubair Motiwala, Haroon Farooki, Anjum Nisar, President 

KCCI Iftikhar Ahmed Vohra, Senior Vice President KCCI, Muhammad Ibrahim 

Kasumbi, Vice President KCCI Agha Shahab Ahmed Khan and Former President 

KCCI AQ Khalil presenting KCCI Model to Chairman BMG Siraj Kassam Teli 

at a dinner reception hosted at PAF Convention Center to mark the 18 years of 

BMG’s Public Relations 

Speaking on the occasion, Zubair 

Motiwala said that implementation of 

GIDC Bill 2015 will raise gas prices 

by 35 percent, which will create 

serious problems for many industrial 

units, enhance unemployment and 

make Pakistani products 

uncompetitive in the international 

markets. 

On the occasion, Vice Chairman 

BMG Haroon Farooki, while 

appreciating the initiatives taken by 

BMG Chairman, opined that thanks 

to BMG’s clear and transparent 

policies, they have succeeded in 

getting rid of all back doors and other 

malpractices at KCCI prior to BMG’s 

arrival. 

Vice Chairman BMG, Anjum Nisar, 

while expressing deep concerns over 

passing of GIDC Bill 2015, urged the 

government that instead of taking such 

negative steps, the government should 

focus on improving the overall 

infrastructure of city and ensure 

uninterrupted gas, water and 

electricity supply to industries at 

competitive rates so that they could 

efficiently compete in the 

international markets. He also 

stressed the need to give due share 

to Karachi according to its 

contribution to the national exchequer. 

Earlier, President KCCI Iftikhar 

Ahmed Vohra, in his welcome 

remarks, said that 18 years of BMG 

success at KCCI and the unopposed 

victories during the past 8 years 

clearly depict the trust and confidence 

of the entire business community of 

Karachi over the transparent policies 

of Businessmen Group under the 

leadership of Siraj Teli. “All BMGians 

at KCCI have been dedicatedly 

discharging their services under the 

slogan of “Public Service” and the 

office bearers are strictly directed to 

listen to and resolve the genuine issues 

of any businessman or industrialist 

who climbs KCCI’s stairs for 

assistance”, he added. 



Leather Industry 

Concern Over Decline in Leather Export 

Chairman, PTA, Mr. Muhammad 

Musaddiq has expressed concern 

over downward trend in export of 

Leather and Leather Products from 

Pakistan in spite of facility of GSP 

plus status to Pakistan. He in a 

statement said despite many hurdles 

in exploring the export as per 

aspiration of the Prime Minister of 

Pakistan, the Leather Industry with 

dedication and hard work 

successfully organized first Pakistan 

Mega Leather Show in Lahore 

International Expo Centre during 6- 

8 th March, 2015 alongwith other 

leather related associations and allied 

services to accentuate the image of 

Pakistan world-wide. 

He stated that neighboring countries 

like China, India and Bangladesh 

have registered considerable increase 

‘PTA members filing 

100pc tax returns’ 

Pakistan Tanners Association 

(PTA) members are filing 100 

percent income tax returns, 

Association Chairman Muhammad 

Musaddiq said in a statement 

recently. 

He said the Pakistan Tanners 

Association members have 

national tax numbers (NTN) 

certificates and are filing 100 

percent of their obligations by 

paying one percent income tax on 

export proceeds through banks, 

besides paying other taxes such as 

sales tax, advance tax, income tax 

at the import stage, customs duties, 

excise duties etc, on a regular basis. 

in its export of Leather & Leather 

Products as 4%, 18% and 32% 

respectively while the export of 

Leather & Leather Products from 

Pakistan is still stagnant @ US$ 1 

billion since last several years and 

drastically is decreasing during the 

period of current financial year July- 

February 2014-15 by 1.63% as 

“The leather industry (tanners) 

mostly depends on imported 

machines, imported chemicals and 

spare parts to produce best quality 

value-added leather as per the 

foreign customers’ demands,” 

Musaddiq said. 

The Pakistan Tanners Association 

chairman said the members had 

already paid more income tax than 

their liability, as million of rupees on 

account of income tax refund claims 

after adjusting their annual tax 

liability are still lying with the Income 

Tax Department. 

The export of tanned leather / 

finished leather for the period of 

July-June (2013/14) was $551 million 

of the total export proceeds of 

leather sector, he added. 

compared to the same period of last 

year which is alarming. 

He urged the Government to take 

stock of the situation causing decline 

in export of the value-added leather 

industry and increasing cost of doing 

business as well as lesser 

compatibility against competitors. 

He highlighted following major hurdles 

of the dwindling Leather Industry 

which need preferential attention for 

its revival. Due to regional devaluation 

of currency, cost of doing business, 

high cost of energy in Pakistan, to 

allow Zero Rating Sales Tax Status to 

Leather Industry while all regional 

countries keep zero rating of taxes on 

exports whereas there are multiple tax 

regimes in Pakistan and export industry 

is dying with slow poisoning. 

PTA hails federal 

budget 

Pakistan Tanners 

Association (PTA) 

has announced that 

with the continued 

support of Mr. 

S.M. Muneer, 

Chief Executive, Trade 

Development Authority (TDAP) 

as well as cooperation and support 

of all the three leather related 

Associations i.e. PLGMEA, 

PFMA and PGMEA, the 

Government has granted 

exemption of Sales Tax on local 

supply of raw hides and skins in 

the Federal Budget 2015-16, which 

was announced on 5th June, 2015 

under Financial Bill 2015. 



Cement Industries 

Federal Budget looks positive for Cement Industry 

by Abdul Rab Siddiqi 

Pakistan federal budget has some 

direct and indirect incentives for 

cement industry for next fiscal year 

2015-16 (July – June), which will 

increase demands for cement in 

country. Finance Minister Ishaq Dar 

has proposed enhancement of duty on 

import of cement, rationalization of tax 

structure for construction industry/ 

housing development, significant rise 

of 27 percent in PSDP allocation, 5- 

year tax holiday for establishing new 

manufacturing facility in Northern 

Province and reduction in corporate 

tax by 1 percent which are positive 

steps for industry. But on negative note, 

the government proposes increase in 

duty on import of coal. 

A view of cement Plant. 

Duty on import of cement: 

While talking about the cement 

industry, the finance minister stressed 

the importance of protecting the local 

industry, adding that duty imposed on 

cement is only on imports. He labeled 

the duty on cement imports as 

"preemptive action" to promote the 

local industry and avoid cement 

dumping. 

The Portland cement attracts 1 percent 

customs duty whereas other cements 

are subject to 20 percent customs duty. 

Surge in import of Portland cement is 

hurting local industry. To protect local 

industry, it is proposed that customs 

duty on Portland cement (PCT code 

2523.2900) be increased from 1 

percent to 20 percent. According to 

industry sources, this will help 

companies to amplify their sales 

locally. Iranian cement imports will be 

discouraged by the measure. 

PSDP: 

Total Public Sector Development 

Expenditures amplified by 27 percent 

as compared to previous year budget 

estimates. Total federal PSDP outlay 

estimates in current budget grew by 

33% to PKR700bn and provisional 

share increase to PKR814bn 

(depicting a rise of 25%). Massive 

allocation in line with China Pakistan 

Economic Corridor (CPEC) and many 

mega projects announced by federal 

government which include highways, 

power generation, infrastructure 

development, and dams. The increase 

in PSDP will have a positive impact 

on cement sector as the demand of 

cement will increase. 

