Engro, Royal Vopak celebrate two decades of operations
KARACHI (PR): Engro Vopak Terminal Limited – a joint venture of Engro & Royal Vopak of Netherlands – celebrated 20 years of operations in Pakistan.
On the occasion, the Engro Vopak terminal was graced by a visit of senior delegates from Royal Vopak comprising Eelco Hoekstra – Chairman of the Executive Board and CEO of Royal Vopak and other members of the leadership team. This was followed by lunch at the Engro Corporation headquarters where the visitors were given a broad-spectrum overview of Pakistan’s economy with discussions on avenues of mutual growth. Subsequently, a Memorandum of Understanding was signed between Engro Corporation and Royal Vopak to explore potential growth opportunities, within Pakistan and abroad, in industries including LNG, chemical storage, and terminal operations amongst others.
Ghias Khan, President & CEO of Engro Corporation, said, “We first partnered with Royal Vopak in 1997 and established Pakistan’s first integrated and only cryogenic facility that soon had the distinction of handling two-thirds of all liquid/gaseous imports into Pakistan. Today marks two decades of mutual growth and value creation for Pakistan; and underlines our commitment to continuing our tradition of enhancing shared value for a broad category of stakeholders.”
JCR-VIS assigns preliminary rating of ‘AA-’ to Bank Alfalah
KARACHI (PR): JCR-VIS Credit Rating Company Limited (JCR-VIS) has assigned preliminary rating of ‘AA-’ (Double A Minus) to Bank Alfalah Limited’s proposed Basel 3 Tier-1 debt instrument. Outlook on the assigned rating is ‘Stable’. Rating will be finalised upon review of signed legal documents.
Bank Alfalah is in the process of issuing a listed, perpetual, unsecured, subordinated, non-cumulative and contingent convertible debt instruments amounting up to Rs7.0 billion (inclusive of Green Shoe Option of Rs2.0b). The issue proceeds will contribute towards the bank’s additional Tier-1 capital and will be utilised towards enhancement of the bank’s business operations. Bank Alfalah’s tier-1 instrument will rank ahead of claims of ordinary shareholders but below the bank's senior creditors, including depositors and holders of Tier 2 TFC.
The assigned instrument rating draws comfort from the sound risk profile of Bank Alfalah. JCR-VIS has assigned entity ratings of AA+/A-1+ (Double A Plus/A-One Plus) to Bank Alfalah indicating high credit quality and adequate protection factors. The assigned ratings reflect the bank’s diversified operations, healthy financial risk profile, strong sponsors and existing market presence. Bank Alfalah has exhibited sustained improvement across key performance areas including asset quality, liquidity, capitalisation and profitability. At the end of September 2017, Bank Alfalah had an asset base of Rs969.8 billion. Tier-1 and overall CAR on a consolidated basis stood at 11.11 percent and 13.5 percent, respectively at end of September 2017.
LNG to be supplied to company’s franchise areas soon: SSGC
LAHORE: SSGC Acting MD Amin Rajput has said that LNG is the fuel of the future and its availability is indispensable to bridge the demand-supply gap of natural gas as well as overcoming energy crisis in the country.
In this regard, he said that SSGC has developed the requisite pipeline infrastructure for transmitting RLNG volumes to the consumption nodes in the northern part of the country. In a reply to a query about supply of RLNG to the industries in Sindh, he said that in near future, once RLNG is supplied to the industries in the company’s franchise provinces, a weekly closure of gas will end permanently. On the issue of natural gas theft, he reiterated that there is zero tolerance on gas theft as it impacts severely on SSGC’s financial bottom line, which is one of the main causes of lines losses or UFG.
SOS Villages organising children’s carnival on 19th
LAHORE (PR): SOS Children's Villages Pakistan is a private social welfare organisation dedicated to the welfare of orphaned and abandoned children.
SOS Children’s Villages Pakistan is organising a Children’s Carnival on Sunday, November 19, 2017 at Gaddafi Stadium, Football Ground, Lahore. The fundraiser is being organised for the benefit of the orphaned and abandoned children in our care. Children accompanied by their families will be entertained at the carnival.
There will be different fun filled activities, various stalls, a fantastic food court, Lucky Irani Circus, puppet show, games, magic show, guest appearances by Fawad Khan, Hamza Ali Abbasi, Umair Jaswal, Goher Mumtaz, Ali Azmat and much more.
OPPO F5 hits markets across Pakistan
LAHORE (PR): OPPO, the Selfie Expert & Leader, kick started the sale of its much awaited OPPO F5, the brand’s first FHD+ full screen display model in Pakistan, featuring the ground-breaking AI Beauty Technology.
The sale was kicks off by the quickest Pakistani to take 50 wickets in ODIs and top of the International Cricket Council's ODI bowlers rankings Hassan Ali along with OPPO’s General Manager Jadon Niu who inaugurated Pakistan’s biggest retail store of OPPO in Fortress Stadium, Lahore.
Pakistan’s national hero Hassan Ali participated in the first sales activity as ‘One Day Celebrity Shop Manager’. The lucky fans who bought the phone got the opportunity to click selfies and signed phone boxes from Hasan Ali.
With technology designed to personalise beautification for subjects on a selfie image, the phone is now available nationwide at a price of Rs31,899.
