Lafarge Pakistan Cement Limited’s meeting in progress

Karachi, March 19, 2013 (PPI-OT): This is to inform you that the meeting of Board of Directors of the Company is still in progress and the financial results will be sent to you through courier after the meeting is concluded and will also be faxed tomorrow during 9:15 a.m. to 9:30a.m.

For more information, contact:
Wasim Ahmed Malik
Company Secretary
Lafarge Pakistan Cement Limited
18-B, Kaghan Road,
F-8, Markaz, Islamabad – Pakistan
UAN: +92-51-111 111 722
Fax: +92-51-281 7300

Shakarganj Foods Limited’s change of management

Karachi, March 19, 2013 (PPI-OT): We have to inform you that as a result of change of management of the company, the following Director(s) have resigned from the Board of Directors with effect from March 14, 2013.

Name Designation
Asif Kamal Chief Executive Officer/ Chairman
Shahid Mahmood Jabbar Director
Muhammad Zubair Director
Mian Muhammad Asim Iqbal Director
Awais Yasin Director

In place of the above outgoing Directors, the under-mentioned have joined the Board with effect from March 14, 2013.

Name Designation
Muhammad Taloot Chief Executive Officer/ Chairman
Khalid Mehmood Director
Asim Aslam Khan Director
Shahzad Salim Director
Muhammad Arshad Director

The New Board of the company now consist of the following:

Name Designation
Muhammad Taloot Chief Executive Officer/ Chairman
Khalid Mehmood Director
Asim Aslam Khan Director
Shahzad Salim Director
Muhammad Arshad Director

For more information, contact:
Shakarganj Foods Limited
13-K, Gulberg-II, Lahore
Phone: #042-35788901-909
Fax: # 042-35788910

Shakarganj Foods Limited’s updates on the merger

Karachi, March 19, 2013 (PPI-OT): BOD discussed the merger of the company. The merger has been postponed and the Board of Directors directed the Company secretary to inform the KSE and SECP’s accordingly.

For more information, contact:
Shakarganj Foods Limited
13-K, Gulberg-II, Lahore
Phone: #042-35788901-909
Fax: # 042-35788910

The United Insurance Company of Pakistan Limited’s shifting of company’s head office from shara-e-fatima jinnah (queens road) to d-6, upper mall, Lahore

Karachi, March 19, 2013 (PPI-OT): We are pleased to write that Company’s Heed Office at Lahore is shifted at its own premises as under.

The new office is operational as from 18.03.2013:-

The United Insurance Company of Pakistan Limited (UNIC)
Head Office
UIG House, D-5, Upper Mall
Lahore-Pakistan
Land Lines: UAN: 042-111-000-014 and 042-35776475 to 83
Fax: 042-35776486 and 042-35775487
Email Address: UICP@theunitedinsurance.com

The above advices are furnished for information of your Office as well as the members.

For more information, contact:
Z.H. Zuberi
Company Secretary
The United Insurance Company of Pakistan Limited
204, 2nd Floor Madina City Mall,
Abdullah Haroon Road, Saddar, Karachi.
Phones: (021) 35621460 – 35621462
(021) 35221803, 35221804
Fax: (021)35621459
E-mail: info@theunitedinsurance.com
Website: www.theunitedinsurance.com

AKD Quotidian about — Pakistan Economy: CA slips into the red in Feb’13

Karachi, March 19, 2013 (PPI-OT): The Current Account balance for Feb’13 has registered a deficit of US$596mn, up a sharp 89%MoM bringing the revised SMFYI3 deficit to US$700mn vs. a deficit of US$3,235mn in 8MFYI2.

According to AKD Securities in this regard, the 78%YoY shrinkage in the current account deficit is due to i) receipt of Coalition Support Funds (US$1 .8bn FYID), ii) 7%YoY reduction in the trade deficit, iii) 7%YoY increase in remittances and iv) 17%YoY reduction in interest payments.

Nevertheless, with the CA balance falling back into the red in Feb’13 and expected to stay in the deficit on a sequential basis, the implication is for further pressure on forex reserves which have already come off to US$12.5bn (with SBP: US$77bn), indicating an import cover of less than -4 months and likely further pressure the PkR which has depreciated by 3.7%FYTD vs. the US$.

