Kyrgyz diplomat calls for strong economic ties

Lahore (Staff Reporter): Kyrgyzstan wants to establish strong trade & economic relations with Pakistan and is ready to sign MOUs in textile and pharmaceutical sectors. These views were expressed by the Charge d’ Affairs of Kyrgyzstan Sagynbek Ibraev while speaking at the LCCI . The LCCI President Ijaz A. Mumtaz, Vice President Syed Mahmood Ghaznavi, former president Mian Muzaffar Ali and Executive Committee Members also spoke on the occasion. The diplomat said that Pakistan is an important country of South Asia and could help Kyrgyzstan to establish relations with Central Asian States. He said that in a bid to promote two-way trade, an exhibition of Pakistani textile and pharmaceutical products could be arranged in Kyrgyzstan.

It would attract attention of Kyrgyz customers to the high quality and vast verity Pakistani products. He said Pakistani products have great demand in Kyrgyzstan. Pakistani businessmen should come forward and avail the opportunity to the maximum. 

He said that the Kyrgyz Republic has a stable political climate and the government understands that foreign private participation and investment are essential to accelerate development and stimulate the economy.

Pakistan’s biggest cement maker to get mine permit for expansion

LAHORE (INP): Pakistan’s Lucky Cement Ltd. is close to winning a permit to extract limestone in Punjab province, signaling expansion plans by the nation’s largest maker of the building material by market value. The company will get a limestone quarry for a cement plant in Punjab, and the local administration has approved the deal, said Arshad Mehmood, Secretary for Punjab’s Mines and Minerals Department, he told Bloomberg. An agreement is expected to be signed in the next few days, he said. The Karachi-based cement maker is set to join producers including Attock Cement Pakistan Ltd. and D.G. Khan Cement Ltd. that have announced expansion plans as PM Nawaz Sharif looks to boost infrastructure spending.

“Everything is positive for construction,” Bilal Khan analyst at Karachi-based Global Securities Pakistan Ltd., said by phone. “If growth stays at the same pace, the person who decides to expand today is the winner.”

Sharif is seeking to accelerate growth in the $247 billion economy to the fastest pace since 2008 with the spending, while China and Pakistan have announced a 3,000-kilometer, $46 billion economic corridor, which includes roads, ports, power plants and dams.

Lucky Cement’s shares have advanced about 50 percent in the past year, outperforming the 21 percent gain in the benchmark KSE-100 Index. Shares fell 1 percent to Rs523 as of 10:21 a.m. local time. They rose to a record last month.

Demand for HVAC systems

on the rise

Lahore (Staff Reporter): The HVAC systems in today’s world are more of a necessity than a luxury, mainly due to the extreme climatic conditions, increasing affluent population and building designs. Demand for HVAC systems was also on the rise because of IT and electronic equipment which generates extra heat in the buildings. This was the crux of discourse at a seminar on the topic of ‘efficient HVAC solutions’ arranged by the Nucon Engineers, a founding member of Pakistan Green Building Association here the other day. The seminar was part of a series of such programmes arranged in Karachi, Islamabad and Lahore. HVAC is the single largest energy-consumer in buildings by accounting for nearly 60 per cent of the total energy cost.

An efficient HVAC system can reduce power consumption by 35 to 40 per cent. Heating, ventilation, and air conditioning (HVAC) equipment consumes a substantial portion of energy in commercial buildings—around 40% of total building energy consumption depending on climate and other factors.

Pakistan post insurance fund

collects Rs156711.33m in 5 years

ISLAMABAD (APP): Pakistan post earned revenue of Rs156711.33m during 2009-14 under its insurance cover for customers. Pakistan Post is constantly gaining profit under this cover showing an average increase of Rs3-4m annually. They informed that during 2013-14 they earmarked revenue of Rs34,495.495m as compared to Rs31,367.911m in 2012-13, Rs27,536.721m in 2011-12, Rs25,980.307m in 2010-11 and Rs20,427.233m in 2009-10. The fund was started in 1979-1980 with an annual revenue of Rs380.196m which gradually increased and now they are earning almost Rs35m every year under this scheme, officials told APP here on Monday.

Giving details, they said, in 2013-14 they issued 22,767 new policies including 21,990 civilian and 777 defence policies incurring sum assurance of Rs. 7,256.608 million.

On June 30, 2014, they have a total of 415,561 policiesincluding all new and old customers among which 411,012 are civilian clients while the defence clients are 4,549 with total sum assurance of Rs. 61,475.233 million.

Silkbank declares half yearly


KARACHI (Staff Reporter): The Board of Directors of Silkbank Limited, in their meeting announced the half-yearly results ended June 30, 2015. Silkbank’s total asset base grew by an impressive Rs16 billion over the period, which reflects the operational strength of the Bank. Silkbank’s deposits for the period increased by Rs. 13.8 billion, taking the June 30, 2015 total deposit base to Rs. 82.5 billion. This remarkable growth reflects depositor confidence in the Bank. Silkbank continued to improve the CASA share of deposits and successfully brought down its cost of funds. Non-funded income also reflected an impressive growth of 36pc. The Bank took aggressive provisioning to further clean the Balance Sheet.

Post this one-off provisioning, Silkbank posted an after tax loss of Rs. 95.629 million for the period ended June 30, 2015.

In 2014, Silkbank announced the issuance of Right Shares worth Rs. 10 billion and the process will be completed by September, 2015.

Silkbank is backed by strong international sponsors, which include IFC (World Bank Group), Nomura European Investments, Bank Muscat and Sinthos Capital led by Shaukat Tarin.