Sindh govt urged to repair roads before auto show opening

KARACHI (Staff Reporter): Pakistan Association of Auto Parts and Manufacturing (PAAPAM) Chairman Mashood Ali Khan has appealed to the Sindh government to take immediate action to repair the two roads leading to Karachi Expo Centre. In an attempt to draw the attention of the authorities, the PAAPAM chairman has appealed to the Sindh governor, chief minister, Karachi mayor, and the provincial government to take notice of the two main roads leading to Expo Centre on Shahrah-e-Faisal and University Road, which are in shambles and undergoing a long overhauling process.  The three-day auto show under the brand name of PAPS 2017 will host more than 130 foreign participants from China, Korea, Germany, Turkey, Holland and other European countries. For these international delegations, the terrible road conditions would present a poor picture of an otherwise booming economy.


Ansteel Group’s representatives call on PC secretary


ISLAMABAD (Staff Reporter): The representatives of M/s Ansteel Group on Thursday met the Privatisation Commission (PC) Secretary Sardar Ahmad Nawaz Sukhera to discuss the updates on the privatisation of Pakistan Steel Mills Corporation (PSMC). M/s Ansteel expressed eagerness to participate in the bidding process and requested to keep them updated on further developments regarding the transaction. The PC secretary assured that the government of Pakistan was very keen on processing the transaction at the earliest in order to make the mill functional, reduce fiscal burden on the exchequer and ensure employee welfare. M/s Ansteel reassured its interest and commitment to revive the Pakistan Steel Mill and contribute towards economic development of the country.

Meezan Bank announces financial results

LAHORE (Staff Reporter): The Board of Directors of Meezan Bank has approved the audited unconsolidated financial statements of the bank and its audited consolidated financial statements for the year ended on December 31, 2016. The financial results were declared in the meeting presided by Board Chairman Riyadh SAA Edrees and Board Vice Chairman Faisal AAA Al-Nassar also attended the meeting. Meezan Bank has continued its growth momentum and recorded good results for the year 2016. Its profit after tax increased to Rs5,562 million as compared to Rs 5,023 million last year, a growth of 11 percent even in the backdrop of lower interest rates and despite intense competition in the banking industry. The bank recorded Earnings per Share (EPS) of Rs5.55. The Board recommended the final cash dividend of Rs1.25 per share (12.5%) for the year 2016. This declaration, together with the earlier interim cash dividend of 17.5 percent paid in the third quarter of 2016, brings the total payout for the year to Rs3 per share (30%).

The Bank has maintained its unbroken payout record since the date of listing on the Stock Exchange.

ICCI urges govt to address realtors’ issues

ISLAMABAD (INP): Islamabad Chamber of Commerce and Industry (ICCI) President Khalid Iqbal Malik on Thursday said that real estate sector was playing an important role in the economic development of the country, but was facing problems due to imposition of new taxes. He called upon the government to look into the issues of realtors to facilitate the growth of this important sector. He was addressing a delegation of Islamabad Estate Agents Association (IEAA) that visited ICCI led by its President Rana Muhammad Arshad. Group Chairman Abid Khan, Senior Vice President Fakharuz Zaman, Vice President Uzair Baloch, General Secretary Zulqarnain Abbasi and executive committee members of IEAA were also in the delegation. Malik said that business of thousands of people was associated with real estate sector but steps like imposition of new taxes and new method of property valuation have put this sector into slump.

He said due to this situation, many investors were leaving real estate sector and cautioned that if government did not address its issues on urgent basis, unemployment would further grow in the country.