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In the next two years, Thatta alone will attract more than $2 billion investment in wind sector. — AEDB CEO Arif Alauddin

OPIC board approves

BUSINESS

$288 MILLION for wind power projects in Pakistan

Sunday, 24 March, 2013

ISLAMABAD ONLINE

he Board of Directors of the Overseas Private Investment Corporation (OPIC) has approved a total of $288 million in financing for two Wind Power Projects poised to deliver much-needed electricity to Pakistan and Peru. According to a statement issued on Saturday by Alternate energy development board (AeDB) it is stated that OPIC President and CeO elizabeth L. Littlefield said OPIC it would help diversify its energy production to include important contributions from renewable energy sources. “The wind power projects will enable both countries to take advantage of their massive renewable energy potential to help meet unmet demand for electricity,” Littlefield continued. “We are thrilled to partner with innovative US companies to bring these highlydevelopmental projects to realization. “The provision of clean and reliable electricity is an essential building block of any economy,” she added. The OPIC credit facility would help build a 50 MW wind power plant in GharoKetti Bandar Wind Corridor, designed to generate 133 Giga Watt hours of emission-free electricity annually. Using Ge Wind turbines, the Sapphire Wind Power plant would help Pakistan diversify its power

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We are thrilled to partner with innovative Us companies to bring these highly-developmental projects to realization. the provision of clean and reliable electricity is an essential building block of any economy ELIZABETH LITTLEFIELD OPIC PresIdent

SECP, ACCA advocate corporatisation LAHORE AGENCIES

Chairman Security and exchange Commission of Pakistan (SeCP) Muhammad Ali said that corporatisation should be facilitated in Pakistan for the sake of the country’s economic growth. he was speaking at a seminar, which was jointly organised by SeCP and ACCA, and focused on promoting corporatisation. “Only two percent of total businesses are corporatised in Pakistan as compared to the United Kingdom, which has less than half of Pakistan’s population. The UK has two million registered companies against the 61,000 registered companies in Pakistan,” said Ali. he said the corporatisation is the need of the hour. It is the answer to many challenges faced by entrepreneurs working in a highly regulated banking industry and an environment with fairly slow economic growth. head of ACCA Lahore, haroon A Jan, said that ACCA and SeCP are natural allies with respect to the cause of corporatisation. “Formalisation helps governments achieve predictable revenues and the accounting profession is the natural route to it,” he said. FCCA, Deputy Registrar, Corporatization and Compliance Department, SeCP, Ahmad Mobeen Khwaja and Additional Registrar, Corporatization and Compliance Department, SeCP, Liaqat Ali Dola explained the procedure to register with SeCP. FCCA, Manager Corporate Reporting, Allied Bank Limited Sheeraz Zafar said that the entrepreneurs would find it a lot easier to access funding sources after registering with SeCP. It would also protect their private assets in a much better way, he added.

generation beyond reliance on high-priced fuel oil by tapping vast renewable energy potential, which the Corridor alone possesses generation capacity of over 132,000 MW– virtually equal to the world’s entire installed wind capacity for 2010. Private Sector has been triggered to invest in Wind Power. Currently, 45 Wind Power Projects of around 3200 MW capacity are under process, said the CeO of AeDB Arif Allaudin. Two projects of 49.5 MW and 56 MW (106 MW) belonging to M/s FFC energy Limited and M/s Zorlu enerji Pakistan have already been completed at Jhampir while another three projects namely Three Gorges First Wind Farm Pakistan Ltd., Foundation Wind energy-I Ltd and Foundation Wind energy –II Pvt. Ltd are under construction. Talking about the OPIC financing the CeO AeDB, Arif Alauddin stated that he has been trying for opic funding for Pakistan projects for some time, and is glad to see it coming now. OPIC is already funding a SSJD energy’s 12 MW Baggass based Renewable energy Project in Pakistan. In the Wind Sector, following Sapphire, Fina energy of Turkey is the next project in the OPIC pipeline for Pakistan. CeO AeDB also stated that Re has already become the sector attracting the largest investment of any sector in the country. he expects that in the next two years Thatta alone will attract more than $ 2 Billion in Wind Sector. This amount is expected to increase as soon as the solar tariff is announced.

