Month: June 2014

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Tributes paid to martyred Markanda youth

Srinagar, June 30, 2014 (PPI-OT): In occupied Kashmir, the speakers at a function, held at Markundal in Hajin to in memory two youth who were killed by Indian troops couple of years ago, have said that the best way to remember our martyrs is to keep their mission alive.

Addressing the gathering, National Front Chairman, Nayeem Ahmad Khan said that holding functions to remember martyrs had proved that people had not forgotten them.

The program was also attended by Islamic Political Party, Chairman Mohammad Yousuf Naqash, representatives of Tehreek-e-Hurriyet, Muslim League, Liberation Front and Freedom League.

Nayeem Ahmad Khan said that Markundal incident was not new to this land, as each and every step of Kashmir was a witness to the incidents like Markundal.

“The murderers are moving freely and are promoted and rewarded in Kashmir, instead,” Khan said. Khan later visited Soibugh Budgam to condole the death of the wife of United Jihad Council Chief, Syed Salahuddin.

For more information, contact:
Kashmir Media Service
Email: info@kmsnews.org
Phone: 92-51-4435548, 4435549
Fax: 92-51-4861736

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Untoo demands revocation of property confiscation order

Srinagar, June 30, 2014 (PPI-OT): In occupied Kashmir, the Chairman of International Forum for Justice and Human Rights-JK (IFJHRJK), Muhammad Ahsan Untoo, has criticized the authorities for confiscating the property of a freedom fighter, Ghulam Nabi Khan in Pahalgam.

In a statement issued in Srinagar, Ahsan Untoo said, “Such atrocities should not happen in democratic setup and it is totally unjustified on the part of authorities and must be condemned at all.”

He said, “We will raise this issue at certain human rights platforms in order to get speedy justice. His parents are being deprived of their own property which is nothing but a clear pressure tactic and to harass family for no fault of theirs.” International Forum for Justice and Human Rights-JK (IFJHRJK) demands immediate revocation to this action.

For more information, contact:
Kashmir Media Service
Email: info@kmsnews.org
Phone: 92-51-4435548, 4435549
Fax: 92-51-4861736

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World urged to take note of Indian atrocities in IOK

Srinagar, June 30, 2014 (PPI-OT): In occupied Kashmir, the Jammu and Kashmir Peoples Movement (JKPM), a constituent of the All Parties Hurriyet Conference (APHC), has called upon the international community to take strong notice of the atrocities committed by the Indian forces on innocent Kashmiris.

APHC leader and the JKPM Senior Vice Chairman, Mir Shahid Saleem, while speaking at a function organized at Shopian by the civil society, said that Indian troops had unleashed a reign of terror against the peace-loving people of Kashmir struggling politically for their inalienable right to self-determination.

He also demanded the unconditional and immediate release of all illegally detained Hurriyet leaders and activists languishing in different jails of India and the occupied territory.

Prominent among others who spoke on the occasion included Advocate Bashir Ahmed Khan, Nazir Ahmed Bhat, Imtiaz Ahmed Sheik and Nisar Ahmed Khan.

For more information, contact:
Kashmir Media Service
Email: info@kmsnews.org
Phone: 92-51-4435548, 4435549
Fax: 92-51-4861736

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Pakistan Reinsurance Company Limited despatches dividend warrants

Karachi, June 30, 2014 (PPI-OT): It is hereby notified that the Warrants for 25% Final Cash Dividend of Pakistan Reinsurance Company Limited for the year ended December 31, 2013 have been dispatched to the shareholders through courier, who submitted their CNIC copy as per SECP notification SRO 779. Others may please submit their CNIC copy within 15 days to the Company’s Share Registrar.

For more information, contact:
Shahzad F. Lodhi
Company Secretary
Pakistan Reinsurance Company Limited
PRC Towers, 32-A, Lalazar Drive,
M.T. Khan Road, P. O. Box No. 4777,
Karachi, Pakistan
Tel: +92-21-99202908-14
Fax: +92-21-99202921-2
Email: prcl@pakre.org.pk
Website: www.pakre.org.pk

The post Pakistan Reinsurance Company Limited despatches dividend warrants appeared first on Business News Pakistan.

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Byco Petroleum Pakistan Limited launches its 250th retail outlet

Karachi, June 30, 2014 (PPI-OT): So far 250 retail outlets have been set-up, primarily focusing on retail segment and PMB is now expanding the canvas by targeting to become a dominant player in the industrial, international and retail segments. Going forward, PMB will be increasing its product portfolio by adding LPG and lubricants as well.