Incentives to construction 

industry: 

The government proposed suspension 

of minimum tax on builders, supply of 

bricks and crushed stone will be 

exempted from sales tax for three 

years. The government also 

announced reduction in import duty of 

construction machinery to 10 percent. 

The pro-housing sector measures such 

as housing credit and increased 

deduction allowed on house loan 

mark-up etc. All these measures will 

bring down construction cost and the 

construction activities will boom as a 

result of reduction. 

Duty on Coal: 

According to finance bill, Coal attracts 

1 percent customs duty. Since all other 

fuels attract higher duty rates, it is 

proposed that customs duty on Coal 

(PCT code 2701.1200 and 2701.1900) 

be increased from 1 percent to 5 

percent. The industry will comfortably 

pass on (PKR2.0/bag -PKR3.5/bag) 

to the end consumers. 



Cement Companies 

Financal Reports 

LUCKY CEMENT: The company 

announced 9MFY15 consolidated 

earnings at Rs10.3bn (eps Rs31.8), 

up 20pc YoY. The results beat 

market consensus estimates. On a 

standalone basis, Lucky reported 

9MFY15 eps of Rs28.8, up 14pc 

YoY. 

Supported by 4pc volumetric 

growth in cement sales and 1pc 

growth in net retention price, the 

topline of the company grew 5pc to 

Rs33.1bn versus Rs31.4bn in 

9MFY14. On a quarterly basis, net 

earnings improved by 14pc YoY to 

Rs9.3bn. On a consolidated basis, 

Lucky’s net earnings grew by 20pc 

YoY in 9MFY15. The growth 

emanated from its subsidiary ICI 

Pakistan and joint venture 

operations of cement grinding mill 

in Iraq. 

Local volumes grew 7pc to 3.1m 

tonnes in 9MFY15 compared to 3m 

tonnes in the same period last year. 

However, export sales during the 

same period declined by 0.5pc to 

1.85m tonnes from 1.86m tonnes a 

year ago. 

DG KHAN CEMENT: DGKC 

announced 9MFY15 consolidated 

earnings of Rs5.6bn (eps Rs12.8), 

up 42.5pc YoY. The results were 

above market consensus estimates. 

On a standalone basis, DGKC 

recorded revenue of Rs18.9bn (eps 

Rs12.3) in 9MFY15, as against 

Rs19.6bn (eps Rs9) last year, down 

3pc YoY. 

Total cement dispatches declined by 

5pc due to lower exports. However, 

local dispatches were higher on the 

back of robust growth in private 

Bestway acquires 

Lafarge cement plant 

Bestway Cement Limited, a 

subsidiary of Bestway Group, 

has taken over Lafarge Cement 

plant located near Kallar Kahar, 

Chakwal in Punjab. 

To mark the acquisition, a 

ceremony was held at the plant 

recently, which was attended by 

Sir Anwar Pervez, the owner of 

Bestway Group and Amr Ali 

Reda, the CEO of Lafarge 

Pakistan, among others. 

The announced assumption of 

management control of Lafarge 

Pakistan Cement Limited by 

Bestway is followed by the 

latter’s successful bid for 75.86 

per cent of Lafarge Pakistan’s 

sector demand and commencement 

of mega construction projects 

across the country. 

In 9MFY15, financial charges 

witnessed a decline of 56pc, 

resulting in a 24pc YoY increase in 

profit before tax to Rs6.5bn. On a 

quarterly basis, net earnings in 

3QFY15 increased by 55pc YoY to 

Rs2bn, primarily due to Rs17 per 

bag decline in cost of goods, 

resulting in 600bps increase in gross 

margins to 36pc. 

MAPLE LEAF CEMENT: 

MLCF announced 9MFY15 

earnings at Rs2.3bn (eps Rs4.4) 

down 3pc YoY, in line with market 

shares for an enterprise value of 

$329 million in July 2014. 

Bestway Cement also acquired 

another 12.07pc shares of the 

company through the public 

offer process taking its 

shareholding in Lafarge Pakistan 

to 87.93pc. 

The acquisition of Lafarge 

Pakistan’s 2.5 million tonnes per 

annum cement plant by the 

Bestway Cement will make it a 

major cement manufacturer in 

Pakistan with a total capacity of 

more than 8 million tonnes per 

annum, representing 18pc of the 

total cement manufacturing 

capacity in the country. Zameer 

Choudrey, Bestway Group’s 

Chief Executive, expressed his 

commitment to invest $30 million 

in the acquired company. 

consensus estimates. However, 

pre-tax profit increased by 29pc. 

Key takeaways highlighted by 

analyst Nabeel Khursheed at 

Topline included: in 9MFY15, 

MLCF recorded revenue of Rs15bn 

as against Rs13.7bn last year which 

was up 9pc, led by 9pc increase in 

volumetric sales to 2.1m tonnes 

compared to 1.9m tonnes in 

9MFY15. 

However, average net retention 

prices remained flat at Rs363 per 

bag. Financial charges on the other 

hand witnessed a decline of 22pc 

in 9MFY15. To highlight, MLCF has 

considerably reduced its debt by 

Rs6.1bn in the last two years. 



Telecommunication News 

Mobilink signs Huawei to install Pakistan’s First 

100Gbps Optical Network 

Mobilink appoints 

new CTO 

Mobilink has appointed Khalid 

Shahzad as Chief Technology Officer 

in place of Gabriele Sgarglia, a 

statement said recently. 

Shahzad is an experienced telecom 

professional and had served 

Motorola, Millicom International 

Cellular, Western Wireless 

International, PTML, Celtel 

International, Telenor Pakistan and 

CTO for DTAC, Telenor’s Operation 

in Thailand. Khalid Shehzad will take 

over from July 1 this year, the 

statement said. 

Telenor celebrates 10th 

anniversary 

Telenor is celebrating 10 years of 

successful operations in Pakistan 

and the anniversary is being 

celebrated as ’10 Years of 

Empowering Pakistan’ in line with 

the company’s vision. 

Michael Foley, Chief Executive 

Officer, Telenor Pakistan said, “We 

strongly believe that our business 

is linked with positive socioeconomic 

impact, we have been at 

the forefront of disseminating 

benefits of Information and 

Communication Technology in the 

form of GSM advancement, 

financial inclusion and bringing 

internet for all in Pakistan,”. 

Jeffery Hedberg, CEO Mobilink, Aragon Meng, CEO Huawei Pakistan and Ali 

Shi, President Huawei Middle East along with their teams at the contract signing 

for the deployment of Pakistan’s first 100 Gigabytes per secound Optical Transport 

Network. 

Mobilink has awarded a contract to 

China-based telecoms equipment 

manufacturer Huawei to upgrade its 

existing network to 100 Gigabytes per 

second (Gbps) Optical Transport 

Network (OTN), a first of its kind in 

Pakistan. The 100Gbps OTN will be 

deployed across a long haul fiber 

network on a nationwide basis which 

shall facilitate Mobilink in fulfilling the 

ever growing data and speed 

requirements of subscribers and 

guarantee the introduction of 

differentiated services in a bid to 

remain Pakistan’s number one Telco. 

The decision by Mobilink to upgrade 

its nationwide optical network will 

ensure an improved experience for 

its subscribers through the availability 

of greater bandwidth, efficiency and 

reliability. With the rapid development 

of mobile broadband services, 

Mobilink believes the time is right to 

build a technically advanced network 

that covers a full range of services 

and provides ultra-bandwidth and 

efficient use of network resources. 

“Customer satisfaction is Mobilink’s 

first priority on all fronts of our business. 

