Daily Archives: September 11, 2018

Imran Khan to make major announcements on Karachi Package: Sindh governor

Karachi, September 11, 2018 (PPI-OT): Sindh governor Imran Ismail has said Prime Minister Imran Khan will visit the city during this week and will make major announcements related to Karachi Package. He said that the government is formulating comprehensive policies for all the sectors, including pharmaceutical. The pharma sector is contributing around $3 billion towards national economy, he said this while inaugurating 15th Health and Pharmaceutical International Exhibition on Tuesday at Karachi Expo organized by E-Commerce Gateway Pakistan.

He said that all the sectors are equally important for the present government. Ismail said that he would cooperate with Chief Minister Syed Murad Ali Shah for the prosperity of Sindh Province and its people. He appreciated the large participation of foreign delegates at the expo and said that it was vision of the prime minister to correct direction and accelerate the national economy. The governor hoped that huge participation of foreigners in such exhibitions the tourism industry of the country would also promote. Imran Ismail said that the Karachi city had faced difficult times in the past and the improvement in law and order situation should be credited to Pak Army and Rangers.

He said that the government will not tolerate any disturbance in future to sabotage peace of the city. The governor said that the federal government is going to announce Karachi Package and in this regard Sindh government has been taken onboard. He said that he recently met Sindh Chief Minister to ease the rift created in the general election. On the occasion of inauguration, Zahid Saeed, former president Korangi Association of Trade and Industry (KATI) welcomed the present government initiatives and urged that the issues pertaining to pharmaceutical industry should be resolved on priority basis.

The 15th Health and Pharmaceutical International Exhibition is attended by over 550 foreign delegates from 25 countries, including China, Singapore, India, USA, Britain, Germany, Switzerland, France, Italy, Turkey etc. About 912 leading brands have been showcased at the three-day exhibition. Dr. Khursheed Nizam, President, E-Commerce Gateway Pakistan said that the vision of Prime Minister Imran Khan had created a positive image of the country.

He said that due to this vision the organizers had received requests even at the last moments. At the exhibition the companies are showcasing their products in the field of health, medicine and research. Around 30 seminars have been scheduled during three – day exhibition where leading scholars will share their expertise in the field.

For more information, contact:
Head Office,
Ecommerce Gateway Pakistan (Pvt.) Limited
8, Kokan Society, Dr. Azhar Hussain Road,
Near Kokan Park, Off: Shaheed-e-Millat Road,
Karachi – 74000, Pakistan
Tel: +92-21-34536321, 38709970
UAN: +92-21-111-222-444
Fax: +92-21-34536330, 34860830
E-mail: info@ecgateway.net
Website: http://www.ecgateway.net

President SITE Association expresses satisfaction over improvement in law and order situation

Karachi, September 11, 2018 (PPI-OT): “Peace and stability are inevitable for economic development, industrialization growth and generating more employment opportunities. The law and order situation is better than before during the last several months as compare to the past whereby crime number has been curtailed in the S.I.T.E. Industrial Area with the joint efforts of Sindh Police, Rangers and SITE Self Security System.”. This was stated by Muhammad Jawed Bilwani, President, S.I.T.E. Association of Industry in his statement to press and electronic media.

President SITE Association has expressed satisfaction over improvement in law and order situation in Karachi’s oldest industrial area SITE whereby the street crimes have reportedly declined and controlled. He appreciated the Addl. IG Police, DIG Police West and SSP West for their cooperation and sincere efforts to control the crime in the area and also supporting the SITE Association’s initiative of Crime Control Monitoring System which has been functioning 24/7 for the last more than five years. Besides 14 motorcycles have been give to police personnel for patrolling the sensitive areas. efforts are underway to increase the number of motorcycles and police force.

Sharing the figures, Jawed Bilwani informed that as per the data during Jan-Aug 2018 snatching / theft of Motorcycle; Mobile phone and Cash reports are 23, 45 and 50 respectively as compared to same period of last year reports were 221, 58 and 55 respectively which shows decrease of street crime reports by 861%, 29% and 10% respectively.

