Daily Archives: June 5, 2018

Board of directors meeting of Mirpurkhas Sugar Mills Limited

Karachi, Mirpurkhas Sugar Mills Limitedinformed Pakistan Stock Exchange that board of directors meeting of the company will be held on June12, 2018 at Karachi to discuss the future business strategy of the Company.

Further, the company has declared the closed period from June05, 2018 to June 12, 2018.

Mirpurkhas Sugar Mills Limited is a Public Limited Company, was established in 1964, its principal activity is manufacturing and selling of sugar. It is located about 300 km from the port city of Karachi, in Mirpurkhas and is listed on the Pakistan Stock Exchange Limited. The Company has a crushing capacity of 7,500 tons per day and is one of the most efficient sugar mills in Pakistan. Moreover, it is involved in development of higher yield sugarcane varieties on its 1,300 acre experimental farms.

The symbol “MIRKS” is being used by the stock exchanges for the shares of Mirpurkhas Sugar Mills Limited.

JCR-VIS assigns rating to Pakistan’s First Basel 3 compliant Tier 1 Sukuk by Meezan Bank Limited

Karachi, June 05, 2018 (PPI-OT): JCR-VIS Credit Rating Company Limited (JCR-VIS) has assigned preliminary rating of ‘AA-’ (Double A Minus) to Meezan Bank Limited’s (MBL) proposed Basel 3 compliant Tier-1 Sukuk. Outlook on the assigned rating is ‘Stable’. Rating will be finalized upon review of signed legal documents.

MBL is in the process of issuing Pakistan’s first privately placed/ OTC Listed, perpetual, unsecured, subordinated, non-cumulative and contingent convertible Shariah compliant Sukuk amounting up to Rs. 7.0b. The issue proceeds will contribute towards the bank’s additional Tier-1 (ADT-1) capital and will be utilized towards enhancement of the bank’s business operations. MBL’s ADT-1 instrument will rank ahead of claims of ordinary shareholders. Ratings also reflect relative risk of the ADT-1 instrument including profit servicing from only earnings for the year, conversion feature in the event of pre-specified trigger events, lock-in clause and point of non-viability in terms of regulatory requirements.

The assigned instrument rating draws comfort from the sound risk profile of MBL. JCR-VIS has assigned entity ratings of AA+/A-1+ (Double A Plus/A-One Plus) to MBL indicating high credit quality and adequate protection factors. The assigned ratings reflect the Bank’s dominant position in the Islamic Banking Industry, increasing market share, healthy customer franchise and strong financial risk profile.

For more information, contact:
CFA
JCR-VIS Credit Rating Company Limited
VIS House, 128/C,
25th Lane off Khayaban-e-Ittehad,
Phase VII, DHA, Karachi
Tel: +92-21-35311861-72
Fax: +92-21-35311873
Email: sobia@jcrvis.com.pk

Telenor Microfinance Bank and Mastercard to boost cashless payments in Pakistan

Karachi, June 05, 2018 (PPI-OT): In a major move aimed at further driving the cashless ecosystem in Pakistan, Mastercard, a leading technology company in the global payments industry, and Easypaisa, the first and largest mobile financial service (MFS) provider in the country, will now enable Masterpass QR payments for Easypaisa Mobile Account users on the Easypaisa smartphone application.

Masterpass QR is the country’s first interoperable QR payment service that allows smartphone consumers to simply scan a QR code at thousands of merchants countrywide and make instant and secure payments. The innovative and cost-effective solution, which first went live in Pakistan in August 2016, makes it easy for customers to pay for purchases for a wide variety of goods and services.

Shahid Mustafa, President and CEO, Telenor Microfinance Bank, said: “Since our inception, we have been working relentlessly to transform Pakistan’s financial landscape. This partnership with Mastercard is significant as it allows us to offer thousands of merchants to our customers to make digital payments. We will continue to partner with leading financial players like Mastercard to pursue our shared digital and financial inclusion goals in the country.”

The Masterpass QR service will now be available to more than 10 million Easypaisa Mobile Account customers who use the Easypaisa Mobile App. Customers without an Easypaisa Mobile Account can simply download the Easypaisa App from the Google Playstore or iOS App store to open an Easypaisa Mobile Account within seconds. To make payments for retail purchases, users will need to simply scan the QR code at the merchant’s checkout counter using their Easypaisa App from their smartphones. They will then be required to enter the payment amount to complete the transaction instantly.

“Mastercard is dedicated to catering to the evolving needs of customers in Pakistan by providing them with innovative and convenient payment solutions,” said Magdy Hassan, General Manager, Egypt and Pakistan. “Our collaboration with Easypaisa stems from our collective aspirations to drive financial inclusion in Pakistan, and will further drive the growing adoption of Masterpass QR in the country. With this launch, we are another step closer to Mastercard’s vision of a cashless and more inclusive Pakistan.”