In view of the changing customer 

requirements and the exponential 

growth of data traffic on our network 

we have chosen Huawei to install 

Pakistan’s most advanced optical 

network for Mobilink.” said Jeffrey 

Hedberg, President & CEO Mobilink. 

CEO of Huawei Pakistan, Aragon 

Meng said, ‘’Once the 100 Gbps 

OTN is deployed, services like supersized 

cloud storage and Ultra High 

Definition (UHD) videos will be 

available to Mobilink users across the 

country, while corporate clients will 

be able to access huge amounts of 

bandwidth to satisfy their growing 

enterprise data and analytics 

requirements.” 



PTCL announces 15pc 

cash dividend 

Pakistan Telecommunication 

Company Limited (PTCL) has 

announced final cash dividend of 15% 

amounting to Rs 1.50 per share, which 

is a reflection of the strong results 

achieved during the year ended 31st 

December 2014. The dividend is in 

addition to the interim cash dividend 

of 10% amounting to Rs 1.00 per 

Ordinary Share, earlier declared and 

already paid to the shareholders. 

Walid Irshaid, President and CEO 

PTCL, members of PTCL Board of 

Directors along with senior 

management of PTCL Group also 

attended the Annual General Meeting. 

Azmat Ali Ranjha, Chairman PTCL 

Board of Directors while thanking the 

shareholders said, “The last year’s 

performance is a testament to PTCL 

management’s resolve and 

unwavering focus of its employees to 

further enhance the company’s 

profitability. Based on the current solid 

foundation, we are committed to 

maximize the shareholders’ value by 

bringing innovation in our products and 

services.” Commenting on PTCL’s 

role as the national carrier, He said, 

“Being the carrier of choice in highspeed 

broadband regime, last year 

proved to be another successful year 

for the company as it continued to grow 

its subscriber base and product 

portfolio, uplifting the nation through 

leading the digitization revolution. He 

said that PTCL is not only expanding 

geographically, but also in terms of 

products, services and quality of 

experience. Being the only integrated 

ICT service provider, PTCL is striving 

to maintain its competitive edge in the 

corporate segment. PTCL plans to 

stride beyond the traditional 

connectivity provider by offering 21st 

century ICT services. 

Picture shows Sajid Mehmood - Chief Regulatory Officer, Zong alongwith PTA 

representatives and Zong Regulatory Team at training session arranged for 

PTA on Quality of Service. 

Zong conducts 

interactive training for 

PTA on QoS KPI 

through OSS Monitoring 

Zong, Pakistan’s most advanced and 

only 3G & 4G network, recently 

held a training session with the 

theme “Growing Together Through 

Knowledge Sharing” at Zong 

Complex. 

The objective of this session was to 

create awareness about Quality of 

Service (QoS) based Key 

Performance Indicators (KPI) 

testing as per license conditions, as 

well as to suggest a replacement to 

extensive drive tests throughout the 

Pakistan’s total teledensity, including 

Fixed Local Line (FLL), Wireless 

Local Loop (WLL), and cellular 

decreased to 76.65 percent from 

79.89 percent in the year 2013-14, 

said a statement recently. 

FLL and WLL subscriber density in 

Pakistan, at the end of February 2015, 

stood at 1.73 percent and 1.69 

percent, respectively. Cellular density 

reached 73.2 percent in February 

2015, after touching its peak of 76.5 

percent in June 2014, according to 

PTA’s indicators. The decline was 

primarily due to government’s 

Teledensity falls by 3.24pc 

whole year for Pakistan 

Telecommunication Authority (PTA). 

With reference to the event, Sajid 

Mahmood Chief Regulatory Officer 

(CRO) Zong noted that “The 

importance of achieving a certain 

degree of regulatory harmonization 

must be acknowledged for the 

progression of Pakistan’s telecom 

industry.” He further expressed how 

Zong will continue to take the lead in 

conducting such initiatives. “Zong 

shall endeavor to engage in and 

conduct further such educational 

activities, and hopes that our 

Regulator’s participation in today’s 

session will be mirrored in all such 

future sessions, enabling both the 

industry and PTA to benefit from 

such learnings.” 

initiative on biometric verification of 

Subscriber Identity Module (SIMs) so 

that illegal or unregistered SIMs could 

be blocked. It is estimated this will 

fall further to 70 percent, since the 

SIM verification deadline expired on 

April 12, 2015, said Tahir Saeed, 

analyst at Topline Research. 

Broadband subscribers including 3G, 

4G and Long Term Evolution, surged 

273 percent to 12.5 million during the 

last 12 months. Excluding next 

generation technology subscribers; 

however, the base grew just by three 

percent to 3.5 million during the 

aforementioned period. 



Oil & Gas Industries 

PPL earns Rs. 7.808 

billion in 1Q 2015 

Pakistan Petroleum Limited (PPL) 

has announced a net profit of Rs7.808 

billion, translating in the earnings per 

share (EPS) of Rs3.96 for the quarter 

ended March 31, 2015, says a 

company statement, recently. 

The company had posted a profit of 

Rs10.576 billion and EPS of Rs5.36 

in the same quarter last year. 

The sales revenue for the quarter 

under review stood at Rs23.039 billion 

as against Rs30.764 billion in the 

corresponding quarter last year, it 

said. 

Shahbaz Ashraf at Arif Habib 

Limited said the decline in profitability 

was due to higher field expenditures 

and lower oil prices, resulting in net 

revenues to decrease by 15.4 percent. 

In addition, the effective taxation for 

the quarter stood at 26 percent as 

compared to 37 percent in the 

previous quarter. 

“During the quarter, the company 

posted net sales of Rs22.704 billion, 

a decline of 15.4 percent attributable 

to 31 percent lower oil prices, despite 

oil production recording an uptick of 

one percent, whereas gas production 

remained flat.” 

“Field expenditures increased to 

Rs11.007 billion, a rise of 26.1 

percent. The field expenditures were 

higher than the market expectations, 

which aided the company to book 

earnings lower-than-expectation 

earnings.” 

For the nine-month period ended 

March 31, 2015, PPL posted a net 

profit of Rs30.454 billion as against 

the profit of Rs37.193 billion in the 

same period last year. 

OGDCL earns Rs20.2bn 

in Jan-March 

The Oil and Gas Development 

Company Ltd (OGDCL) recorded an 

after-tax profit of 

Rs20.2 billion 

during Jan-March, 

a quarter-onquarter 

rise of 3.4 

per cent from 

Rs19.5bn (eps 

Rs4.54). 

This took its July- 

March after-tax 

profit to Rs68bn (eps 15.81) 

compared to Rs90bn (eps Rs21.14) 

a year earlier. 

“The nominal increase on a QoQ 

basis is due to lower exploration 

expense, higher than expected other 

income and lower taxation,” said 

analyst Shahbaz Ashraf at Arif Habib 

Limited. 

The company also declared third 

interim cash dividend of Rs1.75 per 

share, taking nine-month cash 

dividend to Rs6.25 per share. 

During Jan-March, 

the company posted 

net sales of 

Rs44,049m, a 

decline of 22pc 

QoQ attributable to 

31pc lower oil prices 

despite both oil and 

gas production 

exhibiting an uptick 

of 1pc and 2pc, 

respectively. Effective taxation was 

recorded at 29pc in 3Q compared to 

41pc recorded in 2Q. 

SNGPL gets Rs 17.7 

billion financing 

Sui Northern Gas Pipelines Limited 

(SNGPL) has entered into loan 

agreement worth Rs 17.70 billion 

with a consortium of banks led by 

Bank Alfalah Limited. 