Going forward, in the absence of further foreign inflows, swifter reserve erosion are likely to arise on the back of IMP loan repayments. While no formal request has been made to the IMF, AKD Securities believes a fresh loan program is inevitable where any inordinate delay in the same could spark BoP concerns. As such, from a near-term investment perspective, AKD Securities prefers Oil and Gas, IPPs and Textile sector scraps which stand to benefit from a weaker NcR.

PSMC: CY12 Result Preview

PSMC is scheduled to announce its CYI2 result on Thursday Mar 2113. AKD Securities expects the company to post NPAT of PkR1,304mn (EPS: PkR1 5.65) in CY12 versus NPAT of PkR794mn (EPS: PkR9.65) in CYI1, posting robust growth of 64%YoY. Alongside the result, AKD Securities expects the company to announce a final dividend of PkR3/share (payout ratio close to 20%). In this regard, growth drivers include 1) a -4%YoY increase in sales to 95,763 units and 2) a -1O%YoY increase in average unit price which should push up CYI2 gross margin by 80bps to 4.4% particularly in the backdrop of soft steel prices.

On a sequential basis, AKD Securities expects PSMC to post NPAT of PkRl28mn (EPS: PkRL56) in 4QCY12, depicting a recovery against loss of PkRl93mn (LPS: PkR2.35) in 3QCY12, on the back of an increase in product prices (+2%-4%) in Oct12 which is expected to have offset higher costs associated with Euro-Il compliant production as well as sequentially lower sales of 16665 units (down by 6%QoQ).

In this regard, note that AKD Securities has not incorporated one-off gain on sale of land (pre4ax EPS impact of PkR3.3) which AKD Securities believes will appear on PSMC’s books in CY13. While PSMC has gained 16%CYTD and the proverbial regulatory sword still hangs (w.r.t. potential loosening of used car import policy), AKD Securities believes local OEMs are poised to depict improvement in CY13. PSMC offers an upside of 12.7% to AKD Securities targets price of PKRI15/share where AKD Securities will look to revisit AKD Securities investment s case post release of CY12 accounts.

Morning Call about – And the culprit is; IMF REPAYMENT! – Arif Habib Limited

Karachi, March 19, 2013 (PPI-OT): Repayment drags the current account into deficit Had there not been the repayment of Feb’13, Arif Habib Limited surely wouldn’t have seen a deficit as huge as USD 596mn during the month.

According to Arif Habib Limited with Feb’s deficit, Pakistan’s current account has once again entered into the dark, posting a deficit of USD 700m in 8MFY13 after staying surplus during 7MFY13. However, on YoY basis current account in 8MFY13 has shown a massive decline of 78%, against last year’s USD 3.2bn.

Hail to the capital account that came in as the biggest savoir recording 62x MoM rise in Feb’13 shrinking the overall balance to USD 191mn, down 55%. What’s more pleasantly surprising is the overall balance of payment deficit squeezing 65% in 8MFY13 to remain under USD1bn.

(USD mn) Feb’13 Jan’13 MoM 8MFY13 8MFY12 YoY
Exports

1,920

2,116

-9%

16,047

16,195

-0.9%

Imports

3,156

3,398

-7%

26,217

27,176

-3.5%

Trade Balance

(1,236)

(1,282)

-4%

(10,170)

(10,981)

-7.4%

Services (Net)

(254)

(180)

41%

(178)

(1,884)

-90.6%

Income (Net)

(346)

(199)

74%

(2,311)

(1,939)

19.2%

Remittances

1,028

1,090

-6%

9,235

7,436

24.2%

FDI

(25)

(4)

525%

505

559

-9.7%

CAB

(596)

(315)

89%

(700)

(3,235)

-78.4%

Financial Account

357

119

200%

(167)

561

n.m

Capital Account

62 1

62x

201

143

40.

6%

Overall Balance

(191)

(423)

-55%

(923)

(2,627)

-65%

Source: State Bank of Pakistan, Arif Habib Research

Dear Current Account; USD 596mn deficit is a huge amount!!

