PDWP approves development scheme of irrigation sector

LAHORE (Staff Reporter): The Provincial Development Working Party Punjab on Thursday approved development scheme of irrigation sector titled flood emergency reconstruction and resilience project through Asian Development Bank’s credit assistance (umbrella PC-I) with an estimated cost of Rs.17488.00 million. This scheme was approved in the special meeting of Provincial Development Working Party (PDWP) of current fiscal year 2014-15 presided over by the Punjab Chairman P&D Board Muhammad Irfan Elahi. Provincial Secretary P&D Waseem Ajmal Chaudhary, Members of the Planning & Development Board, Provincial Secretary concerned and other senior representatives of the relevant Provincial Departments also attended the meeting.

SECP suspends trading in shares of KASB Bank

islamabad (Staff Reporter): The Securities and Exchange Commission of Pakistan (SECP) issued directions on Thursday to all the three stock exchanges to immediately suspend the trading in the shares of the KASB Bank Limited. The trading was suspended in the interest of investors as the regulator observed an abnormally high volume in the shares of KASB Bank Limited in last few days. The SECP will ensure settlement of all traded shares of KASB Bank Limited as per rules. On initial enquiry, it was observed that there were rumors in the KSE about the change in management and control of the Bank from existing management to some Chinese investor, which is generating excessive volume in the market.

SECP issued direction to the Bank on April 23, 2015 to clarify the true position about the speculated change in management through the stock exchanges before opening of the market on April 24, 2015.

On direction of the SECP, the Bank clarified through notice to the stock exchanges that the Bank has not received any directive from any concerned quarters about the future course of action for the Bank or about the management changes that are being speculated and rumored and that the Bank is presently operating under the conditions of the moratorium imposed on it by the Federal Government. This clarification was disseminated to the investors on the websites of the Stock Exchanges on April 24, 2015 at 9:24 A.M. i.e. before opening of the market at 9:30 A.M.

However, it has been observed that despite clarification from the Bank the trading volume in the shares of the Bank remained very high as compared to its normal trading pattern. On April 29, 2015 Bank Islami Pakistan Limited and KASB Bank made announcement through stock exchanges that the State Bank of Pakistan has started the process of amalgamation of KASB Bank with and into Bank Islami at a token nominal value and that the scheme shall be considered by the board of directors of Bank Islami in its meeting at 2:00 p.m. Bank Islami after the conclusion of its BOD meeting placed the scheme of amalgamation on its website through which it was learnt that keeping in view the negative breakup value consideration of Rs.1,000 only was determined for the entire shareholding of KASB Bank.

It is important to note that in terms of prudential regulations issued by SBP entire shareholding of sponsors of the Bank which stood at 1.65 billion shares out of 1.95 billion shares, which is around 85pc of the total paid up capital of the Bank, remained in blocked account and they were not available for trading at any time.

Seminar on int’l business held

LAHORE (Staff Reporter):  Economic turnaround has turned Pakistan into a best place for doing business but still it is an emerging market that has created challenges for the doing business. For the success young entrepreneurs should have an eye on innovation and follow those business groups which got success despite lack of resources. This was upshot of the speeches and presentation given at a seminar on “International Business in Pakistan, Challenges & Successes” organized by the Lahore Chamber of Commerce & Industry here at the LCCI on Thursday. More than 50 experts, scholars and seasoned international and national business leaders attended the seminar and shared their knowledge and experience with the participants.

The speakers said that Pakistan has a strong potential to grow and nurture businesses in the country. They said that we need strong will to ensure our presence and growth in any kind of circumstances.

The LCCI President Ijaz A. Mumtaz said that innovation holds the key to success for young entrepreneurs therefore they should have an eye on global patterns while doing their businesses.

Rawalpindi Icon award ceremony

RAWALPINDI (Staff Reporter): In line to recognise the contributions of individuals and industry from Rawalpindi in different spheres of life, Rawalpindi Chamber of Commerce and Industry (RCCI) on Thursday organised Rawalpindi Icon award ceremony. According to RCCI the award ceremony was largely attended by the businessmen and traders hailing from the Rawalpindi Division besides the officials of local civil administration. Ambassador of Tajikistan Sherali S. Jononov was the special invitee to the function. The brands which were decorated with RCCI Awards included Koh-iNoor Textile, Attock Oil, Behria Town, Fresco Bakers, Tahzib Bakers, Savor Foods, Fauji Cereals, City Lab, Feroz Sons, Global Pharma, Metro Shoes, Brand City, Shaheen Chemist, D. Watson, Roots School, and Bio Lab.