Subject loan has been arranged for 

financing of infrastructure 

development for smooth 

transmission of RLNG and 

indigenous supply to its intended 

consumers. In the first phase, 

pipeline of 42" dia x 110 KM will 

be laid from SAWAN to Qadirpur. 

After this augmentation, SNGPL's 

network downstream Sawan would 

be able to pick up additional 400 

MMCFD LNG supply and 160 

MMCFD anticipated / existing 

indigenous gas supplies. The project 

is expected to complete by the end 

of this year. 



Automobile News 

Federal Minister Ishaq Dar 

inaugurates Yamaha plant 

New mixing plant for 

GTR 

Lt-Gen Ali Kuli Khan Khattak (retd), 

Chairman General Tyre & Rubber 

Company performed the ground 

breaking ceremony at GTR premises 

for a highly sophisticated new mixing 

plant scheduled to go on line in August 

2016, in Karachi. 

The investment of around 10 million 

US dollar on fully automated mixing 

plant will help GTR to increase its 

production capacity by 50% to 3.5 

million tyres annually as compared to 

2.3 million tyres it currently produces. 

The new mixing facility will further 

enhance the quality of its products as 

well as will help the company to 

produce more sizes that are currently 

getting popular in the market. It will 

also generate fresh jobs opportunities 

and contribute towards saving more 

foreign exchange for the country and 

also earn foreign exchange through 

exports. 

Finance Minister Ishaq Dar visits assembly line of Yamaha Motors Pakistan at 

Port Qasim. 

Federal Finance Minister Ishaq Dar 

has inaugurated motorcycle 

production facility, set up by 

Japanese motorcycle maker 

“Yamaha” at an estimated cost of 

Rs5.3 billion at the Port Qasim near 

Karachi. 

President Yamaha Motor Co Ltd 

Hiroyuki Yanagi, addressing the 

plant’s inaugural ceremony, said the 

company will manufacture 40,000 

units this year to meet the growing 

demand of the country’s motorcycles 

market of 1.65 million units/year. The 

motorcycle production is expected to 

exceed three million units by 2020, 

he added. 

Speaking at the occasion, Finance 

Minister Ishaq Dar said Japanese 

has a major stake in Pakistan’s 

automobile industry. “We invite 

more and more companies to come 

to Pakistan,” he said. “Many 

companies are looking to re-locate 

their plants to South Asia and we 

invite them to come to Pakistan as 

the environment in the country is 

more business-friendly.” 

Pak Suzuki Q1 

profit up 113pc 

The Pak Suzuki Motor Company 

(PSMC) has reported net profit of 

Rs946 million [earning per share 

(EPS) Rs11.50] during the first 

quarter of 2015, compared to Rs443 

million [EPS Rs5.4] the same period 

last fiscal, showing a surge of 113 

percent. 

The significant increase in earnings 

is primarily due to higher volume 

sales, up 55 percent year on year and 

four percent increase in gross margin. 

Revenue of the company posted a 

growth of 43 percent YoY to 

Rs19.6bn, while the gross profit 

surged by 125percent to Rs2.2bn in 

1Q2015. 

The taxi scheme boosted volumetric 

sales — mainly Bolan and Ravi. A 

total of 30,950 units were sold at a 

discount to the government of Punjab. 

“Similarly, gross margins improved 11 

percent due to reduction in steel price 

and 18 percent devaluation of 

Japanese Yen against Pak rupee,” 

said Farhan Mehmood, Head of 

Research at Sherman Securities. 

Sources said the company plans to 

bring a new model under 1,000cc 

category by the beginning of 2016 and 

will gradually phase out the production 

of Cultus. However, the company’s 

spokesman Shafiq Ahmed Shaikh, 

said phasing out of Cultus is not on 

the cards. 



Fertilizer & Petrochemical Industries 

Pakistani national 

appointed IFA Director 

The International Fertilizer 

Association (IFA) has recognised 

Pakistan’s leading fertiliser 

company and has elected second 

consecutive Pakistani national as 

a Director of the prestigious and 

globally famous “International 

Association for the Global Fertilizer 

Industry” (IFA), says a statement 

said issued recently. 

This honour has gone to the 

incumbent Chief Executive and 

Managing Director of the Fauji 

Fertilizer Company (FFC) Lt Gen 

Shafqaat Ahmed (Retd), it said. 

The Lt General has the honour of 

serving at top positions in Pakistan 

Army. 

A spokesperson of the FFC, termed 

the development a matter of pride 

for the nation and said that IFA have 

selected a second consecutive 

director on its board from FFC, 

Pakistan, the statement said. “IFA 

has over 525 members in 85 

countries and now has 

representation on the board of 

directors from Pakistan,” he said. 

The decision to take Lt Gen Ahmed 

(Retd) on board of directors was 

made at the latest board meeting 

held in Istanbul, Turkey on May 27, 

2015, it added. 

Engro earns net profit of 

Rs. 4.238bn 

Engro Corporation announced a net 

profit of Rs4.238 billion, translating 

into the earnings per share (EPS) of 

Rs6.94 for the quarter ended March 

31, 2015 as compared to the net profit 

of Rs2.29 billion and EPS of Rs4.02 

in the same quarter last year. 

The sales revenue of the company 

stood at Rs41.372 billion for the 

quarter as against Rs38.354 billion in 

the corresponding period last year. 

Tahir Abbas at Arif Habib Limited 

said corporation’s fertiliser business 

continued its momentum as Engro 

Fertilizer recorded 113 percent jump 

in earnings to Rs3.059 billion during 

the period, mainly due to 57 percent 

jump in other income and 11 percent 

decline in the financial charges. 

Food business remained the major 

outperformer during the quarter as 

Engro Foods posted 462 percent 

growth in revenue to Rs1.069 billion 

during the quarter on account of 

improved margins. Chemical business 

remained under pressure as Engro 

Polymer (EPCL) posted loss-aftertax 

of Rs107 million due to plant 

shutdown. However, PVC margins 

increased by 3.8 percent due to sharp 

decline in ethylene price. 

Fauji Fertilizer declares 

cash dividend 

Fauji Fertilizer Company (FFC) has 

declared an interim cash dividend of 

Rs3.94 per share for the quarter 

ended March 31, 2015. Fauji Fertilizer 

announced a net profit of Rs5.907 

billion, translating into the earnings per 

share (EPS) of Rs4.64 for the quarter 

ended March 31, 2015 as compared 

to the net profit of Rs4.557 billion and 

EPS of Rs3.58 in the same quarter 

last year. The sales revenue of the 

company stood at Rs20.408 billion for 

the quarter as against Rs17.573 billion 

in the corresponding period last year. 

Engro Fertilizer’s 

profits surge 

Engro Fertilizer has announced a net 

profit of Rs3.058 billion, translating in 

the earnings per share (EPS) of 

Rs2.30 for the quarter ended March 

31, 2015. The company had posted a 

profit of Rs1.437 billion and EPS of 

Rs1.12 in the same quarter last year. 

The sales revenue for the quarter 

under review stood at Rs17.673 billion 

as against Rs14.895 billion in the 

corresponding quarter last year. Tahir 

Abbas at Arif Habib Limited said the 

company’s sales grew 19 percent, 

mainly due to four percent jump in 

urea prices, which offset the impact 

of one percent decline in the urea 

offtake. Gross margins remained flat 

at 38 percent, highlighting the 

company did not receive concessionary 

gas flow at $0.7/mmbtu. 