The IMF loan repayment scheduled for Feb’13(USD 594mn) was expected to drag the already frail current account and so-it-did! Evident from Income account’s whopping 74% MoM jump in Feb’13, the repayment remained the biggest concern for the month. Moreover, no breather came in from the exports side as Arif Habib Limited saws those declining 10% MoM during the month mainly due to 15% lower food exports.

Imports, however, have been kind enough to sustain at lower levels posting a decent decline of 7% MoM. As hinted above, current account has projected an entirely different picture in 8MFY13. Gap narrowed 78% YoY (USD 700mn) backed off by decline of 3.5% YoY and a mere 0.9% YoY in imports (USD 26bn) and exports (USD 16bn), respectively.

Project grants worth USD 64mn received during the month of Feb’13 helped squeeze the overall deficit balance to USD 191mn against last month’s USD 423mn. With this 8MFY13 BOP shrank 65% YoY to USD 923mn against last year same period’s USD 2.6bn.

Forex reserves and Exchange rate stand where?

Given the weak financial account and risks that come with it, the government will resort to its already deteriorating foreign exchange reserves. Currently the foreign exchange reserves stand at ~USD 12bn, but going forward it is likely to come under further pressure. This will translate into further rupee devaluation that Arif Habib Limited expects to reach at 101 per dollar by the end of FY13.

Chairman Pak-Qatar Takafal Group, Sheikh Ali Bin Abdullah, inaugurates Doha Village for Pakistan Flood Victims

Lahore, March 19, 2013 (PPI-OT): Sheikh Ali Bin Abdullah Thani J. Al-Thani, Chairman Pak-Qatar Takaful Group has successfully completed the construction for 200 families who had lost their homes due to the floods that swept through Pakistan in 2010.

The project includes 200 residential homes, a mosque, a primary school, a health unit, shops and clean drinking water and sanitation facilities. Sheikh Ali Bin Abdullah Thani J. Al-Thani, Chairman Pak-Qatar Family and General Takaful inaugurated the project on February 27, 2013.
The Sheikh Thani Bin Abdullah for Humanitarian Services (RAF) is one of many foundations established in Qatar concerned primarily with humanitarian work for relief and social development, both locally and internationally.

The foundation is amongst a handful of charities that were focused on the repopulation process of the affected areas in Pakistan. The Foundation allocated a significant sum for the repopulation and establishment of the “Doha Village Project” in Sanjarpur village, Tehsil Sadiqabad in the district of Rahim Yar Khan. Total area of the village is 11 Acres and total number of beneficiaries is around 1600-2000. The Project started in Oct, 2011 and ended in July 2012.

Sheikh Thani, Chairman Pak-Qatar Takafukl Group said: “As soon as the features of the disaster started to appear and began to unfold its destructive effects to the world that the Qatari civil society institutions rushed to rescue the victims and distressed people. So, a campaign was organized for collecting donations, and an amount of QR 40 million was collected in one day.

While RAF was leading the campaigners for collecting donations, its urgent help was successively reaching the affected regions in Swat, Khyber Pakhtunkhwa, and Sindh, as field teams began distributing food, essential supplies and drinking water.

This means that the breadwinners will go back to supporting their families, and this will lead to improving their economic and living conditions, and enabling children and students to pursue their studies amid special attention to their health.”

The flood disaster in Pakistan of 2010 is considered to be one of the most devastating floods to have occurred in the past 80 years. The flooding was mainly due to an unprecedented rainfall in the north western part of the country in July 2010. The flooding washed away and destroyed more than 800,000 homes and this led to more than two million displaced people in the country who lost all their possessions and livestock.

The number of people affected by these floods is about 20 million. According to information gathered by the United Nations the floods have led to the deaths of 1600 people, and the organization warned against the exposure of about 3.5 million children in Pakistan to the risk of various diseases caused by polluted flood waters in the country. The flooding left six million displaced people and 14 million have fled their villages and lands.

For more information, contact:
Mr. Syed Adnan Hasan
Marketing Manager
Pak Qatar Takaful
Cell: 0300-920-8576
Tel: 021-34326076
Email: adnan.hasan@pakqatar.com.pk