Telenor group board chair visits Pakistan

ISLAMABAD (PR): Gunn Wærsted, chair of Telenor Group, recently concluded a one-day visit to Telenor Pakistan during which she held high level meetings with top management representatives of Telenor Pakistan and discussed company’s strategic goals. During her visit, Wærsted called on Anusha Rahman, minister of state for Information Technology & Telecom, at her office and discussed the development in Pakistan’s ICT sector and Telenor’s ambitions going forward.

“Telenor has a long term commitment to Pakistan, which is evident from the level of investment that currently stands at US$ 3.5 billion since its inception in 2005,” said Wærsted. “Driven by our vision of empowering societies, our success to date has been built on a simple realization: mobile communication, financial services and internet are not luxury goods for the few; they are for everyone and Telenor Pakistan has played a vital role in the realization of this vision.” Wærsted also emphasized the need for predictable regulatory frameworks and reiterated the importance of governments, businesses and organizations working together to stimulate digital growth and build shared values in Pakistan.

During her visit, Wærsted lauded Telenor Pakistan’s recent win of the prestigious Group-wide ‘Transformation Award’ and appreciated Telenor Pakistan for having emerged as the country’s leading telecom operator as well as the country’s foremost digital lifestyle partner, and shared the Group’s expectations for the future.

“We welcome Wærsted to Pakistan and extend our heartfelt gratitude to her as well as the Group for recognizing Telenor Pakistan’s journey of becoming a digital services provider,” said Irfan Wahab Khan, CEO, Telenor Pakistan. “We believe that her visit is yet another testament to Telenor’s sustainable investments in Pakistan and its contributions to the socioeconomic development of our society. Operating in Pakistan since 2005, we have made significant contributions to Pakistan’s economy and society, touching lives in a number of ways.

Apart from our expansive network footprint covering 84% of the country’s population, we have made a fiscal contribution of over US$2.3 billion through direct and indirect taxes, generated over 180,000 indirect and induced jobs in 2015 alone, contributed to the GDP, launched initiatives to empower youth and women, and made result-oriented efforts toward digital and financial inclusion in the country, as evident from Telenor’s Global Impact Report by KPMG.” Khan added that Telenor Pakistan will continue to serve the Pakistani society with the same level of commitment.

After being elected as chair of the Board of Directors, Wærsted assumed her position on January 14, 2016. Telenor Group today serves more than 214 million customers in 13 markets across Europe and Asia, and is one of the world’s major mobile operators.

PPL receives corporate philanthropy award

ISLAMABAD (PR): The Pakistan Petroleum Limited (PPL) was declared the second largest corporate giver by volume of donations for 2015 at the Corporate Philanthropy Awards hosted by Pakistan Centre for Philanthropy in Islamabad on February 7. The company received the award for the 12th consecutive year in the same category.

President Mamnoon Hussain presented the award to PPL Managing Director and Chief Executive Officer Syed Wamiq Bokhari. The event was attended by leading businessmen, government and civil society representatives as well as donor community.

“As a national company, PPL takes pride in being a responsible corporate entity with a long-term stake in the country’s development. The company believes in sharing the benefits of development with underprivileged communities. Notably, even though PPL has earmarked an annual budget of 1.5 percent pre-tax profit for Corporate Social Responsibility (CSR) activities, actual spending exceeds this with the company spending over Rs 990 million during 2015-16.

“With a viable CSR portfolio, spanning over six decades, the company has been delivering quality healthcare, education, livelihood generation, infrastructure development and disaster relief and rehabilitation to stakeholder communities, especially around operational areas. More recently, PPL has strengthened its CSR efforts to support creditable development organizations working on improving the quality of life for disadvantaged populations living in urban areas.

“PPL continues to maximize long-term impact of its development initiatives through a participatory process of needs identification, consultation with stakeholders followed by close monitoring and inspection to extract lessons learned for further improvement in implementation and delivery.

K-Electric bags SAFA Award

LAHORE (PR): Further endorsing K-Electric’s best practices of disclosure and transparency in its financial reporting, the South Asian Federation of Accountants (SAFA) conferred the ‘Best Presented Annual Report Award’ for the second consecutive year to KE. Muhammad Rizwan Dalia, Director Finance & Company Secretary, K-Electric, received the award on behalf of the organization during the SAFA Awards ceremony held in Dhaka, Bangladesh.

The awards under different categories were conferred based on evaluation administered by SAFA’s Committee for improvement in Transparency, Accountability & Governance, of the published annual report of entries from South Asian countries.

KE secured the Best Presented Annual Report Award 2015 in the Service Sector category excluding financial services and communication & IT sector.

PSO witnesses upsurge in profitability

KARACHI (PR): The Board of Management of the Pakistan State Oil Company Limited (PSOCL) convened to review performance of the company for the first half of the financial year 2016-2017 (1HFY17). The board witnessed a significant upturn in the profitability of the company during the period.

During 1HFY17, PSO improved its market leadership position with an overall market share (liquid fuels) of 56% (1HFY16: 55%). The market share of Black Oil rose to 73.4% from 69.5% Same Period Last Year (SPLY), whereas the market share in White Oil stood at 45.7% vs 46.9% SPLY. An increase of 14% in White oil sales and 26% in Black oil sales over SPLY was witnessed.

The company recorded highest ever sales in Mogas (11% over SPLY), HSD (17% over SPLY), JP-1 (24% over SPLY) and FO (26% over SPLY) during the period under review. LPG business showed a growth of 119%, lubricants sales volume grew by 11%, whereas LNG business grew by 91% over SPLY.

TEVTA to strengthen TVET system

LAHORE (PR): Foreign collaboration is supporting TEVTA to strengthen TVET system across the province of the Punjab because future of our country is entirely connected with it.

World Bank, Asian Development Bank, JICA, GIZ, Turk Organizations and various British companies are cooperating to promote technical education and vocational training (TVET) system, said Chairperson of TEVTA Irfan Qaiser Sheikh while addressing the officers in a meeting here yesterday at TEVTA Secretariat.

Chief Operating Officer Jawad Ahmed Qureshi, TEVTA officers Akhtar Abbas Bharwana, Amir Aziz, Azhar Iqbal Shad, Mustafa Kamal Pasha, Maqsood Ahmad, Aisha Qazi, Rao Rashid, Uzma Nadia, Sarfraz Anwar and other officers were also present on this occasion.

Irfan Qaiser Sheikh said that widespread of TVET system in the province is the top priority of Chief Minister of Punjab Shehbaz Sharif and well considered measures are being taken according to his vision.