FFBL posts profits of 

Rs98.122 million 

Fauji Fertilizer Bin Qasim (FFBL) has 

announced a net profit of Rs98.122 

million, translating into the earnings 

per share (EPS) of 11 paisas for the 

quarter ended March 31, 2015. The 

company had posted a net profit of 

Rs186.315 million and EPS of 20 

paisas for the quarter ended March 

31, 2014. The company posted sales 

revenue of Rs5.798 billion for the 

quarter as against Rs6.040 billion in 




Banking & Insurance News 

NBP posts Rs8.5bn preprovision 

profit in Q1 

The Board of Directors of National 

Bank of Pakistan (NBP) has 

approved the financial statements of 

the bank for the three months period 

ended March 31, 2015. 

The bank in first quarter of 2015 

recorded pre-provision profit of Rs 

8.5 billion, an increase of 57 percent 

from comparative period last year. 

Pre-tax profit amounted to Rs 5 billion 

which is higher by 14 percent from 


After tax profit stood at Rs 3.3 billion 

as compared to Rs 3.1 billion for the 

same period last year showing an 

increase of 4.2 percent. Despite 

reduction in interest rates, net interest 

income increased from Rs 8.6 billion 

in first quarter of 2014 to Rs 10.5 

billion in 2015 reflecting an increase 

of 21 percent due to increase in 

balance sheet size. Non-interest 

income is Rs 8.4 billion, higher by Rs 

4.3 billion or 29 percent. 

Compared to March 2014, deposits 

have increased by around 12 percent, 

while advances marginally increased 

by 0.4 percent. From December 

2014, advances have declined by 2.9 

percent mainly due to seasonal 

adjustments. The bank is focusing on 

reducing the non-performing loans 

through restructuring. The bank is 

strongly capitalized with capital and 

reserves of Rs 166.8 billion, which 

translates into breakup value per 

share of Rs.78/- per share. 

Core Banking Application (CBA) 

rollout in 1,100 plus remaining 

NBP branches is under 

implementation in 2015 to utilize 

maximum benefit of automation 

and facilitating NBP customers 

with enhanced services. This year 

we have converted 180 additional 

branches on CBA taking total 

branches on the new platform at 

453. The bank plans to add 1,000 

ATMs to its network by 2015, out 

of which 250 ATM project is under 

implementation and remaining 750 

ATMs are planned to be installed 

by the end of 2015. 

Group Chief Mr. Khalid 

bin Shaheen of NBP’s 

visits NPC, Islamabad. 

National bank of Pakistan is 

supportive of the endeavors that shall 

be undertaken for the welfare and 

professional advancement of 

Pakistani journalists and will keep up 

with this commitment in future as well. 

These sentiments were expressed by 

the Group Chief of National Bank of 

Pakistan Mr. Khalid bin Shaheen 

during his recent visit to National 

Press Club, Islamabad. On this 

occasion, National Bank of Pakistan 

also presented the National Press 

Club with 10 computers and a printer 

for their computer lab. The delegation 

of NBP was led by group chief, 

Khalid bin Shaheen who was also 

accompanied by divisional head 

Nabeel Saeed, vice president Syed 

President National Press Club, Shehryar Khan while presenting a shield of 

appreciation to Group Chief Natinal Bank of Pakistan during his recent visit to 

the Press Club. Club Secretary Tariq Mehmood was also present on the occasion. 

Ibn-e-Hasan, manager media & 

corporate communications Abbas 

Jatoi and Mehtab Siddiqui. 

Speaking on the occasion, group chief 

of NBP Khalid bin Shaheen said, “We 

applaud the endeavors undertaken by 

National Press Club to ensure the 

welfare and professional well-being of 

journalists. National Bank of Pakistan 

will continue to cooperate with 

National Press Club for their initiatives 

as it has been in the past and will 

continue to do so in future as well.” 



HBL profit surges 63 

percent to record high 

HBL has announced its first quarter 

2015 results and has delivered a 

record post-tax profit of Rs 10 billion, 

representing a growth of 63 percent 

over the same period last year. 

Consequently, earnings per share for 

the quarter increased to Rs 6.73 as 

against Rs 4.12 for the first quarter 

of 2014. Along with the results, the 

Board declared a quarterly dividend 

of Rs 3.50 per share. 

This record performance was driven 

by strong revenue growth of more 

than Rs 7 billion. Net Interest Income 

increased significantly by 33 percent 

to over Rs 19 billion, as the Bank 

grew its average balance sheet by 17 

percent. The Bank also built on its 

success in growing current accounts, 

which increased on average by a 

phenomenal 23 percent year on year 

and rose to almost 35 percent of total 

deposits. Nonmark-up income 

increased sharply by 44 percent to Rs 

7.8 billion for the quarter, with 

continued excellent performance 

from Bancassurance and investment 

banking, and realization of capital 

gains from sale of securities. 

HBL continued to invest in technology, 

distribution and people, with over 100 

new ATMs and 2,500 new POS 

HBL, MCR sign MoU 

on consumer transaction 

technologies 

Habib Bank Limited (HBL) recently 

joined hands with MCR Private 

Limited, more commonly known for 

its renowned food franchises, Pizza 

Hut, Burger King & TGIF, to 

provide customised and convenient 

banking solutions to MCR clients 

for food delivery & order 

placements. 

MCR has taken a step into the 

bank's POS acquiring business by 

placing 57 HBL POS terminals at 

various outlets across Pakistan. 

HBL's MPOS model will be 

included among the food delivery 

payment options as well, bringing 

quality and convenience to 

customers' doorsteps. Internet 

terminals added to the network. 

Despite this, administrative expense 

growth for the quarter was contained 

at 7.4 percent YoY. With HBL's 

investments delivering strong 

business growth, the cost/income ratio 

reduced to 39.4 percent compared to 

49.7 percent in Q1 2014. 

During the quarter, the Government 

sold its entire remaining shareholding 

in the Bank in a landmark transaction, 

led by the Privatization Commission. 

Payment Gateways have also been 

deployed for both brands. 

MCR CEO & Chairman Aqeel 

Hassan voiced their goal of 

maintaining MCR's benchmarks of 

food production at international 

standards. He also emphasised on 

his aim to ensure that MCR brand 

names are technologically abreast 

with contemporary international 

banking practices. 

Nauman Dar, President & CEO 

HBL, underlined the fact that these 

solutions would principally benefit 

the consumer, and therefore further 

develop the brands of MCR. Both 

HBL and MCR were confident that 

together they could accomplish a 

much needed technological 

enhancement of the company to 

meet international banking 

standards. 

The issue was oversubscribed by 

1.6 times and is a reflection of the 

value seen by investors in this 

institution. The transaction size 

was over $1 billion and is the largest 

ever equity offering, not just in 

Pakistan, but in Asian Frontier 

Markets. More than 75 percent of 

the proceeds came from foreign 

investors covering all significant 

investment locations and including 

major International Financial 

Institutions. 



Tahir Hassan Qureshi 

appointed CEO of ABL 

The Board of Directors of Allied 

Bank Limited has appointed Tahir 

Hassan Qureshi as the new Chief 

Executive Officer effective June 

17, 2015, subject to approval of the 

State Bank of Pakistan. 

Qureshi, who is currently the Chief, 

Finance Group and Chief Financial 

Officer (CFO), joined the Bank in 

April 2008 and has played a leading 

role in its expansion. He is also the 

fellow member of the Institute of 

Chartered Accountant of Pakistan 

and has diversified experience of 

more than 26 years where he has 

held senior management position in 

Finance, Taxation and Corporate 

Affairs. 

