OGDC shareholders approve annual accounts

The ninth annual general meeting of the shareholders of Oil and Gas Development Company Limited (OGDCL) on Friday considered and approved the annual accounts for the year ended June 30, 2006.

The meeting, chaired by CEO and Chairman OGDCL Arshad Nasir and held at OGDCL House, Islamabad, was widely attended by shareholders, said a press release issued here.

The shareholders granted approval to final dividend of 37.5 per cent in addition to 52.5 per cent already paid as interim dividend during the year, which makes total dividend for the year 90 per cent.

Cement sector continues expansion

The cement production capacity of Attock Cement has risen to 5,985 tonnes per day after its line-2 started production on Thursday.

The new line will produce 2,520 tonnes of cement a day, according to a notice sent to the Karachi Stock Exchange.

Earlier, the company had enhanced its clinker production capacity to 5,700 tonnes a day in June. This raise in capacity is one of the many expansions planned and executed by the cement industry during the last six months.

Lucky Cement was the first to enhance its production capacity while others followed suit. Lucky is now the largest cement maker in the country.

CallMate auditors row brought SECP in

SECP has raised objection on CallMate’s removal of AF Ferguson & Co as its external auditors. In a letter written against CallMate’s notice of Extra-Ordinary General Meeting (EOGM) for removal of AF Ferguson as auditors and appointment of new auditors, SECP has ordered CallMate to provide explanation of their allegations against the auditors and to furnish revised statement including all deficient material.

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Union Bank approves share swap ratio

The board of directors of Union Bank Limited has approved swap ratio of shares in the wake of amalgamation of the bank with Standard Chartered Bank.

The Union Bank has informed the regulators “the board of directors of Union Bank Limited in their meeting held on September 22, 2006 approved the draft scheme (of amalgamation).”

“In terms of the draft scheme, shares of Union Bank will be swapped in the ratio of 2.5:1 that is 2.5 shares of face value of Rs10 each in Standard Chartered Bank (Pakistan) will be issued for each one share of Union Bank having face value of Rs10.”

Modarabas, Islamic banks coordinated working sought

Newly elected chairman of Modaraba Association of Pakistan, Bashir A Chowdry said on Thursday that State Bank of Pakistan has constituted a joint task force to “promote coordinated functioning of Modarabas and Islamic Banks for which MAP will try to contribute effectively.”

Addressing the Annual General Meeting of Modaraba Association of Pakistan (MAP) the newly elected chairman said modaraba sector has potential and capabilities but needs diversification within admissible modes of business.

He urged for further research and multiple products instead of relying on a single product or service.

Hubco elects 12 directors

The shareholders of the Hub Power Company (Hubco) have elected 12 directors for a period of three years. This was announced in a statement of the company issued here on Wednesday. It said that the election was made at the 15th annual general body meeting held in Islamabad. The statement said that the 12 directors elected by the shareholders commencing from September 20 are: Mohammad A. Alireza, Dr. Fereydoon Abtahi, Robin A. Bramley, Malcolm P. Clampin, Taufique Habib, Vince R. Harris, Arif Ijaz, Qaiser Javed, Ali Munir, S. Nizam A. Shah, M. Ashraf Tumbi and Yutaka Ueda. It was pointed out that the full board comprises 15 directors of which 12 are elected. In addition, there are two nominee directors and the chief executive who is also a director.

Share index recomposed

The Karachi Stock Exchange (KSE) on Wednesday announced recomposition of the KSE 100-share index, to be effective from October 2.

According to a KSE notification, three companies would be excluded from the 100-index in principle including Kohinoor Textile Mills Ltd, Nishat (Chunian) Ltd and Telecard Ltd. Three companies will be included in the index, which are Meezan Bank Ltd, Kohat Cement Company Ltd and Pakistan International Container Terminal Ltd.

SLIC shares to be listed on bourses

The government has planned to list part of its shares in the State Life Insurance Corporation on stock exchanges, instead of its earlier attempts to privatise outright the state entity.

Chairman State Life Insurance Kamal Asfar stated this while unveiling the SLIC’s annual report for 2005.

“The government is in the process of appointing a lead manager to look into the possibilities of divesting part of its shareholding in the SLIC through the stock exchanges,” Kamal Asfar said.

The total assets of the corporation were valued at Rs132,017 million on December 31, 2005 while total liabilities during the year increased to Rs130,982 million from Rs115,556 million in 2004.

SECP lifts ban on short selling from Nov

Securities and Exchange Commission of Pakistan (SECP) on Wednesday decided to lift ban on short selling in futures contract from November 2006 with a condition of making necessary changes in the KAT – the trading software at Karachi Stock Exchange (KSE).

At the same time, SECP has turned down the KSE proposal to allow short selling in October 2006 futures counter that was the long standing demand of local bourse.

Tullow to invest $5bn in oil, gas

Tullow Oil Pakistan (Ltd) on Tuesday expressed interest to invest $5 billion in oil and gas sector in remote areas of Pakistan. In this connection a delegation of Tullow Oil led by Paul Mc Dade called on Federal Minister for Inter-provincial coordination Salim Saifullah Khan. The delegation apprised the minister of plans and projects as well as investment made by Tullow Oil Company in oil and gas exploration in Pakistan. The company has so far invested $200 million and further desires to invest $5 billion in oil and gas sector. It has started production from Chachar Oil Field, Sindh, and is presently working on five blocks in NWFP and intends to work on three blocks in Balochistan. Talking to the delegation the minister said prudent policies of the government had made Pakistan a most conducive country for foreign investment in the entire region.