Terrorist Attack Threat on Stock Exchanges

Intelligence agencies have been informed of a potential terrorism strike on the country’s stock exchanges by the end of November, intelligence sources told Daily Times on Monday.

Sources said that terrorists would try to sabotage Pakistan’s economy by attacking the stock exchanges and that the intelligence agencies had forwarded the information to the relevant quarters for action.

Punjab Police IG Ziaul Hasan Khan and Sindh Police IG Jehangir Mirza were not available for comment despite repeated attempts by Daily Times. However, sources in the Punjab Police Special Branch told Daily Times that security agencies were alert to possible terrorism, especially in the aftermath of the airstrike on a madrassa in Bajaur Agency suspected of being a training camp for militants.

Unified trading at LSE, ISE from Dec

The Lahore Stock Exchange (LSE) has planned mock trading of Unified Trading System (UTS) by the end of current month.

“The UTS would be a common platform for trading in commonly-listed securities on a real-time basis through execution of orders entered by members of Lahore and Islamabad Stock Exchanges,” said Hamid M Imtiazi, Managing Director, LSE, while speaking at a press conference here on Tuesday.

He informed that computerisation work has already been completed at the LSE in this regard while integration of UTS with ISE was being made.

OGDCL declares Rs1.75 dividend

The Oil and Gas Development Company Ltd (OGDCL) has announced a quarterly profit after tax of Rs12.328 billion and dividend per share of Rs1.75.

A meeting of the Board of Directors of OGDCL was held under the chairmanship of Arshad Nasar, Chief Executive of the company, the other day at Islamabad to consider the quarterly accounts of the company for the period ended September 30, 2006.

According to a press release issued here on Monday, during the first quarter of 2006-07, the company earned profit after taxation of Rs12.328 billion as against Rs9.021 billion in the same period last year.

Govt to float GDR of three banks

The government is considering floating Global Depository Receipts (GDRs) of shares of three banks – Habib Bank, United Bank and National Bank – and a power generation company in the international market.

These will be followed by an international GDR offer of 10-15 per cent shares in state-owned Oil and Gas Development Company (OGDC) on the London Stock Exchange.

Federal Minister for Privatisation and Investment Zahid Hamid was speaking in an interview with a UK-based daily Financial Times, a press statement said.

Zahid Hamid said: “This (OGDC offer) will give us access to international capital markets. It will not only enhance the country’s profile but also help in the OGDC’s transformation”.

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.