Meezan Bank wins 3rd Position as ‘Employer of the year’ at the 7th Employer of the Year Awards

Karachi, October 31, 2019 (PPI-OT): Meezan Bank, Pakistan’s first and largest Islamic bank, has secured 3rd position as ‘Employer of the Year’ in the category of ‘Large National Companies’ by Employers’ Federation of Pakistan (EFP) – Pakistan’s largest forum for employers. The award was announced at the 7th ceremony of Employer of the Year Awards held at a local hotel in Karachi. Ms. Mehar Younus – Meezan Bank’s Head of Learning and Development received the award from Mr. Saeed Ghani – Minister of Labour, Information and Archives, Government of Sindh.

The winners have been selected on the basis of their exemplary staff policies, learning and development initiatives and training and retention practices. Meezan Bank has been conferred with this reputable award for the second time owing to its outstanding efforts in these areas. This reflects the Bank’s focus on having workplace practices that are at par with world standards, women empowerment, ISO and similar certifications. It is noteworthy that the Bank has been recognized among organizations with HR practices that focus on employee needs and engagement levels including various Multinationals, Private and Public Companies, Large Nationals and SMEs.

EFP is the Apex body of employers of Pakistan; established in year 1950. This is the only body of Employers in Pakistan which is a member of the International Organization of Employers (IOE). EFP is also a member of Confederation of Asia-Pacific Employers (CAPE) and South Asian Forum of Employers (SAFE). The EFP, as the tripartite constituent of ILO, has the mandate, among others, to interact with Government, business organizations, social partners and stakeholders in its advocacy role on the issues of social, economic, environmental, industrial relations and human resource development.

For more information, contact:
Meezan Bank Limited
Meezan House, C-25 Estate Avenue,
SITE, Karachi, Pakistan
Tel: +92-21-38103500
Fax: +92-21-36406049
Website: www.meezanbank.com

Zong 4G Partners with Fortumo to Launch Google Play Carrier Billing in Pakistan

Islamabad, October 31, 2019 (PPI-OT): Zong 4G, a leading telecommunication company which is part of China Mobile (CMCC), and mobile technology company Fortumo have launched direct carrier billing on Google Play for Zong 4G’s both, prepaid and post-paid, customers. 35 million Zong 4G subscribers can now pay for apps and in-app content from the app store by charging purchases to their Zong 4G prepaid mobile balance or monthly phone bill.

Commenting on the partnership Zong 4G’s spokesperson said:

As the company with the largest and widest 4G reach in Pakistan, Zong 4G has always been at the forefront of the country’s digital revolution. As part of our strategy of digitally empowering our customers, Zong 4G has partnered with Fortumo to launch direct carrier billing which will provide millions of our customers with the convenience to pay for apps and in-app content. We are confident that our customers will benefit greatly from this partnership which will enable them to harness the full potential of mobile applications.

“Pakistan is a rapidly growing smartphone market where Android is the dominant operating system. Carrier billing makes purchasing content from Google Play accessible to any Android device. We are excited about partnership with Zong 4G and are looking forward to growing revenue together,” added Taavi Krusell, VP of Carrier Sales at Fortumo.

Fortumo managed the Google Play integration project from end to end, utilizing its previous experience of connecting dozens of other telcos to Google. In addition to the technical setup (integrations and testing), Fortumo supports its telco partners with marketing advice on how to maximize consumer activations on the app store.

Fortumo also provides telcos, including Zong 4G, with access to Fortumo Insight. The real-time analytics tool allows telcos to monitor and evaluate the performance of their Google Play connection, in order to identify growth opportunities and areas where performance can be improved.

In Pakistan, only 21% of people have a bank account and credit card ownership is below 1%. At the same time, 43% of consumer mobile devices are smartphones. This means a large part of the population can access online content, but is unable to pay for premium content.

Carrier billing resolves this problem by allowing any consumer to deduct payments from their prepaid SIM card balance or charge it to their monthly phone bill. Additional information on carrier billing in Pakistan and other Asian markets can be found from Fortumo’s recent Asia market report.

