Monthly Archives: August 2018

Board of Directors meeting of Hi-Tech Lubricants Limited

Karachi, Hi-Tech Lubricants Limited informed Pakistan Stock Exchange that Board of Directors meeting of the Company will be held on September 08, 2018 at Lahore. The agenda of the meeting will to consider the Annual Accounts for the period ended June 30, 2018.

Further, the company has declared the closed period from September 01, 2018 to September 08, 2018.

“Hi-Tec Lubricants is ISO 9001:2008 Certified Company. Hi-Tec Lubricants is a part of the MAS group of companies and has been marketing lubricants in Pakistan for the last 20 years. They have been hitherto focusing marketing efforts mainly in the retail markets and our performance in industrial sector has been satisfactory and their products are available in more than seventy-two stations in Pakistan through their network of distributors.

The lubricants they are marketing in Pakistan are manufactured by the world renowned M/s SK Corporation, South Korea. SK has the single largest Petrochemical Chemical Complex in the world, having the state art upstream and downstream manufacturing facilities. SK facilities and its products have the required ISO approval i.e. ISO 9002 and the coveted Environment Management System ISO 14001.

In the Lubricant Sector, SK enjoys a enviable position as it is the single largest producer for VHVI Base Oil. This base is used for SK producing Lubricants and is also exported to leading multinational lubricant blenders.

The symbol “HTL” is being used by the stock exchanges for the shares of Hi-Tech Lubricant Limited.”

Board of Directors meeting of Habib Asset Management Limited

Karachi, Habib Asset Management Limited informed Pakistan Stock Exchange that Board of Directors meeting of the Company will be held on September 07, 2018 at Karachi to consider and approve Financial Statements of Funds for the year ended June 30, 2018.

Habib Asset Management Limited, an associated company of Bank AL Habib Limited was incorporated on September 30, 2005 as a Public Limited Company. The main objective of the company is to float open-end mutual funds for different class of investors. Habib Asset Management is presently managing First Habib Income Fund (FHIF), First Habib Stock Fund (FHSF), First Habib Cash Fund (FHCF) and First Habib Islamic Balanced Fund (FHIBF).

Board of directors meeting of Shifa International Hospitals Limited

Karachi, Shifa International Hospitals Limited informed Pakistan Stock Exchange that board of directors meeting of the company will be held on September 08, 2018 at Islamabad. The agenda of the meeting will to consider the Annual Accounts for the period ended June 30, 2018.

Further, the company has declared the closed period from August 31, 2018 to September 08, 2018.

Shifa International Hospitals Limited is incorporated in Pakistan on September 29, 1987 as a private limited company and converted into a public limited company on October 12, 1989. The principal activity of the Company is to establish and run medical centres and hospitals in Pakistan. The Company has established its first hospital in 1993 in Islamabad, second hospital in 2011 in Faisalabad and another in 2014 in G-10/4, Islamabad. Besides this, the Company is running medical centres, pharmacies and lab collection points in different cities of Pakistan. The shares of the company are quoted on Karachi, Islamabad and Lahore Stock Exchanges of Pakistan. The registered office of the company is situated at Islamabad.

The symbol “SHFA” is being used by the stock exchange for the shares of Shifa International Hospitals Limited.

UberPITCH broadens road to opportunity for startups

Karachi, August 31, 2018 (PPI-OT): Uber, the global smartphone app that seamlessly connects riders to drivers, has announced launch of UberPITCH 2018, a nationwide competition to select a startup with the most compelling idea. This announcement was made at an event attended by Uber’s management, thought leaders from various industries and entrepreneurs.

Powered by Ignite and in collaboration with the National Incubation Centres (NIC), UberPITCH will see selected startups guided by experienced trainers, as they have their ideas judged by investors and mentors during the course of the competition.