He started his banking career from 

the Bank of Punjab (BOP), where 

he was part of the team in getting 

the ‘scheduled commercial bank’ 

license from the State Bank of 

Pakistan and in transforming the 

Bank to carry its activity across 

Pakistan as a ‘commercial bank’. 

Qureshi was also associated with 

Habib Bank Limited and during his 

tenure as senior team member and 

Head of Finance, played an 

important role in rehabilitation of 

the Bank to offer for sale under the 

Government privatization process. 

He is a member of the Institute of 

Chartered Accountants of 

Pakistan on Banking Committee 

and Pakistan Banking 

Association’s sub-committee on 

Accounting and Taxation. Apart 

from various seminars and 

conferences he has also 

represented Allied Bank Limited 

on World Economic Forum New 

Champions annual sessions. 

MCB Bank posts Q1 profit of Rs7.9bln 

The MCB Bank Limited posted the 

highest-ever quarterly profit-aftertax 

of Rs7.9 billion in the first 

quarter of 2015, a bank statement 

said recently. 

The bank also earned 

record profit-beforetax 

of Rs11.9 billion 

during the period under 

review, it said. 

The board of directors, 

which met under the 

chairmanship of Mian 

Mohammad Mansha declared first 

interim cash dividend of Rs4 per 

share for the period ended March 

31, 2015. 

The bank profit-before-tax show 

exceptional growth of 42 percent as 

compared to the corresponding 

period last year, mainly contributed 

by 91 percent increase in nonmarkup 

income and 20 percent 

increase in net markup income, it 

said. 

On gross markup income side, the 

bank recorded an increase of Rs2.7 

Meezan Bank Limited has recorded 

19 percent growth in its profit for the 

quarter ended on 31st March 2015. 

Profit after tax increased to 

Rs 1.313 billion from Rs 

1.106 billion. The Earnings 

per share of the Bank for the 

first quarter of 2015 was Rs 

1.31 per share (March 31 

2014: Rs 1.10 per share). 

Deposits of the Bank increased to Rs 

391 billion as at March 31, 2015 from 

Rs 380 billion as at December 31, 

2014. 

billion with major contributions from 

investments, amounting to Rs1.8 

billion with growth of 16 percent 

and from advances, amounting to 

Rs932 million, presenting a growth 

of 14 percent. This was made 

possible with the 

prudent placements 

and timely shift in 

concentration levels of 

investments. 

The interest expense 

registered an increase 

of Rs704 million over 

the corresponding period last year, 

mainly due to higher Repo 

borrowings. On the non-markup 

income side, the MCB Bank 

registered a significant growth 864 

percent due to gains on the sale of 

securities, fee income (23 percent), 

dividend income (29 percent), and 

other income (28 percent). 

The administrative expense base, 

excluding pension fund reversal 

recorded an increase of 11 percent, 

which consummates with increased 

operational and infrastructural 

outreach. 

Meezan Bank's profit up by 19 percent 

The Board of Directors of 

Meezan Bank Limited in its 

meeting held on April 21, 2015 

approved the financial 

statements of the Bank 

for the quarter ended 

March 31, 2015. The 

meeting was presided by 

HE Sheikh Ebrahim Bin 

Khalifa Al-Khalifa, 

Chairman of the Board, and the 

Vice Chairman of the Board Mr 

Riyadh SAA Edrees also attended 

the meeting. 



UBL announces 

1Q2015 earnings of 

Rs7.5bn 

UBL Launches NRP Banking 

for Overseas Pakistanis 

United Bank Limited (UBL) 

announced 1Q2015 earnings of Rs 

7.5 billion (EPS Rs 6.2), up by 15 

percent QoQ and 37 percent YoY 

led by growth in core earnings. The 

bank also announced cash dividend 

of Rs 3 per share. The results 

were above market consensus 

estimates, said analysts at Topline 

Research. 

This “impressive” earnings growth 

is likely to be attributed to the 

higher core income witnessed by 

the bank during the period under 

review, they said. Net Interest 

Income (NII) of UBL improved by 

2 percent QoQ to Rs 13.5 billion in 

1Q2015. Income from high yielding 

Pakistan Investment Bond (PIBs) 

and improving deposit mix resulted 

in higher NII despite falling interest 

rates. Moreover, normal deposit 

growth must also have contributed 

to this. Interest earned on assets 

rose by 2 percent QoQ to Rs 23.6 

billion, whereas interest expense 

increased by 3 percent QoQ to Rs 

10.1 billion. 

On YoY basis, net profit grew by 

37 percent driven by higher NII. 

NII of UBL surged by 32 percent 

YoY in 1Q2015. Non-Interest 

Income of UBL also increased by 

25 percent to Rs 6.8 billion. This 

drove bottom line of the bank by 

37 percent. On the expenses side, 

provisioning and non-interest 

expense increased by 163 percent 

and 11 percent to Rs805mn and 

Rs8.3 billion in 1Q2015. However, 

sharp growth in core earnings and 

higher non-interest income 

dwarfed increase in expenses. 

Ms. Maliha Anwer Khan, Head Wealth Management & NRP, UBL (first left) 

presenting salient feature of "NRP Banking" in Karachi recently. Picture shows 

Mr. Wajahat Husain, President & CEO, UBL (second from right) has attended the 

event as well. Also seen in picture are Mr. Abrar Mir, Group Executive, Banking 

Products, UBL (second left) and Mr. Aameer Karachiwalla, COO-UBL (first right). 

Mr. Wajahat Husain, President & 

CEO, United Bank Ltd along with Mr. 

Abrar Mir, Group Executive, Banking 

Products, UBL, Mr. Aameer 

Karachiwalla, COO-UBL and Ms. 

Maliha Anwer Khan, Head Wealth 

Management & NRP, UBL have 

launched bank’s new innovative 

product – NRP Banking for nonresident 

Pakistanis in Karachi recently. 

Mr. Wajahat Husain, President & 

CEO, UBL and and Ms. Maliha 

Anwer Khan, Head Wealth 

Management have presented salient 

feature of products, which are 

specially designed for Pakistani 

leaving aboard to avail all banking 

facility i.e. Deposit accounts, 

Signature (Priority) Banking, Car & 

Home Loans, Credit Cards, Mutual 

Funds, Internet and Mobile Banking 

and Access to Stock and Real Estate 

Markets etc. 

UBL is presently handling inward 

remittance more than 85 % from Gulf 

countries. 

“UBL‘s global network has given us 

the unique opportunity to offer, 

products and services that intrinsically 

suit the financial needs of Non- 

Resident Pakistanis”, Mr. Husain said 

at the event. “With the launch of UBL 

NRP Banking Services, we are not 

only bringing a positive stimulus to the 

country’s economy but also doing our 

part in bringing Pakistan closer to our 

fellow countrymen residing 

overseas”. 

UBL has an extensive branch 

network internationally covering the 

UAE, the GCC countries, Tanzania, 

China, Switzerland, UK and the 

USA where UBL has been serving 

the local communities as well as 

catering to the specific needs of the 

Non-Resident Pakistanis. As per 

recent statistics, more than 8 million 

Pakistanis are living aboard with 

Middle East, Europe and America 

being the major remittance 

originating regions which has made 

Pakistan the 7th large remittance 

market in the world. 



JCR – VIS Reaffirms IFS 

Rating of EFU General 

Insurance Limited 

JCR – VIS Credit Rating Company 

Limited has reaffirmed the Insurer 

Financial Strength Rating of EFU 

General Insurance Limited (EFU) at 

‘AA+’ (Double A Plus): 

Outlook on the assigned 

rating is ‘Stable’. The 

previous rating action 

was announced on 

November 25, 2014. 