For more information, contact:
Byco Petroleum Pakistan Limited
The Harbour Front, 9th Floor, Dolmen City, HC-3,
Block 4, Marine Drive, Clifton,
Karachi
UAN: +92 21 111 222 081
Fax: +92 21 111 888 081

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Mobilink extends free 3G services to 10 Major cities across Pakistan

Lahore, June 30, 2014 (PPI-OT): Mobilink expands its free 3G services to 10 major cities across Pakistan as a means to thank its customers for the trust that they have placed in Mobilink for the past 2 decades. Mobilink acquired the 10 MHz 3G license and launched 3G servicesin 8 major cities of Pakistan in April2014 which has expanded to 10 cities in June.

With an aggressive roll-out plan for the future Mobilink is currently providing free 3G services in Karachi, Quetta, Faisalabad, Lahore, Islamabad, Rawalpindi, Peshawar and Multan while Gujranwala and Sialkot have been added recently. Mobilink is the only operator that offers its customers completely free 3G services in Pakistan.

Bilal Munir Sheikh Chief Commercial Officer, Mobilink commenting on the extension of free 3G services said, “It is part of our strategy to take a forward looking approach regarding 3G roll-out and providing 3G services to our customers. We are serving our customers with the 10 MHz spectrum which takes their data experience at par with the international arena.

We have yet again taken a lead in the industry by offering free 3G services which is a way to pay gratitude to our customers who have made Mobilink the No. 1 operator of Pakistan. I am confident that our unmatched customer experience and robustnetwork will uphold the tradition of providing unrivaled services to our customers in the days to come.’’

Mobilink’s aggressive roll-out of 3G services has received an overwhelming response from the customers as mobile data uptake grows exponentially. In order to empower customers with the latest 3G technology, Mobilink’s free 3G services are complemented with frequent launch of 3G enabled smartphones and tablets. Mobilink will continue to expand its 3G network and provide quality mobile data and internet services to customers across Pakistan.

Mobilink prepaid customers can simply send a blank message to 7003 to activate 3G services, while post-paid customers can call Mobilink Customer Care Centers on the 111 Mobilink Helpline to get the services provisioned on their handsets.

To confirm availability of free 3G service in their area, customers can dial *443# from their handsets and get immediate notification about the 3G coverage. Customers who do not have 3G ready handsets can experience 3G services at Mobilink Business Centers on exclusively available 3G enabled handsets and tablets.

For more information, contact:
Hussain Ali Talib
Manager – Corporate Communications
Mobilink
42, Kulsum Plaza, Blue Area,
Islamabad, Pakistan
Phone +92-51-2273984, 0301 822 9546
Email: hussain.talib@mobilink.net
UAN +92-51-111300300

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JCR-VIS Credit Rating Company Limited reaffirms entity ratings of Summit Bank Limited

Karachi, June 30, 2014 (PPI-OT): JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed the entity ratings of Summit Bank Limited (SBL) at ‘A-/A-3’ (Single A Minus/A-Three). Rating of the subordinated debt instrument has been reaffirmed at ‘A-(SO)’ (Single A Minus (SO). Ratings continue to be placed under ‘Rating Watch – Developing’ Status.

SBL issued convertible preference shares of Rs. 2.2b in 2013 while another 65% rights share issue of Rs. 7b is on the anvil. The bank has already received Rs. 2.5b from the principal sponsor in the on-going year as advance against the proposed rights issue with a commitment to provide the remaining amount, in case of shortfall from other shareholders.

At current levels, the bank’s key financial indicators are under significant stress. The planned equity injection is likely to enable the bank to meet the Minimum Capital Requirement (MCR), provided the bank does not incur major loss in 2014. SBP has allowed extension in meeting the MCR and CAR till September 30, 2014. Ratings will be re-assessed once the rights issue process comes to a close.

Lending activities remained restricted amidst capital constraints. The bank achieved reduction in non-performing loans (NPLs) over the year on account of recoveries and declassification; however the quantum of NPLs is still sizeable in relation to net equity. Portfolio quality may need to be closely monitored for credit losses in future.

Deposit mix of the bank has posted improvement, as reflected in growth in current accounts relative to end FY12 level while deposit cost has also posted meaningful improvement. Earnings however remained constrained by sizeable amount of non-performing assets carried on books. Capital injection is likely to have a positive impact on the bank’s earnings stream and liquidity profile.

For more information, contact:
Ms. Sobia Maqbool
CFA
JCR-VIS Credit Rating Company Limited
VIS House, 128/C,
25th Lane Off Khayaban-e-Ittehad,
Phase VII, DHA, Karachi
Tel: +92-21-35311861-72
Fax: +92-21-35311873
Email: sobia@jcrvis.com.pk

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