“UberPITCH is our way of supporting young startups in the countries we operate in,” said Anthony le Roux, Regional General Manager of Middle East and Africa at Uber. “A thriving startup environment is representation of a youth ready to take the reigns of tomorrow. Uber, a startup itself, wants to share its global expertise and resources with young entrepreneurs around the world, so they too can make a positive difference.”

As per the white paper on Digital Entrepreneurial Ecosystem in Pakistan, if development proceeds at its current pace, the digital entrepreneurial ecosystem is likely to become self-sustainable by 2025. Several factors will support this baseline scenario: a global trend toward digital entrepreneurship, demand for digital technologies to improve basic services such as healthcare in remote areas, availability of low-cost smartphones, and a support network for entrepreneurs in the biggest cities.

Countries typically take five to 10 years to build a self-sustaining entrepreneurial ecosystem from scratch. Having taken its first steps in this direction in 2012, Pakistan could create a sustainable ecosystem by 2020 if it continues to put the necessary elements in place. Speaking at the launch event, Safee Shah, GM Uber Pakistan said “Pakistan has a bright future ahead if the startup ecosystem continues to thrive and Uber wants to play a leading role in that domain with programs like UberPITCH.”

Registrations for this year’s UberPITCH opened on August 17, 2018. Participants willing to take part need to complete an online application form before September 8, 2018. Uber will then announce the top 20 startups from Karachi, Lahore, Islamabad, Peshawar and Quetta, each, that will go on to the first round, called the PITCH camp. During this phase, mentors from both NICs and Uber will help the selected startups practise their business pitch.

Once the startups graduate from the PITCH camp, they will be given the opportunity to present their startup idea to a panel of judges during the qualifier round. In the last round, successful startups from the qualifier round will get a chance to pitch their ideas to some of the biggest investors in the industry during an Uber trip. The winning startup stands a chance to showcase their business idea at ArabNet Digital Summit in Dubai, free of cost work space at one of the NICs for two months, mentorship hours with Uber team and Uber credits.

For more information, contact:
Uber Pakistan

Lahore Chamber of Commerce and Industry chief for economic diplomacy

Lahore, August 31, 2018 (PPI-OT): The Lahore Chamber of Commerce and Industry has underlined the need for “Economic Diplomacy” to cement Pakistan’s trade and economic ties with the outer world. The LCCI President Malik Tahir Javaid said that Pakistan cannot remain in isolation in the present economic arena where all countries are working hard to contribute heavily and to get maximum share in the international trade. He said that China, United States, Germany, Japan, South Korea, France, Italy, Hong Kong, UK and Canada are the top ten exporters while Pakistan is far behind despite having one of the best geographical locations, ideal coastline, ports and all kinds of resources.

He said that Economic Diplomacy should be a high priority for the government. He said that Economic Diplomacy is defined as the decision-making, policy making and advocating of a state’s business interests. He said that agenda of economic diplomacy should be very comprehensive and includes, amongst other issues pertaining to foreign trade and import-export relations, promoting of national economic interests in other country, informing and updating potential foreign investors on investment opportunities, negotiating economic and trade agreements on economic and trade cooperation. As well as co-operating with a view to eliminating problematic divergences and harmonizing standards in various (economic, social, environmental, educational etc.) sectors.

Malik Tahir Javaid said that Bilateral Economic Diplomacy plays a major role in economic relations between the countries. It includes bilateral agreements on trade, investment, employment, taxation, as well as a wide range of formal and informal economic issues between two countries. He further stated that bilateral Free Trade Agreements have been the order of the day and are being implemented by many countries around the world therefore Pakistan needs to do same. He said economic diplomacy also works at regional cooperation level. The removal of barriers and opening of markets become easier within a regional framework.

The LCCI Chief said that the role of Pakistan’s embassies abroad is essential. Their mission should be to negotiate between governments. He said that Pakistani embassies should also play a much more active role in promoting investment, exports and general businesses. He also urged the private sector to establish close contacts in Central Asian States, Africa and South America to enhance exports while government should support export-oriented industries. He said that at a time when regional countries are taking big strides towards economic prosperity and gaining the status of global economic players, decline in the exports of Pakistan is a matter of concern and needed to be resolved within the shortest possible time.