He recalled that in the past the business and industrial community, despite the huge potential of economic growth and development faced many economic hardships because previous governments were failed to provide peaceful atmosphere. Karachi is the financial, industrial and trade hub of Pakistan which contributes 53% of revenue to the national exchequer and 95% revenue for the provincial exchequer, and contributes to 40% of the total country’s exports. Hence, the first priority of the Government should be to improve and maintain law and order situation taking concrete and sustainable measures so that the wheels of industries must not slowdown.

Jawed Bilwani demanded the Government to always accord top priority to the law and order situation in the larger interest of our beloved country and its citizens. He also sought the continuous support of the Sindh Police and Rangers for smooth and effective functioning of SITE Self Security System.

For more information, contact:
Secretary General
S.I.T.E. Association of Industry
H-16, Textile Avenue, SITE, Karachi
Tel: +92-21-32562883, +92-21-32560705
Fax: +92-21-32560704
E-mail: site@site-association.org
Website: www.site-association.org

United Business Group announces to support Patriot Group in KCCI’s Annual Election

Karachi, September 11, 2018 (PPI-OT): S M Muneer, Patron-in-Chief of United Business Group (UBG), Former President of Federation of Pakistan Chamber of Commerce and Industry (FPCCI), Zubair Tufail, Secretary General UBG and Gulzar Firoz Central Spokesman of UBG and Khalid Tawab have announced to fully support Patriot Businessmen Group in the forthcoming Annual Election of Karachi Chamber of Commerce and Industry (KCCI) scheduled to be staged on September 15, 2018. S M Muneer said We fully support AKD, Maqsood Ismail, Yahya Polani and Rahim Janu in Chamber’s Election.

For more information, contact:
United Business Group (UBG)
Room No: 203, Second Floor,
Aiwan-e-Sanat Plot No.ST-4/2, Sector 23,
Korangi Industrial Area, Karachi, Pakistan
Tel: +92-21 35062200
Cell: +92-321-8261426

PTCL Upgrades Its Charji 4G LTE Network

Islamabad, September 11, 2018 (PPI-OT): In order to provide hi-speed and seamless internet experience to its customers, PTCL has recently upgraded its CharJi 4G LTE network in Karachi, Islamabad, Rawalpindi and Peshawar. As part of this process, 3G EVO services in these cities will stop working from 17th September 2018.

PTCL 3G EVO customers can visit any PTCL shop, retail outlet or distributor to exchange their 3G EVO device by giving Rs. 2, 500 and get a new CharJi 4G LTE device.

Along with that, they will get one month of unlimited internet free on their new CharJi 4G LTE device. This offer allows subscribers who upgrade, to browse and stream to their heart’s content for the entire first month.

Customers can call at 1218 for further information.

More Details

PTCL has upgraded the CharJi 4G LTE network considering the ever-growing high speed internet requirements of its customers. The new CharJi 4G LTE device will connect up to 10 devices at the same time.

From the second month onwards, the customers will be able to select from a variety of economical and tax-inclusive monthly packages that cater to a diverse range of needs and lifestyles.

For more information, contact:
Pakistan Telecommunication Company Limited (PTCL)
F-8 Exchange, Nazim-Ud-Din Road F-8/1,
Tel: +92-51-111-20-20-20
Fax: +92-51-111-21-21-21
Email: shahzad.khalil@ptcl.net.pk
Website: www.ptcl.com.pk

Jazz wins Pakistan’s fastest mobile network Speedtest award from Ookla

Islamabad, September 11, 2018 (PPI-OT): The Speedtest award from Ookla goes to Jazz, Pakistan’s leading digital communications company. Ookla, an independent global leader in internet testing analysed tests from a large sample of genuine mobile users in Pakistan, and found Jazz to be significantly ahead of its competitor telecom networks.

Jazz is the country’s fastest mobile network. This is significant because not only is Jazz the largest operator of the country, but also has the largest mobile internet user base of over 20 Million customers. Now, as Pakistan’s fastest data network provider, Jazz consistently looks to offer subscribers the best online experience.

CEO of Jazz, Aamir Ibrahim said about the Speedtest award, “When a global leader such as Ookla, recognizes Jazz’s efforts to ensure that mobile communications technology remains at par with global standards, we consider it a huge win. We have always been committed to enabling users of our data services to upgrade their lifestyle for all things online.”