For more information, contact:
Head Office,
Telenor Microfinance Bank Limited
15-A Block 7-8 Central Commercial Area,
K.C.H.S Union, 75350, Karachi, Pakistan
UAN: +92-21-111-111-004, +92-21-111-826-337
Email: info@telenorbank.pk
Website: www.telenorbank.pk

Extension in Pak-China currency swap deal termed pleasing

Karachi, June 05, 2018 (PPI-OT): The business community on Tuesday welcomed extension in the currency swap agreement between Pakistan and China terming it beneficial for the local economy facing multiple challenges. The rupee-yuan swap amount has been doubled from 10 billion yuan to 20 billion yuan which will reduce the dependence of Pakistan on US dollar at a time when forex reserves and rupee are under pressure, an official of FPCCI said.

The deal was signed five years ago but it didn’t work due to lack of interest of the part of the business community and banks but now the situation has changed, said Malik Sohail, Chairman Coordination FPCCI. He said that now China is our biggest trading partner, bilateral trade is growing, CPEC has become a reality, therefore, doubling the swap size to 351 billion Pakistani rupees is a good move.

Malik Sohail said that Pakistan continues to distance itself from the US and getting closer to China while the bilateral trade could jump to 13 billion dollars in which Pakistan would be importing items worth 11 billion dollars. Now Pakistan would be able to finance imports from China is Yuan which will also help stabilise rupee, he said, adding that further extension in the deal should not be delayed.

He said that Chinese companies working on CPEC and other projects would be able to send back profits in Chinese currency which will benefit Pakistan’s economy. The tensions between US and China and the new moves of American President has forced many countries to reduce dependence on the dollar and conduct international trade in local currencies.

For more information, contact:
Secretary General
Federation of Pakistan Chambers of Commerce and Industry (FPCCI)
B-1, Federation House, Main Clifton Road,
Shahra-e-Firdousi, Karachi-75600, Pakistan
Tel: +92-21-35873691, 93-94
Fax: +92-21-35874332
Email: info@fpcci.com.pk
URL: www.fpcci.com.pk

Extension in Pak-China currency swap deal termed pleasing

Karachi, June 05, 2018 (PPI-OT): The business community on Tuesday welcomed extension in the currency swap agreement between Pakistan and China terming it beneficial for the local economy facing multiple challenges. The rupee-yuan swap amount has been doubled from 10 billion yuan to 20 billion yuan which will reduce the dependence of Pakistan on US dollar at a time when forex reserves and rupee are under pressure, an official of FPCCI said.

The deal was signed five years ago but it didn’t work due to lack of interest of the part of the business community and banks but now the situation has changed, said Malik Sohail, Chairman Coordination FPCCI. He said that now China is our biggest trading partner, bilateral trade is growing, CPEC has become a reality, therefore, doubling the swap size to 351 billion Pakistani rupees is a good move.

Malik Sohail said that Pakistan continues to distance itself from the US and getting closer to China while the bilateral trade could jump to 13 billion dollars in which Pakistan would be importing items worth 11 billion dollars. Now Pakistan would be able to finance imports from China is Yuan which will also help stabilise rupee, he said, adding that further extension in the deal should not be delayed.

He said that Chinese companies working on CPEC and other projects would be able to send back profits in Chinese currency which will benefit Pakistan’s economy. The tensions between US and China and the new moves of American President has forced many countries to reduce dependence on the dollar and conduct international trade in local currencies.

For more information, contact:
Secretary General
Federation of Pakistan Chambers of Commerce and Industry (FPCCI)
B-1, Federation House, Main Clifton Road,
Shahra-e-Firdousi, Karachi-75600, Pakistan
Tel: +92-21-35873691, 93-94
Fax: +92-21-35874332
Email: info@fpcci.com.pk
URL: www.fpcci.com.pk

Pakistan Navy conducts various activities to mark World Environment Day

Karachi, June 05, 2018 (PPI-OT): World Environment Day is observed internationally on 05 June every year under the auspices of United National Environment Programme (UNEP). The purpose of celebrating World Environment Day is to bring worldwide focus on importance of environment and to stimulate attention and actions for improving the environment.

This year, theme selected for the World Environment Day is “Beat Plastic Pollution”, with an aim to come together and explore sustainable alternatives to plastic and urgently reduce the production and excessive use of single-use plastic which are continuously polluting our oceans, damaging marine life and threatening human health.

Pakistan Navy celebrates World Environment Day regularly. This year, PN arranged numerous activities on this Day to highlight the significance of environment in Pakistan and to promote awareness amongst public, concerned agencies and departments especially focusing on the marine environment. These activities include lectures on significance of the day, Essay Writing and Chart Making competitions. Cleaning Campaigns at residential areas would also be held after the month of Ramazan. Such events play a pivotal role in enhancing importance of environment amongst the general populace.

Pakistan Navy always endeavours to secure marine environment for safer and cleaner oceans. Chief of the Naval Staff in his message reaffirmed Pakistan Navy’s commitment to make every effort to protect our environment especially in maritime domain and for sustainable use of oceans while endeavouring to protect its precious resources for our future generations.

For more information, contact:
Directorate of Public Relations,
Pakistan Navy
Naval Headquarters, Islamabad, Pakistan
Tel: +92-51-20062326
Cell: +92-300-8506486
Website: www.paknavy.gov.pk