SECP amends single member companies rules

ISLAMABAD (INP): The Securities and Exchange Commission of Pakistan (SECP), to facilitate the corporate sector, amended the Single Member Companies (SMC) Rules, 2003. SMC Rules were earlier introduced in Pakistan in 2002. The detailed-framework for registration of SMCs was provided vide Single Member Companies Rules, 2003. In the recent amendments, the requirements of nominee and alternate nominee directors as well as particulars and documents of the legal heirs of the Single Member have been deleted from the SMC Rules, thus this information are no more required in forming SMC. Furthermore, a provision for incorporation of SMC by corporate legal person has been inserted. 

In case of death of single member, the role of secretary has been strengthened. The notification for amendments in the SMC Rules has already been published in Official Gazette and placed at the SECP web site.

The amended Rules have provided a hassle free regulatory mechanism and entrepreneurs have started taking benefit of these amendments and a number of companies are being registered. It is envisaged that the amendments shall help in flourishing further growth of SMCs.

Domestic cement sale up by

2.6pc in September

LAHORE (Staff Reporter): During the first quarter of current fiscal year, cement industry posted a healthy growth of 11.12pc in local sales compared with sales during first quarter of last fiscal year. Cement dispatches to domestic markets during the month of Sept 2015 were 2.48m tons compared with 2.42m tons during same month last year, showing an increase of 2.6%. Total dispatches during Sept, 15 were 2.95m tons compared to 3.15m tons during same month last year showing reduction of 6.34pc. The mills located in South suffered more than those operating in northern part of the country. In south, domestic cement dispatches declined from 431,133 tons in Sept, 2014 to 399,581 tons in Sept, 2015.

Domestic consumption in north however increased from 1.990 million tons in September, 2014 to 2.084 million tons in September, 2015.

Chinese investors keen on joint venture with Pak counterparts

Lahore (Staff Reporter): Chinese investors have showed keen interest to enter into joint ventures with their Pakistani counterparts in the fields of solar & coal power generation projects. A 2-member Chinese delegation comprising CEO Asia Pacific Sun Huoi and Miss Fang Wong from MenShine Fang Wong Monday called on the LCCI President Sheikh Muhammad Arshad. They said that both China and Pakistan are resourceful countries but the level of bilateral economic relations do match with the warmth of their ties therefore the private sectors in the two countries need to come forward to further strengthen these relations.

To a question, the Chinese delegation members said that they are also planning to step in into joint ventures with the businessmen of United States of Arab Emirate (UAE).

Speaking on the occasion, LCCI President Sheikh Muhammad Arshad said that China is a time-tested friend and a very important partner in Pakistan Economic Development and bilateral trade.

Pak embassy’s drive to highlight investment opportunities in Japan

ISLAMABAD (APP): Pakistani embassy in Tokyo has launched a drive to create awareness amongst Japanese investors about existing opportunities in trade and tourism industry of the country, located at the crossroads of West, Central and South Asia. As part of the mission’s move to introduce Pakistan ‘A Land with Opportunities Unlimited’, Shehzad Ahmad Khan, Commercial Counsellor gave a presentation at Tabi Summit-II, Tokyo Japan, said a message received here Monday. He briefed the audience on the trade, investment and tourism opportunities offered by Pakistan. Speaking on the subject, he explained Pakistan-Japan relations in the historical perspective and reasons to choose Pakistan as a trade and investment partner.

He highlighted Pakistan’s importance with reference to its strategic location at the crossroads of West, Central and South Asia, the developed industrial clusters, investment friendly environment and tourist attractions.

The presentation was followed by a lively Question-Answer session, which continued over informal networking Hi-Tea. Earlier Ms. TamaoIwamaru, President, M/s Key Noters Inc. Japan (organizer of the Tabi Summit) welcomed the Counsellor and shared the objective of Tabi Summit as a platform to introduce respective countries in Japan. The representatives from Azerbaijan, Tanzania and Lithuania also introduced their countries at the summit.

Bank of Punjab provides soft loans to farmers in Chakwal

CHAKWAL (Staff Reporter): Bank of Punjab will provide soft loans to small farmers and poultry farmers and more than Rs 30m have been allocated in this regard. This was stated by district complex branch manager Waseem Iqbal Awan on Monday. Senior relation manager Akhtar Hussain was also present on this occasion. Waseem Iqbal told that the owner of control shed would get loan of rupees 6 to 7 million for the running business. While, the farmers of Chakwal and Talagang have already been provided Rs 10.7 million on very easy terms and conditions. He further told that two latest ATM machines have been installed to facilitate the account holders and 24 hours service on ATM is available for the account holders.

Senior relation manager Akhtar Hussain asked the controlled shed owners who are interested to get soft loan to contact the branch.