“With millions of tests taken using Speedtest every day, Ookla has developed a robust and comprehensive view of worldwide internet performance. It is our pleasure to recognize Jazz as the fastest data network in Pakistan based on our rigorous analysis. This award is a testament to the Telco’s exceptional performance, as experienced by their own customers during Q1 and Q2,” said Jamie Steven, Executive Vice President of Ookla.

Pakistan’s fastest network by a huge margin

The analysis by Ookla is based on an analysis of over 700,000 user-initiated tests carried out nationwide. The findings recorded from mobile tests with the Speedtest® app during the first half of 2018 resulted in Jazz achieving a Speed ScoreTM of 17.03, whereas the average score for other competing networks was 9.32.

Jazz’s best-in-class mobile experience

Jazz lives up to subscribers’ demands with an ambition to roll-out the latest services and products, and a fast, reliable data network spanning the length and breadth of the country are reasons why the mobile operator is the network of choice for over 55 million subscribers and has the highest number of mobile internet users at over 20 million customers.

For more information, contact:
Manager – Corporate Communications
42, Kulsum Plaza, Blue Area,
Islamabad, Pakistan
Phone +92-51-2273984, 0301 822 9546
Email: hussain.talib@mobilink.net
UAN +92-51-111300300

JCR- VIS Reaffirms Ratings of Bunny’s Limited

Karachi, September 11, 2018 (PPI-OT): JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed entity ratings assigned to Bunny’s Limited (BL) at ‘A-/A-2’ (Single A Minus/A-Two). The previous rating action was announced on September 29, 2017. Outlook on the assigned rating is ‘Stable’.

The ratings assigned to BL takes into account the company’s moderate business risk profile owing to its presence in fast moving consumer goods market, largely established brand name and stable pricing leading to sustained margins and profitability. The ratings also derive strength from adequate debt service coverage and low leverage indicators. However, the ratings remained constrained on account of slow growth in revenues. The industry is also exposed to competition and volatility in demand patterns of the products.

Demand driven price risk is largely curtailed given BL’s involvement in the sale of consumer products used in day to day consumption of an average household. Moreover, growth in population coupled with increased trend of consumption of bread and bun products have created a sustainable market for the company. Inventory risk is managed by linking procurement orders with precise sale forecasts.

Sales largely remained stagnant during FY17; however, the revenue stood higher during 1HFY18 mainly on the back of enhanced marketing efforts. The proceeds from bread department, including cakes, comprised almost 92% of the total net sales. Going forward, BL expects positive momentum in earnings as a result of increase in production capacity and improved marketing campaigns. The company has made CAPEX to increase the production capacity of bread, bun, rusk and cake rusk during the period under review. The gross margins exhibited an improving trend during the period in view of increase of retail prices of end products.

Liquidity profile derives strength from adequate cash flows in relation to outstanding obligations. Given that more than two-thirds of sales are executed against cash payments, trade debts of the company remained low. Funds from Operations (FFO) remained sufficient on a timeline basis. FFO to total debt (annualized) decreased during 1HY18, though still remained adequate, on account of relatively higher long and short-term borrowings. Debt service coverage has remained sound.

Total equity, though still moderate, expanded on account of internal capital generation; albeit the company follows relatively high dividend payout ratio with more than half paid in cash dividend on average during the last three years. Around two-thirds of the company’s debt comprised long-term borrowings. With higher borrowings, gearing levels increased slightly, though remained low. However, debt leverage ratio was rationalized on account of reduction in trade payables during the period under review.

Recently, the company has completed reverse-merger with Moonlite (PAKISTAN) Limited – a listed dormant entity. The company has retained the name – ‘Bunny’s Limited’ – subsequent to the merger. As a consequence of the merger, the core equity of the company has augmented in line with realization of current revaluation surplus on land. With enhanced equity base and projected decline in overall borrowings, leverage indicators are projected to decline, going forward.

As a part of the overall strategy of moving from a family owned business to a public listed company, some of the BL’s shareholders have sold their shares to institutional investors during the last three years. Going forward, some of the shareholders plan to go for an offer for sale whereby some of the family members or the institutional investors may offer their shares to public to ascertain the fair value, to increase the free float and to ensure liquidity in the stock. The family plans to retain the major shareholding and management control in the business. The recently constituted board of the merged entity comprises two nominee directors from the institutional investors along with one independent and five family members. At present, the board comprises eight directors with four family members and four outsiders.

For more information, contact:
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