EFU is the largest 

general insurance 

company in Pakistan. 

The company has more than 80 years 

of experience in the general insurance 

industry and enjoys largest market 

share, geographical diversification 

and strong franchise. The rating 

incorporates reinsurance 

arrangements in place, liquidity 

profile and improved underwriting 

performance of the company. 

Moreover, Profile and stability in 

senior management team is also 

considered positively in the rating 

assessment. 

The company has depicted steady 

growth in business volumes over the 

years though growth was lower than 

industry in 2014. Business mix largely 

comprises fire and property related 

risks while the proportion of other 

business lines has been restricted over 

time. Following the receipt of 

necessary regulatory approvals, the 

company has initiated takaful 

operation in May 2015. 

Underwriting performance has 

improved on the back of notable 

improvement in claims incidence. The 

company incurred large marine 

claims in 2014; however, impact of 

the same was absorbed on the back 

of adequate reinsurance 

arrangements. Average risk profile of 

reinsurers on the company’s panel is 

in the A category with Swiss Re and 

Scor Re enjoying lead share in major 

business segments. Underwriting 

profit depicted improvement in 2014 

while investment income continues to 

augment the bottom line of the 

company, with net 

operating ratio also 

improving during the 

year. 

The company holds a 

large portfolio of 

marketable securities in 

addition to strategic 

interest in EFU Life 

Assurance Limited, which is one of 

the leading life insurance company in 

the private sector. A major portion of 

the portfolio is invested in listed 

equities in view of which, the 

company’s exposure to price risk is 

sizeable. Other than equities, the 

portfolio comprises a mix of sovereign 

instruments, TDRs, real estate 

properties and mutual funds. 

Exposure to interest rate risk 

increased during 2014 as the company 

built exposure in long term fixed rate 

bonds, both directly and by way of 

mutual funds. The investment 

portfolio carried sizeable unrealized 

gains at year-end; equity market 

related unrealized gains may have 

eroded to an extent in 1Q15 while 

valuation of fixed income portfolio is 

expected to have increased with 

benchmark rate having been reduced 

to 7% in May 2015. Downside risk 

to earnings has been stemmed to an 

extent by locking in the higher return 

on these bonds. Liquidity profile is 

considered sound as the company has 

built sizeable liquid reserves over time, 

the quantum of which has improved 

in relation to reported liabilities in view 

of improved valuation of marketable 

securities. 

EFU Life, KASB 

Modaraba sign takaful 

distribution deal 

EFU Life Assurance Ltd and 

KASB Modaraba have entered 

into a distribution alliance for EFU 

Life's Window Family Takaful 

Products under its dedicated 

brand "Hemayah". KASB 

Modaraba is one of the leading 

Islamic financial institutions, 

working under Modaraba/ 

Musharaka model to offer 

financing solutions. EFU Life is 

a leading life insurance company 

in Pakistan and is the first 

Window Family Takaful Operator 

licensed by SECP. 

The agreement was signed by 

Taher G. Sachak, CEO & MD 

EFU Life and Rashid K. Siddiqui, 

Chief Executive Officer, KASB 

Modaraba. Speaking on the 

occasion, Taher G. Sachak, CEO 

and MD EFU Life said "KASB 

Modaraba is a leading Modaraba 

with a strong customer base and 

we are proud to launch Takaful 

Distribution partnership with 

them. The commencement of this 

new venture gives us an 

opportunity to offer Islamic 

solutions to KASB Modaraba 

customers for their long term 

financial planning needs." CEO 

KASB Modaraba, Rashid K. 

Siddiqui said "it is an honour for 

KASB Modaraba to be the first 

Modaraba in the industry to enter 

this strategic business alliance 

with EFU Life. KASB Modaraba 

is playing an active role in 

promoting Shariah Compliant 

Products to fulfil the financial 

needs of people purely on Islamic 

principles, under Kasb-e-Halal 

brand." 



Soneri Bank posts 

Rs613.28m PAT 

Soneri Bank Limited posted a profit 

before tax of Rs 949.73 million and 

profit after tax of Rs 613.28 million 

for the first quarter ended 31st March 

2015. The Board in its 143rd meeting 

held on April 17 2015, approved the 

Bank’s first quarterly un-audited 

financial statements. On this 

occasion, the Chairman, Alauddin 

Feerasta appreciated the Bank’s 

continued positive performance 

during the quarter and expressed 

satisfaction on the record profit 

posted. 

During the period, the Bank’s net 

revenue rose by 28.31 percent to Rs 

2.61 billion, from last year’s figure of 

Rs 2.03 billion. Bank’s net assets 

amounted to Rs 17.26 billion as on 

31st March 2015, being 1.33 percent 

higher than 2014 base of Rs 17.04 

billion. Deposits are almost at 2014 

year end position standing at Rs 

162.73 billion and net advances are 

down by 6.48 percent to Rs 99.20 

billion due to seasonal factors. 

SLIC signs agreement 

with Samba Bank 

State Life Insurance Corporation of 

Pakistan (SLIC) and Samba Bank 

Limited (subsidiary of Samba 

Financial Group, Saudi Arabia) have 

signed a bancassurance distribution 

agency agreement. Under this 

agreement, SLIC's insurance 

products will be offered by Samba 

Bank Limited to the existing and 

potential customers through its 

growing distribution channels. 

The agreement was signed by Gian 

Chand Kewalramani, General 

Manager Bancassurance, SLIC, 

Talal Javed, Group Head of 

Consumer Banking, Samba Bank 

Limited and Mohammad Naseem 

Rawther, CEO, GBA Services 

(Pvt.) Limited. This alliance 

between SLIC and Samba Bank 

Limited will provide the growing 

customer base of Samba Bank 

Limited with financial solutions 

offering protection and ensuring their 

financial security. 

Nargis Ghaloo, Chairperson, shared 

the vision of SLIC, "As the only 

national player in the bancassurance 

market, State Life Insurance 

Corporation feels that it has an 

obligation to reach out to all potential 

customers through every available 

distribution channel. With the benefit 

of Samba Bank's distribution 

network, SLIC believes this 

partnership will help us leverage our 

capabilities for providing value 

added services." 

Shahid Sattar, President and CEO 

of Samba Bank said, “We are 

pleased to be entering into an 

agreement with State Life 

Insurance Corporation, the leading 

insurer of Pakistan, and look 

forward to provide additional value 

to our customers through SLIC's 

insurance products." 

Strong performance by Adamjee Insurance in Q1-2015 

Adamjee Insurance Company 

Limited (AICL) continued its streak 

of business growth during the 1st 

quarter of 2015 with underwriting 

profit increasing to Rs. 257 million as 

compared to Rs. 35 million in the 

corresponding quarter of 2014. 

AICI has posted net premium of Rs. 

1.821 million in the first quarter of 

2015 which represents an increase of 

19% as compared to the same period 

last year. The growth in underwriting 

and operational profits indicates 

results of management’s strategy of 

building good quality client portfolio, 

capitalizing every opportunity to add 

value for its customers, and better 

utilization of its existing resources. 

Net claims ratio has seen an 

improvement front 62% to 58% in the 

first quarter of 2015. Motor Line of 

business has generated the largest 

share of underwriting profit for the 

company in the first quarter of 2015. 

Motor business represents 34% in the 

overall business portfolio which is 

followed by Fire & Property Damage 

at 26%. Marine at 9% and 

Miscellaneous (including Health) at 

31%. 

The Company’s net profit after tax 

has also increased by 17% from 

Rs. 628 million in QI of 2014 to 

Rs. 737 million in QI of 2015. 