In recent news from Asia, Fortumo announced the launch of its Hosted DCB solution for iflix, and rolling out carrier billing for Indonesia’s leading streaming service Vidio.

For more information, contact:
ZONG
ZONG Headquarters
CMPak Complex, Plot# 47,
Kuri Road, National Park Road,
Chak Shahzad, Islamabad, Pakistan
Tel: +92-51-111-222-111
Fax: +92-51-111-031-031
Website: www.zong.com.pk

Update on ratings assigned to PGP Consortium Limited

Karachi, October 31, 2019 (PPI-OT): VIS Credit Rating Company Limited (VIS) had placed the entity ratings of ‘A-/A-2’ (Single A Minus/A-Two) assigned to PGP Consortium Limited (PGPC) and ‘BBB’ (Triple B) assigned to its preference shares under ‘Rating Watch-Developing’ status on September 17, 2019.

Subsequent to the above announcement, Pakistan LNG Terminals Limited (PLTL), with which PGPC has an offtake agreement for LNG, has served a Termination Notice of Operation and Services Agreement to the latter on account of Adequate Assurance of Performance required by PLTL.

The dispute resolution under clause 37 of the Agreement, has commenced amongst both parties to resolve the issue of adequate assurance of performance security amicably within 90 days from the time dispute resolution clause was invoked. During the negotiation phase, PGPC will continue to provide storage and gasification services and PLTL will continue to make payments. Ratings continue to be on ‘Rating Watch-Developing’ status pending the outcome of the dispute resolution matter.

For more information, contact:
Director Compliance and Rating Analytics,
VIS Credit Rating Company Limited
VIS House, 128/C, 25th Lane off Khayaban-e-Ittehad,
Phase VII, DHA, Karachi, Pakistan
Tel: +92-21-35311861-72
Fax: +92-21-35311873
Email: bilal@jcrvis.com.pk
Website: https://www.vis.com.pk/

VIS Assigns Initial Rating to Z.A. Corporation (Private) Limited

Karachi, October 31, 2019 (PPI-OT): VIS Credit Rating Company Limited (VIS) has assigned initial entity ratings of ‘BBB/A-2’ (Triple B/A-Two) to Z.A. Corporation (Pvt.) Limited (ZAC). The medium to long-term rating of ‘BBB’ denotes adequate credit quality coupled with reasonable protection factors. Moreover, risk factors are considered variable if changes occur in the economy. The short-term rating of ‘A-2’ denotes good certainty of timely payments. Liquidity factors and company fundamentals are considered sound. Outlook on the assigned ratings is ‘Stable’.

ZAC is a newly established medium-sized spinning unit located in Faisalabad. Shareholding of the company is vested with Sheikh Danish Ali who is actively involved in day to day affairs of the company. The assigned ratings take into account growth in revenue and positive bottom line after commencement of commercial operations in October 2017 and subsequent enhancement of production capacity in December 2018.

Product portfolio comprises viscose and cotton yarn, and unregistered persons account for majority sales, however, the company manages the counterparty risk by making sales on cash/advance basis. The company registered sizeable growth in revenue during FY19, driven largely by increase in volumetric sales of viscose and cotton yarn, with viscose accounting for three-fourth of total sales. However, as the company is largely dependent on imported raw materials, slight contraction in gross margin was recorded during FY19 due to rupee depreciation despite modest increase in selling price.

Underpinned by healthy cash flows generation, the ratings draw comfort from adequate debt service coverage. However, liquidity indicator in terms of current ratio is around the minimum threshold level. The increase in gearing and debt leverage was witnessed during the period under review on account of elevated working capital requirements as the company made further enhancement in production capabilities and entered its first full-year of production cycle. Ratings are constrained by vulnerability of the spinning sector to raw material prices, foreign exchange risk, and any adverse changes in the regulatory duties structure. The ratings are sensitive to any considerable change in profitability, debt service coverage and leverage indicators.