The LCCI President said that dependence on limited products and a few countries for exports is one of the major reasons of sluggish and discouraging exports. He said that Pakistan’s main export partners are United States, China, United Arab Emirates and Saudi Arabia. He said that our reliance for exports on a few countries is unremarkably high which has forced our exports to remain limited.

He said that Argentina, Brazil, Peru, Venezuela and Chile do not require introduction in Pakistan if discussed under the subjects of trade, geography, culture and ethnicity etc. But in economic scenario, they carry a very inadequate eminence among us. He said that a very few Pakistanis know that the unblemished and strong economies of South America yearn for the attention of Pakistani investors to do business we cannot avail this unique opportunity.

The LCCI Senior Vice President Khawaja Khawar Rashid and Vice President Zeeshan Khalil said that government and private sector should recognize the importance of these regions and should gear up efforts to strengthen trade and economic ties with these countries. They said that bilateral discussions should be held between the diplomats and private sectors of these countries.

They said that the trade relations with South America although already have been initiated but these must have to touch the core of available opportunities, which are still overlooked or minimally exercised. They said that Pakistan have to focus other than the traditional partners to gain more economic benefits and to give boost to the national exports. They said that the upcoming global economic shift would be more advantageous for us if Pakistan extends its economic associations towards South America that is not a traditional trade destination for Pakistan merchandise.

For more information, contact:
Information Department
Lahore Chamber of Commerce and Industry (LCCI)
Lahore -54000, Pakistan
Tel: +92-42-111-222-499
Fax: +92-42-36368854

PEACE Cable initiating landing cooperation with Pakistan and Djibouti

Lahore, August 31, 2018 (PPI-OT): PEACE Cable International Network Co., Ltd. (PEACE) signed a Memorandum of Understanding (MOU) and landing party agreement with Pakistan carrier Cybernet and Djibouti Telecom during the 4th Asia-Pacific Submarine Networks Forum. Remaining landing party agreements will also be signed within the next two weeks, representing a key milestone in the delivery plan which includes the permit application work in each country.

(PEACE Cable Pakistan Landing MoU with Cybernet)

Geographically the PEACE cable will connect the three most populated continents in the world: Asia, Africa and Europe with backbone connectivity in Pakistan, Djibouti, Egypt, Kenya and France providing critical interconnection to Asia, Europe, and Africa economic corridors.

Based on the shared vision of trust, cooperation, and win-win, several parties are committed to building an “Open System” concept to an efficient way for improved latency, high-capacity, and carrier neutral bandwidth services for regional customers.

Sun Xiaohua, COO of PEACE, said: “After nearly two months of consultation, the cooperation and negotiation between the PEACE and landing partners has been completed. Thanks to all the partners for their support and I hope that PEACE will bring added economic value to the region in the near future.”

Danish A. Lakhani CEO of Cybernet, said: “We are excited about working on the PEACE project and the numerous benefits that the PEACE Cable will bring to Pakistan and its digital economy. In addition to providing much needed redundancy to Pakistan’s internet infrastructure and reducing latency to Western destinations, this ultra-high capacity cable will usher in a new era of affordable Gigabit services in the country. Furthermore, as a carrier neutral cable system, it will enable other telecom carriers, ISPs, CDN and content providers to extend its benefits across the spectrum of Pakistani society.”

Mohamed Assoweh Bouh, General Director of Djibouti Telecom said: “Djibouti Telecom’s objective is to strengthen its regional Hub position, the crossroad of three continents, Asia, Africa and Europe. PEACE and DARE shall collaborate to achieve the digital and economic transformation of Republic of Djibouti.”

For more information, contact:
Sarwar Shaheed Road, Saddar, Karachi, Pakistan
Tel: +92-21-111-56-56-56