Daily Archives: August 24, 2018

JCR-VIS assigns final rating to the Sukuk issue of Agha Steel Industries Limited

Karachi, August 24, 2018 (PPI-OT): Upon review of signed legal documents, JCR-VIS Credit Rating Company Ltd. (JCR-VIS) has finalized rating of ‘A+’ (Single A Plus) to the Sukuk issue of Rs. 5 billion (inclusive of a Green Shoe Option of Rs. 1 billion) of Agha Steel Industries Limited (ASIL). Outlook on the assigned rating is ‘Stable’. JCR-VIS has assigned an entity rating of A/A-1 to ASIL.

The assigned ratings incorporate ASIL’s position as a top-tier player in the long steel sector enjoying strong brand name and recognition, healthy financial risk profile and strong debt servicing mechanism for the Sukuk. Ratings also reflect high business risk profile of the sector as evident from expected increase in competition post capacity expansion by established existing and new players (Aggregate capacity of established players increasing by around 3(x)), significant reliance of the sector on duty protection, cyclical nature of the industry and significant rupee depreciation resulting in higher working capital requirements. However, these factors are partially mitigated by healthy demand outlook due to ongoing construction activities and demand from large infrastructure projects.

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

Election Commissioner of PCB held meetings with PCB officials

Lahore, August 24, 2018 (PPI-OT): PCB’s Election Commissioner Justice (R) Afzal Haider has held meetings with PCB officials today at Gaddafi Stadium, Lahore. The Election Commissioner will work to hold free and fair election of Chairman PCB. Once the election commissioner receives nominations from the Prime Minister, and after the formation of Board of Governors (BoGs), the chief election commissioner with deputy election commissioner Ahmed Shahzad Farooq Rana will announce the schedule of election of Chairman PCB next week.

For more information, contact:
Media Manager
Pakistan Cricket Board (PCB)
Gaddafi Stadium, Lahore 54600, Pakistan
Tel: +9242 571 7231 -4
Fax: +9242 571 1860
Website: www.pcb.com.pk

Posting/Transfers of Lt. Generals

Rawalpindi, August 24, 2018 (PPI-OT): Posting/Transfers of Lt Gens

1. Lt Gen Shahid Baig Mirza – IG C and IT.

2. Lt Gen Nadeem Raza – CGS.

3. Lt Gen Humayun Aziz – Comd Karachi Corps.

4. Lt Gen Muhammad Naeem Ashraf – Comd Multan Corps.

5. Lt Gen Bilal Akbar – Comd Rwp Corps.

6. Lt Gen Abdullah Dogar – Chairman HIT.

For more information, contact:
Inter Services Public Relations (ISPR)
Hilal Road, Rawalpindi, Pakistan
Tel: +92-51-9271605
Fax: +92-51-9271601
Email: ispr@ispr.gov.pk
Website: www.ispr.gov.pk

US Secretary of State Mike Pompeo telephones Prime Minister Imran Khan

Islamabad, August 24, 2018 (PPI-OT): US Secretary of State Mike Pompeo phoned Prime Minister Imran Khan no Thursday. US Secretary of State Pompeo congratulated the Prime Minister on a successful election campaign and forming government. He wished Prime Minister well for implementation of his commitment for the welfare of the people of Pakistan.

Prime Minister Imran Khan emphasized the importance of strengthening bilateral relations on the basis of mutual trust and mutual benefit. Prime Minister underscored the importance of peace and stability in the region. With reference to Afghanistan both agreed that peace were a priority for their two countries.

For more information, contact:
Principal Information Officer,
Press Information Department (PID)
Tel: +92-51-9252323, +92-51-9252324
Fax: +92-51-9252325, +92-51-9252326
Email: piopid@gmail.com
Website: www.pid.gov.pk

IOK people urged to observe strike on August 30, 31

Srinagar, August 24, 2018 (PPI-OT): In occupied Kashmir, the Joint Resistance Leadership (JRL) comprising Syed Ali Gilani, Mirwaiz Umar Farooq and Muhammad Yasin Malik has appealed to the people to observe complete shutdown in the territory on August 30 and 31.

The shutdown is aimed at expressing resentment against the BJP government’s attempts to repeal the Article 35-A of the Indian Constitution which guarantees special rights and privileges to the permanent residents of Jammu and Kashmir. The petitions seeking repeal of the Article 35-A which were listed for hearing in the Indian Supreme Court on August 27 will now be heard on August 31.

“As the Supreme Court of India is now hearing the case challenging the state subject law of J and K on 31st August as such the protest strike by JRL against this nefarious move will now be observed on 30th and 31st August. However protests by different segments of society will continue,” the resistance leaders said in a statement issued in Srinagar. They said that the Kashmiris would resist any tinkering with the Article 35-A tooth and nail.

The leaders paid rich tributes to one youth martyred by the Indian troops in Kokernag area of Islamabad district, today. They also condemned the atrocities of the Indian forces’ personnel during cordon and search operations in Kulgam, Shopian, Tral and other areas of the occupied territory. It is to mention here that during August 6 hearing, the Supreme Court had adjourned the matter till the last week of August.

For more information, contact:
Kashmir Media Service
Phone: +92-51-4435548, +92-51-4435549
Fax: +92-51-4861736
Email: info@kmsnews.org
Website: www.kmsnews.org

Kashmiris to continue struggle till success: Samad Inqilabi

Srinagar, August 24, 2018 (PPI-OT): In occupied Kashmir, the Chairman of Islami Tanzeem-e-Azadi Jammu and Kashmir, Abdul Samad Inqilabi, has said that the people of Kashmir will continue their ongoing freedom struggle till they achieved freedom from the Indian bondage.

Abdul Samad Inqilabi addressing a public gathering at the Jamia Masjid in Ajas area of Bandipore, today, apprised the people of the consequences of the repeal of Article 35-A of the Indian Constitution that protects the special privileges and rights of the people of Jammu and Kashmir.

He said that the first Indian Prime Minister, Jawaharlal Nehru, had promised of settling the Kashmir dispute in accordance with the Kashmiris’ aspirations several decades ago but his commitments were yet to be fulfilled. Abdul Samad Inqilabi led a peaceful protest rally from the Jamia Majid to the Martyrs’ Graveyard Ajas. Funeral prayers in absentia were also offered for the recently martyred Kashmiri youth.

For more information, contact:
Kashmir Media Service
Phone: +92-51-4435548, +92-51-4435549
Fax: +92-51-4861736
Email: info@kmsnews.org
Website: www.kmsnews.org