Asian stocks post biggest weekly decline in eight months A NEWS DESK

SIAn stocks fell, with the regional benchmark index posting the biggest weekly drop in seven months, as Cyprus struggled to prevent a financial collapse, stoking concern europe’s debt crisis is intensifying. hSBC holdings Plc (5), europe’s biggest lender, slid 1.9 percent in hong Kong. BhP Billiton Ltd. (BhP), the world’s biggest mining company, lost 6 percent in Sydney as commodities fell amid concern europe’s crisis will hinder global growth. Toyota Motor Corp. (7203), the world’s largest carmaker, lost 2.8 percent after Japan’s new central bank governor stopped short of announcing new stimulus. The MSCI Asia Pacific Index fell 1.7 percent to 134.31 this week, the biggest weekly decline since the period ended Aug. 31, amid concern that an unprecedented levy on bank deposits in Cyprus may be a sign of deepening crisis in europe. “nobody knows what’s going to happen next,” said Grace Tam, hong Kong-based global market strategist at JPMorgan Asset Management Ltd., which oversees about $1.3 trillion globally. “Cyprus can damp market sentiment in the short term but it’s something we’ve already seen happening in europe, so we are not fairly concerned.” Relative value: The MSCI Asia Pacific Index (MXAP) rallied 3.8 percent this year as improving economic data from the U.S. and speculation that Japan will deploy more stimulus countered concern China will move to cool its property market. Asia’s benchmark trades at 14.9

times average estimated earnings, compared with 14.1 for the Standard & Poor’s 500 Index (SPX) and 12.7 for the Stoxx europe 600 Index (SXXP), according to data compiled by Bloomberg. The Topix Index, Japan’s broadest share gauge, fell 1.2 percent this week even after reaching the highest close since October 2008 on March 21. Australia’s S&P/ASX 200 Index dropped 3 percent this week, the biggest weekly drop since May. Singapore’s Straits Times Index slid 0.8 percent. South Korea’s Kospi Index (KOSPI) declined 1.9 percent. hong Kong’s hang Seng Index fell 1.9 percent. The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, rose 2.2 percent as a private survey on March 21

showed Chinese manufacturing may expand faster than estimated. India’s S&P BSe Sensex (SenSeX) dropped 3.6 percent amid concern the withdrawal of the government’s biggest partner from the ruling alliance may jeopardize economic reforms. CypRus Bailout: Asian stocks fell after the european Central Bank said it may cut off Cyprus banks from emergency funds as the island nation struggles to stave off financial collapse after lawmakers rejected a bank deposit levy as a condition for a euro-zone rescue. Cyprus’ attempt to secure a bailout from Russia was rebuffed yesterday. Resource stocks and companies that do business in europe fell. hSBC slid 1.9 percent to hK$83.10. Samsung electronics Co. (005930), a consumer-electronics ex-

porter, dropped 1.7 percent to 1.455 million won in Seoul. BhP Billiton slid 6 percent to A$33.43, the biggest weekly decline since the period ended May 18. Rio Tinto Group (RIO), Australia’s second-largest miner by market value, slumped 5.5 percent to A$57.92. BoJ GoveRnoR: Japanese shares fell after new Bank of Japan Governor haruhiko Kuroda on March 21 failed to outline any immediate increase to stimulus in his first press conference. he restated that he will do whatever it takes to achieve a 2 percent inflation target and that he may bring forward open-ended asset purchases, though he made no concrete commitments. Toyota dropped 2.8 percent to 4,880 yen. nissan Motor Co. (7201), Japan’s third-largest carmaker by market value, lost 4 percent to 946 yen. Japanese real estate stocks fell after the sector’s rating was cut at Morgan Stanley. Mitsubishi estate Co., the nation’s biggest developer by market value, slumped 8.8 percent to 2,549 yen. Mitsui Fudosan Co., the largest property company by sales, slipped 4.7 percent to 2,596 yen. Among shares that advanced, China Resources Power holdings Co. jumped 16 percent to hK$23.50 in hong Kong. The utility reported on March 18 that full-year net income rose 68 percent to hK$7.48 billion ($964 million). That compared with an hK$6.8 billion average estimate by 14 analysts surveyed by Bloomberg. Guangzhou R&F Properties Co. jumped 13 percent to hK$13.08 in hong Kong after the homebuilder in the Southern Chinese city posted full-year earnings that beat estimates.