Adamjee Insurance has 

witnessed a growth in its Total 

Assets and Equity with Total 

Assets increasing from Rs. 28.8 

billion to Rs. 29.3 billion and 

Equity increasing from Rs 14.1 

billion to Rs. 14.9 billion in QI of 

2015. Adamjee Insurance’s strong 

financial standing and impeccable 

customer service makes it the 

customers preferred choice of 

insurance company. 



Aviation & Hotel News 

Etihad and PIA sign new 

codeshare agreement 

PIA losses before tax fall 

by 34.4 percent 

Due to positive management, 

reduction in fuel prices and better 

economic conditions, Pakistan 

International Airlines (PIA) loss 

before tax reduced by 

34.4 percent in 2014 as 

compared to the 

previous year. In 

addition, the airline's seat 

factor increased to 72 

percent and the better 

yields resulted in an 

almost eight percent 

increase in passenger 

revenue. 

In addition, strict control 

and better economic environment 

helped to keep costs down and 

expenses decreased by almost 10.6 

percent. The airline, however, 

reported a loss before tax of Rs 29.3 

billion in 2014 in comparison to a loss 

of Rs 44.7 billion in 2013. 

Chairman PIA, Nasser Jaffer stated 

this at the 58th Annual General Meeting 

of PIA held on May 29, 2015 in Karachi 

and was attended by PIA shareholders, 

members of the PIA Board of 

Directors and senior management. He 

informed the AGM about the various 

milestones that the airline had crossed 

during the past year. 

Nasser Jaffer, 

Chairman PIA 

He said that PIA was now on its way 

to revival and had achieved many 

significant goals. The revival 

measures included fleet 

modernization, route rationalization 

and cost-cutting. 

The Chairman said that nine PIA 

aircraft had been 

retired during the period 

which decreased the 

average age of the fleet 

to 14 years. He said 

that the airline was now 

following a strict 

financial regimen and 

maintaining stringent 

control over spending. 

Schedule integrity and 

departure punctuality 

are key drivers of 

customer satisfaction and are being 

improved. 

The Chairman said the airline was 

currently in the process of acquiring 

more fuel efficient aircraft. In 2015, 

PIA planned to add 10 narrow-bodied 

A-320 aircraft to its fleet as well as 5 

ATR -72 planes. Of these, three A- 

320s and two ATR-72s had already 

been delivered while the remaining 

aircraft would be inducted during this 

year. As a result, the PIA Chairman 

said, the airline had succeeded in 

maintaining and increasing its market 

share in both the domestic and 

international segments. 

Etihad Airways and Pakistan 

International Airlines (PIA) have 

signed a codeshare agreement 

which will provide travelers with 

enhanced connections between the 

United Arab Emirates, Pakistan, 

and beyond. 

Etihad Airways will place its EY 

code on PIA flights between 

Islamabad, Karachi, Lahore, 

Peshawar and Abu Dhabi. In 

return, PIA’s PK code will be 

placed on Etihad Airways’ flights 

between Abu Dhabi and 

Islamabad, Karachi, and Lahore 

and PK code will also be added to 

Etihad Airways’ flights from Abu 

Dhabi to many of the global 

destinations operated by Etihad 

Airways. 

Flights can be booked from 30 June 

2015 via travel agents or through 

the airlines’ sales offices and 

contact centers. The first travel 

date will be 27 July 2015. This will 

facilitate travelers with a choice of 

more than 70 destinations. 

Kevin Knight, Etihad Airways’ 

Chief Strategy and Planning 

Officer, said: “Our unique partner 

strategy has been highly successful 

and we are pleased to add Pakistan 

International Airlines to our growing 

list of successful code share 

partners. Khurram Mushtaq, 

Director Marketing of PIA, said: 

“This is indeed a great opportunity 

for PIA to join hands with Etihad 

Airways, connecting Pakistan to 

UAE and around the globe. 



Emirates honours local 

agents 

Emirates presented its top ten cargo agents 

with special achievement awards recently. 

The criteria for the award included the 

revenue generated by the agents and 

overall performance of the agents in the 

market. Khalid Bardan, Emirates Vice 

President for Pakistan, attended the 

ceremony and distributed awards among 

the participants. “I am grateful for the 

continued support of all our cargo agents 

and would like to thank them for their 

contribution and for delivering such a 

consistently high-quality performance,” 

said Bardan. “Emirates SkyCargo 

operations in Pakistan continue to register 

a strong performance with load factors 

increasing over time, indicating Pakistan’s 

strong potential for continued growth in 

cargo and we look forward to an even 

better performance in 2015,” he added. In 

November 2013, Emirates SkyCargo 

added Sialkot to its route network in 

Pakistan, with four flights weekly from the 

city known as the industrial hub of Pakistan. 

Rehan Faiz appointed 

GM of PC Karachi 

Hashoo Group Hospitality Division 

has announced the appointment of 

Rehan Faiz Pirzada as General 

Manager of Pearl Continental Hotel 

Karachi. Pirzada is associated with 

the Hashoo Group of Hotels since 

1996. A master hotelier, prior to his 

appointment as General Manager in 

PC Karachi, he was Hotel Manager 

in PC Karachi and General Manager 

Zaver PC Gwadar where he 

reopened the hotel, which is now fully 

operational. 

TAAP is committed to promote aviation & tourism 

industry: Rahim Janoo 

Acting President FPCCI, A. Rahim Janoo presenting memento to Chairman TAAP 

Hanif Rinch. Yahya Polani, Tafseer-ul-Islam, Haji Yousuf are also seen in the picture. 

“FPCCI recognize the efforts and 

services of Travel Agents’ 

Association of Pakistan (TAAP) to 

promote travel, tourism and aviation 

industry of Pakistan. TAAP is not 

only promoting the soft image of 

Pakistan abroad while exploring new 

opportunities of reciprocal tourism 

between Pakistan and friendly 

countries but it is also projecting 

peace and harmony while facilitating 

the industry, its members and airlines 

to connect Pakistan with countries 

MCB Bank Limited (MCB) 

collaborates with Emirates Airline to 

provide up to 8 percent discount on 

round trip tickets booked through MCB 

credit card. As per the MoU, Emirates 

Airline has agreed to offer 5 percent 

discount for Emirates Business Class 

and 8 percent discount on Emirates 

around the globe.” This was stated 

by Abdul Rahim Janoo, Acting 

President, Federation of Pakistan 

Chambers of Commerce & Industry 

(FPCCI) in a meeting with TAAP 

delegation led by its Chairman 

Muhammad Hanif Rinch. 

Chairman TAAP Muhammad Hanif 

Rinch highlighted the imperative 

role of FPCCI in the promotion of 

trade and industry and all segments 

of the economy. 

MCB signs MoU with Emirates Airline 

Economy class travel. This discount 

is valid till September 15, 2015. The 

MoU was jointly signed by Nadeem 

Afzal – Business Head South -RBG, 

MCB Bank Limited and Ashfaq Shah 

- Corporate Sales Manager, Emirates 

Airline, Pakistan in the presence of 

senior officials from both organisations. 

(left to right)Jordi Porcel, General Manager Spain, Etihad Airways; James 

Hogan, President and Chief Executive Officer, Etihad Airways; Her Excellency 

Dr Hissa Abdulla Ahmed Al-Otaiba, UAE Ambassador to the Kingdom of Spain; 

and Haitham Al Subaihi, Vice President UAE Sales, Etihad Airways; at the 

airline’s media conference in Madrid on 21 April 2015.

Trade Chronicle May & June 2015

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