China asked to invest in SEZs

Lahore (Staff Reporter): The Small and Medium Enterprises Development Authority (SMEDA) has urged the 24-member Chinese trade delegation to invest in Special Economic Zones to be set up in Pakistan. SMEDA experts, while giving a briefing to the delegation on trade and investment opportunities existing in SME sector of the country, said that Pakistan had a huge potential of foreign investment in the fields of information technology, construction, logistics, textile, engineering, agriculture, livestock, food processing and minerals. Tan Chengce, Vice Chairman Yantai Chamber of Commerce and Industry, was leading the delegation.

The delegation leader Tan Chengce emphasized upon exchange of more trade delegation between Pakistan and China to transform the deep friendly relations into increased bilateral economic cooperation. He said the private and public sectors of both the countries should avail of the facilitation to be offered by the government of Pakistan and China to expand industrial and commercial joint ventures between the two friendly nations.



HBFCL relaunchs small builders

finance scheme

KARACHI (PR): The House Building Finance Company Ltd (HBFCL) has re-launched the small builders finance scheme to facilitate the small contractors/individuals who are in the business of building and selling of houses/flats. Earlier this scheme was launched in 2007 but later on its operations were suspended. On the occasion of launching of this scheme, Managing Director HBFCL Syed Sayef Hussain said that there is a shortage of 7.5 million housing units in the country and this figure is growing all the time.  One effective way to address this shortage is to facilitate the small contractors/individuals who are engaged in the real estate; housing and construction industry.

Highlighting the objectives of HBFCL new investment scheme, Sayef Hussain added that the main objectives of this scheme are to encourage the small contractors/builders who are in the business of building/selling one to six houses at a time, to increase the housing stock in the country, to enhance the product range of Company and to expend the scope of HBFCL business and increase its profitability as well as facilitate the people to earn handsomely through their construction expertise.



TF Genesis signs MoU with China Harbour Engineering

KARACHI (Online): The Sultanah of Pahang, Sultanah Kalsom visited Karachi to sign a Memorandum of Understanding between TF Genesis International (Private) Limited and China Harbour Engineering Company Limited. TF Genesis is a joint venture between Malaysian construction and mining conglomerate TF1 Capital and Pakistan’s Genesis Group, a multifarious business concern specialising in aviation, security & commodity trading. China Harbour Engineering Company (CHEC) is an engineering giant who has undertaken a number of mega projects in Pakistan including Gwadar Port.

Through this MoU, the companies will jointly endeavor to explore the possibility of investing in Pakistan including but not limited to highways, ports and others. According to Her Royal Highness The Sultanah of Pahang, “we have been encouraged by the recent investment climate and the brotherly relationship shared between Malaysia & Pakistan to explore investment opportunities here. Through our Pakistan subsidiary, TF Genesis International, we are looking forward to investing in various sectors.”



EBM participates in consumer rights moot

KARACHI (Staff Reporter): English Biscuit Manufacturers (EBM) has joined the discourse on consumer rights and protection laws at the ‘Putting the Consumer First’ panel discussion. Panel discussion was organised by Helpline Trust at a local hotel to commemorate World Consumer Rights Day. The objective of the event was to realise and promote the rights of consumers, and to demand the implementation of these rights for consumers’ protection from market abuse and social injustices. The theme of this panel discussion covered a wide range of topics related to consumer protection laws, enforcement of standards and the role of consumer protection organisations in monitoring and enforcing these laws.

Speaking on the occasion Yousuf Ali General Manager Sales and Marketing EBM said: “Our consumers’ health and satisfaction are our foremost concern. We enforce strict quality control at every stage of the manufacturing process, and ensure we address and resolve consumer complaints on high priority.

We manufacturers endeavour to create excellent brands and keep our promise to our consumers. It is the responsibility of legislators and regulators to discourage counterfeit and low quality product makers, and provide a level playing field.”




MCB shows exceptional growth

KARACHI (Staff Reporter): MCB Bank Ltd Director Aftab Ahmad Khan has said despite challenging operating environment, MCB delivered exceptional performance and growth in the financial year 2013, while chairing the 66th Annual General Meeting of the shareholders of MCB Bank Limited. The Bank reported profit before tax of Rs 32.288 billion and profit after tax of Rs. 21.495 billion with an increase of 2pc and 4pc over restated profit of 2012, respectively. Net markup income of the Bank was reported at Rs 37.868 billion whereas non-markup income increased to Rs. 11.171 billion.  The increase in non-markup income was primarily contributed by 158pc growth in capital gains and 14pc growth in fee, commission and brokerage income block.

 On the net markup income side, the volatility in monetary policy rate coupled with the increase in minimum deposit rate was managed through asset maturity profiling and continuous improvement in the deposit mix.

As per the Statement of Financial Position, the asset base of the Bank achieved new highs of Rs 815.508 billion growing by 6pc over December 2012.

Earnings per share (EPS) for the year came to Rs. 21.24 as compared to Rs. 20.42 for 2012. MCB maintained the highest Return on Assets in banking industry of 2.72pc during 2013, whereas Return on Equity was reported at 23.09pc.

Acknowledging the investors’ confidence in the institution, the Chairman specified that MCB was the preferred stock on the stock exchanges with highest market capitalisation in the industry.

MCB’s stock price grew from Rs 209.76 at 31st December 2012 to Rs 281.17 at 31st December 2013, representing an increase of 34pc. The Chairman further added that Pakistan Credit Rating Agency (PACRA) through its notification dated February 04, 2013, has upgraded Bank’s long term credit rating from AA+ [double A plus] to AAA [Triple A] and maintained short-term credit rating of A1+ [A one plus].