PRO 24-03-2013_Layout 1 3/24/2013 4:57 AM Page 2

Only two percent of total businesses are corporatised in Pakistan as compared to the United Kingdom, which has less than half of Pakistan’s population. — SECP Chairman Muhammad Ali

300 percent increase in trade between Pakistan and Iraq: envoy

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BUSINESS B Sunday, 24 March, 2013

Major Gainers COMPANY Bata (Pak) Philip Morris Pak. MithchellsFruit Pak services sapphire textile

OPEN 1300.00 270.00 300.00 187.90 253.79

HIGH 1325.00 283.50 315.00 197.29 266.39

LOW 1325.00 274.00 302.50 197.00 263.00

CLOSE CHANGE 1325.00 25.00 283.01 13.01 312.50 12.50 197.15 9.25 263.00 9.21

TURNOVER 50 15,600 1,100 600 300

361.00 303.00 242.74 270.00 1800.00

361.00 292.20 242.74 256.50 1740.00

361.00 292.20 242.74 263.25 1745.00

-19.00 -14.70 -12.77 -6.75 -5.00

200 800 200 5,500 450

3.77 7.68 69.80 131.55 18.38

3.15 7.28 67.90 127.77 17.75

3.59 7.46 69.26 129.32 18.10

0.38 0.18 0.30 -1.88 0.32

16,233,500 15,115,500 11,513,000 11,329,700 11,113,000

Major Losers BAGHDAD INP

P

AKISTAn highly values its relationship with the Arab World including Iraq and actively engaged in exploring all possible avenues to develop its cultural and socio-economic ties with them, both on bilateral and regional level, said Shah M Jamal, Pakistan ambassador in Baghdad. “ We are imbued with spirit of Islamic brotherhood and wish they should be helping hand to each other in improving their living conditions, in accordance with aspirations of their people”, he said while talking with the visiting Pakistani media delegation. The delegation is here to participate in the two-day Arab’s cultural festival began on Saturday. Ambassador Jamal urged the Pakistani business circles to visit here to explore the opportunities of bilateral cooperation. “There is great scope of undertaking joint ventures with the Iraqi counterparts in fields like health and education,” he said. he said there had been 300 percent increase in our bilateral trade ties with Iraq during the last three year. We are trying to enhance momentum of all-round partnership in areas of bilateral interest. he termed future prospects of their bilateral relationship as quite bright. Pakistan

established diplomatic relations in 1947. Iraq was the first Arab country to recognize Pakistan. Prior to the outbreak of the second Gulf War, the government of Pakistan announced it was opposed to any action against Iraq.

There is great scope of undertaking joint ventures with the Iraqi counterparts in fields like health and education SHAH M JAMAL envOy tO Iraq Pakistan was under pressure by the public to vote against the war although some had been considering a vote for the war. After the war ended however Pakistan had indicated that it was willing to send troops to Iraq for

Bright chances of Mango export to Japanese market this summer: Jawad ISLAMABAD ONLINE

Pakistani Mango commercial shipments are expected to reach Japan in the coming summer, said CeO harvest Tradings, Ahmad Jawad on Saturday. As the Japanese government has already approved the quality of Pakistani mangoes which are superior in taste and have the potential of giving a tough competition to Indian mangoes which are already there in that market. Jawad said the VhT plants will be installed in Karachi and Multan and are expected to be imported from Japan by March 2013. With the investment of at least Rs 250 million, the concerned authorities here have already approved procurement of the plant especially for Multan district, the hub of mangoes. These plants will process at least 15,000 kilogram or 15 tones mango daily. Vapour heat Treatment System uses hot saturated water

vapour to heat the fruit slowly, treating possible fruit flies. In this regard country may export around $4-5 million mangoes to Japan subject to installation on time and meet the laid down requirements. “Though the plant can be used for multipurpose, but it is being imported for processing the highly valued mango. The plant, which will facilitate export of fruits and vegetables, especially Mangoes, to Japan and it will also be used for the export of mangoes to Australia, Korea and new Zealand. Jawad further mentioned in the absence of required VhT plant, Pakistani mango is not being exported to Japan despite lifting a 16-year-old ban on the import of fruit from Pakistan. In 2011, the government had introduced Mango in Japanese market on experimental basis and limited quantity of mangoes had been sent to Japan for promotional purposes as test shipment soon after the foreign government allowed it after processing through a smaller VhT plant provided by Tokyo in 1999. VhT is a technology required to be mastered to enter the prestigious foreign markets According to TDAP’s bid issued in February 2012, the successful bidder would be responsible for

commissioning of complete plant; responsible for operation and maintenance for six months; training of local staff; supply of spare parts and ensure the warranty/guarantee for the plant; he added.

