BoP declares 32.5pc dividend

Posted on 03.01.07 by StockPK Team @ 2:00 pm    

The board of directors of Bank of Punjab in a meeting on Wednesday announced stock dividend of 32.50 per cent for its shareholders for the year 2006 as the bank earned a pre-tax profit of Rs4.8 billion.

In the meeting, audited accounts were presented to the board, which approved it. The accounts revealed that the bank earned 51 per cent higher profit in 2006 compared to 2005.

It recorded after-tax profit of Rs3.8 billion, which was 62 per cent higher than 2005. Similarly, earning per share was Rs13.14 against Rs8.13 recorded a year earlier.

KSE body formed to resolve issues with SECP

Posted on 03.01.07 by StockPK Team @ 12:36 pm    

Karachi Stock Exchange members have constituted a committee comprising the members of KSE Board of Directors and some senior brokers at a meeting held here on Wednesday to take up anomalies and pending issues with SECP.

The committee would look into anomalies in the scheduled implementation of revised Client Level Netting (CLN) on March 05 and to resolve other pending issues with SECP like urging KSE members to provide their clients’ transaction data for a period of January-July 2006 by March 09, which the have denied to do so.

KSE seeks brokerage houses data

Posted on 02.28.07 by StockPK Team @ 12:15 pm    

The Karachi Stock Exchange (KSE) has urged its members to submit trading data of their brokerage houses for the period January to July 2006, by March 9, said a notification issued here on Tuesday.

The KSE made the announcement on the directives of the SECP. The KSE also asked its members to provide details of their clients along with trading data.

In response, the KSE members rejected the notification, saying the KSE held all the day-to-day data that it demanded from them.

SECP for re-evaluating modaraba model

Posted on 02.27.07 by StockPK Team @ 4:00 pm    

Salman A. Shaikh, Commissioner, Securities and Exchange Commission of Pakistan, said on Monday, “the basic modaraba model should be re-evaluated and newer model with enhanced shareholders’ rights, eviction of bad management, a clear separation of ownership and control should be considered.”

Addressing top management of modarabas at the launch of 9th-year book of Modaraba Association of Pakistan at a local hotel, he said changes should be expected for bringing the modaraba sector further in line with Sharia rulings and the international best practices to ensure investor protection and to offer quality investment opportunities.

Habib Bank IPO, GDR approved

Posted on 02.27.07 by StockPK Team @ 12:30 pm    

Habib Bank president Zakir Mahmood said on Monday the government of Pakistan has given green light for the issuance of IPO and GDR of the bank, authorizing the Privatization Commission to set a deadline and work out details.

Addressing a press conference on the launch of new corporate identity of the bank, he said the bank had already applied to different regulatory authorities of foreign countries to allow it to start business.

He said HBL has plans to extend its presence in key international markets, which include the United Kingdom, UAE, South and Central Asia, Africa and the Far East.

NBP announces 40pc dividend

Posted on 02.27.07 by StockPK Team @ 10:57 am    

The National Bank of Pakistan (NBP) on Monday announced a cash dividend of 40 per cent (Rs4 per share) and 15 per cent bonus shares after posting a record pre-tax profit of Rs26.3 billion during 2006.

According to an announcement, the board of directors of NBP which approved the annual accounts for the year ending December 31, 2006 also approved the cash payment of Rs4 on each share. The net profit surged by 38 per cent rising from Rs12.7 billion in 2005 to Rs17 billion in 2006. The Earning Per Share jumped by 34 per cent to Rs24.01 in the period under review.

Foreign institutions hide clients identity

Posted on 02.24.07 by StockPK Team @ 10:34 am    

Zafar Moti Chief Executive Officer of Zafar Moti Capital Securities in an interview with The News said that foreign institutions have refused to provide Universal Identification Numbers (UINs) of their clients which is a huge discrimination between Pakistani clients and foreign clients.

This attitude should be changed and same treatment should be given to all, Zafar said.

He said it is obligatory for us to provide the complete information of our clients it should be compulsory for the foreign institutions to provide the details of their clients. Zafar minced no words in saying that authorities always are interested in facilitating the foreign investors interests but local investors interests are not catered to.

Results of PSO, PTCL, CTTL announced

Posted on 02.23.07 by StockPK Team @ 12:00 pm    

Despite comparatively lower net income the Pakistan State Oil (PSO) registered at the completion of first half of the current fiscal year ended on December 31, 2006, Board of Management of PSO managed to announce first interim cash dividend at Rs6 per share, on Thursday, translating into a cash payout of Rs1.029 billion to its shareholders.

JS Abamco Dividend Announced

Posted on 02.23.07 by StockPK Team @ 11:42 am    

JS Abamco (formerly Abamco Limited) has announced total cash dividend of Rs888.806 million for its three closed-end and one open-end mutual funds. Accordingly, the Board of Directors of the Company approved cash dividend at Re1 per unit for UTP - Large Cap Fund; Rs1.275 per unit for UTP - Growth Fund; Rs7.5 per unit for UTP - A30+ and Re1 per unit for BSJS Balanced Fund. JS Abamco Ltd enjoys an asset manager rating of ‘AM2+’, which is the highest rating ever received by any asset manager in Pakistan and reflects its leadership and strength in the asset management sector. Moreover, PACRA has assigned 5-star ratings for superior performance to all eligible open-end funds.

UBLFM managing funds worth Rs10bn

Posted on 02.22.07 by StockPK Team @ 12:38 pm    

The Board of Directors of UBL Fund Managers (UBLFM), a wholly-owned subsidiary of United Bank, announced on Tuesday that it was managing overall funds of Rs10 billion with over 5,000 unit-holders to date.

The board, after holding a meeting, announced the financial results for the six months ended December 31, 2006, of various funds under its portfolio.

Accordingly, United Growth & Income Fund (UGIF) in the fixed income category recorded a yield of over 12 per cent from July to December 2006. UGIF saw an increase in unit holders by 98 per cent, with a total fund size of over Rs3.3 billion. The net income per unit increased to Rs6.14 as compared to Rs4.29 for the same period last year.