The prominent poet from Potohar Anwar Masood was awarded with a special award for his valuable services in the field during the ceremony.

Addressing the gathering President RCCI Syed Asad Mashadi pointed out that the business and industrial development originating from Rawalpindi has made significant strides during the recent past and the award ceremony is in recognition to their outstanding contributions towards the development of national economy.

Introducing the salient features of the upcoming Rawal festival being held in the city and cantonment areas simultaneously from Saturday, he said a number of special events including holding of cultural shows, car show, balloting for special prizes, besides offering special discounted prices for sale of different commodities during the 9-day activity.

Appreciating the business and trade community for their valuable contributions towards help strengthening the national economy, Asad said that the community had always been playing their due role in national building activities especially during the trying times.

He said that holding of festival in the town would go a long way in providing a platform for boosting the economy of the region which suffered a lot during the last one year due to construction of Metro Bust Project.

EU-funded training programme

islamabad (Staff Reporter): The EU-funded Switch Asia Project for High Pressure Cogeneration in the sugar sector of Pakistan (HP Cogen Pak) is undertaking capacity building of Pakistan Boiler Manufacturers on design and manufacturing of biomass based high pressure boilers for power generation in the sugar sector.  According to a press release of European Union, the training programme has been developed in consultation with Pakistani boiler manufacturers and sugar mills, keeping in view their technical capacities and training needs. The programme includes comprehensive training sessions on thermal and mechanical design of High Pressure (HP) Boilers, design of boiler accessories, material selection, review of existing design procedures, fabrication methodologies and commissioning procedures.

The main purpose of the training is to ensure that essential local capacity is developed in the area of high pressure boiler manufacturing, resulting in reduced cost of technology and its indigenisation. Furthermore, building upon the training programme, the project will also assist Pakistani boiler manufacturers in establishing sustainable technology partnerships with Indian high pressure boiler technology manufacturers.

Phase-I of the project resulted in-house trainings for 23 engineers from Heavy Mechanical Complex Taxila, 26 engineers from Karachi Shipyard and Engineering Works (KSEW) Karachi and 8 engineers from Fabcon Design and Engineering Private Limited Lahore are being offered by the HP Cogen Pak Project’s International Boiler Design Expert.

In the second phase, Descon Engineering Limited Lahore, The Industrial Enterprise Lahore, and Gresham’s Eastern Private Limited Karachi will undergo a training programme in New Delhi India, imparted by the National Power Training Institute, New Delhi, and organised by the HP Cogen Pak Project’s Indian partner, The Energy and Resources Institute (TERI).

“The HPC Cogen-Pak Project under the EU funded Switch-Asia Programme aims to promote export of surplus electrical power to the national grid through replication of high pressure cogeneration technologies in the sugar sector by supporting sugar mills through technology standardisation, enabling access to finance, and mobilisation of relevant public sector authorities” Omar M Malik, Project Director HP Cogen Pak Project” As availability of reliable local technology resource is instrumental for adoption of high pressure technology in the sugar sector, therefore efforts of HP Cogen Pak will help Pakistani boiler manufacturers in this area”, he further added.

Pakistan’s sugar sector has an annual availability of 4.4 million metric tons of bagasse, sugar mill waste. To generate heat and electricity for its energy needs, sugar sector is using inefficient low pressure cogeneration system, consuming 46pc more bagasse compared to High Pressure Cogeneration (HPC).  Adoption of HPC is hampered by high upfront cost, technology risks, low capacity of technology providers, and a lack of financing options. HPC Cogen-Pak Project under the EU funded Switch-Asia Programme aims to promote export of surplus electrical power to the national grid through replication of high pressure cogeneration technologies in the sugar sector by supporting sugar mills through technology standardisation, enabling access to finance, and mobilisation of relevant public sector authorities.