For more information, contact:
Director Compliance and Rating Analytics,
VIS Credit Rating Company Limited
VIS House, 128/C, 25th Lane off Khayaban-e-Ittehad,
Phase VII, DHA, Karachi, Pakistan
Tel: +92-21-35311861-72
Fax: +92-21-35311873
Email: bilal@jcrvis.com.pk
Website: https://www.vis.com.pk/

Tez Gam Tragic indent: Murad Ali Shah orders transporting bodies back to Sindh

Karachi, October 31, 2019 (PPI-OT): Sindh Chief Minister Syed Murad Ali Shah expressing his deep sorrow and profound grief on Tez Gam Express tragic incident directed divisional administrations, Hyderabad, Sukkur, Nawabshah, Mirpurkhas and Karachi to keep close contact with railway authorities and commissioner Bahawalpur to transport back the deceased or injured belonging to province of Sindh.

The chief minister told the commissioner of different divisions of the province that over 40 passengers of ill-fated Tez Gam Express hailed from Karachi, Hyderabad and Mirpurkhas. Their families were running from pillar to post to get first-hand information about their dear ones on-board on the train.

He directed Commissioner Hyderabad Abbas Baloch to set up a special desk in DC office so that the aggrieved families could contact there for necessary information. He also directed him to make necessary arrangements for shifting of bodies and the injured people from Rahim Yar Khan back to Sindh. The chief minister also issued a similar directive to the commissioners of Karachi, Hyderabad, Mirpurkhas and Sukkur.

The chief minister through his Principal secretary Sajid Jamal Abro offered every possible support and assistance to the railway authorities and the Punjab government for retrieval of the bodies from the train and treatment the passengers sustained burnt injuries. The chief minister said that his government and people of Sindh were in great shock to see such a huge loss of lives in the train incident. “May Allah save our people and the country from such horrible incidents,” said Sindh Chief Minister Syed Murad Ali Shah.

For more information, contact:
Press Secretary,
Chief Minister House, Sindh
Tel: +92-21-99202019(Ext: 336)
Website: www.cmsindh.gov.pk

Pakistan Navy rescues Sea Cyclone ‘Kyarr’ affectees in coastal areas of Thatta and Sajawal Districts

Karachi, October 31, 2019 (PPI-OT): Pakistan Navy conducted rescue operation in suburb areas of Keti Bandar and Shah Bandar in Thatta and Sajawal districts of interior Sindh which were affected by sea cyclonic storm ‘Kyarr’. Pakistan Navy, upon receipt of information, reacted promptly and dispatched the rescue teams along with requisite equipment and boats to the affected sites of Goths Thakar Kario, Hajamro of Keti Bandar and Gul Muhammad and Abbas Jatt Goths of Shah Bandar, where approximately 300 homes were flooded by sea water due to cyclonic storm.

During rescue/ relief operations, large number of people including women, kids and elderly were evacuated to safer places by Pakistan Navy rescue boats. Pak Marines also facilitated the locals in construction/ building of protective Bands to avoid inundation. During rescue operation, medical assistance was also provided to local populace.

For more information, contact:
Directorate of Public Relations,
Pakistan Navy
Naval Headquarters, Islamabad, Pakistan
Tel: +92-51-20062326
Cell: +92-300-8506486
Website: www.paknavy.gov.pk

PIA asks passengers to give their contact numbers at the time of booking their tickets

Karachi, October 31, 2019 (PPI-OT): PIA has requested its valued passengers to give their contact numbers at the time of booking their tickets. PIA Spokesman said that PIA Call Center regularly sends SMS messages and calls to passengers regarding the departure of the flights, schedule changes if any and flight advisories. However, those passengers who do not provide their contact numbers at the time of booking are unable to receive the updates and flight confirmations. PIA therefore requests all passengers to provide their contact numbers at the time of booking either through PIA office or their travel agent, enabling PIA Call Centre to provide regular flight updates. PIA Spokesman concluded.

For more information, contact:
General Manager
Public Affairs
Pakistan International Airlines (PIA)
PIA Head Office Airport
Karachi
Tel: +92-21-99043823
Fax: +92-21-34572225, +92-21-34570419
Cell: +92-322-7420707
Website: www.piac.com.pk