peacekeeping, if the Iraqi people wanted it. Both countries are members of the Organisation of Islamic Cooperation and support the Palestinian cause. Pakistan has strongly supported Iraq’s territorial integrity and does not support Kurdish separatism. The relations between Iraq and Pakistan have always been cordial and special. The Iraqi people look forward to see a stable and prosperous Pakistan. Despite having good relations with Iraq, Pakistan is lagging behind other countries that have started to capture the markets. A large number of foreign companies are also participating in the mammoth process of the reconstruction of Iraq. Pakistan has many things to offer. It could export to Iraq cement, rice, wheat, pharmaceutical products, fruits and sugar. Unfortunately, business community is exporting many Pak products to Iraq indirectly: via Amman, Turkey and Kuwait instead of direct trade that would be to the advantage of the two peoples. Pakistani high skilled engineers could help in repairing and constructing oil refineries of Iraq. They could also help in the activation of shipyard; thereby improve Iraq’s sea trade. As a great Arab and Muslim country with civilization dating back to 7000 BC, Pakistan civil society should employ their expertise, technology and skilled work force in the reconstruction of Iraq.

sanofi-aventis Pak Indus Motor CoXd Fazal textile sunrays textile Colgate Palmolive

380.00 306.90 255.51 270.00 1750.00

Volume Leaders Wateen telecom Ltd 3.21 trG Pakistan Ltd. 7.28 d.G.K.Cement 68.96 engro Corporation 131.20 Maple Leaf Cement 17.78

Interbank Rates Usd GBP JPy eUrO

PKr 98.2202 PKr 149.4028 PKr 1.0408 PKr 126.9791

Forex BUY Us dollar euro Great Britain Pound Japanese yen Canadian dollar Hong Kong dollar Uae dirham saudi riyal

99.20 127.83 149.81 1.0387 95.73 12.51 26.85 26.33

SELL 99.45 128.06 150.04 1.0495 97.43 12.77 27.10 26.55

CORPORATE CORNER

Tarang unveils music of ‘Tarang Housefull’ – Hit filmoun kaa Super Hit jorr!

KARACHI: Engro Foods’ brand ‘Tarang’ in collaboration with GEO Films unveiled the music for its upcoming mega-project – Tarang Housefull. The project, which has been gaining popularity and has become the talk of the town for several days now, is slated for release in April 2013. The music launch was a star-studded ceremony with glimpses from the hit tunes of yesteryears redone with a modern feel. Tarang Housefull is the first of its kind campaign, which will highlight six modernized remakes of super hit films including ‘Anjuman’, ‘Aaina’, ‘Armaan’, ‘Dil Mera Dhadkan Teri’, ‘Devar Bhabhi’ and ‘Abhi Tou Mein Jawan Hoon’ with a modern twist, making them relevant to today’s audiences. Tarang Housefull fuses elements of today with those of the past to create a series of re-imagined telefilms – a trend that is gaining popularity the world over. The music of the films boast of some of the leading voices from both Pakistan and across the border including the likes of Rahat Fateh Ali Khan, Aamir

Zaki, Nabeel Shaukat (winners of the program Sur Keshtra), Shreya Ghoshal, Sunidhi Chauhan and Shaan. The songs have been remixed to give a flavor of the past with a dash of modernity. Tarang Housefull is a star-studded project that brings together some of the most celebrated and household names from the Pakistani cinema and TV industry which includes Shaan, Saima, Humaima Malik, Fawad Khan, Amna Sheikh, , Bushra Ansari, Atiqa Odho, Saba Hameed, Sanam Saeed, Imran Abbas and Sarah Loren amongst others. Speaking about the initiative, Afnan Ahsan, CEO Engro Foods said: “Tarang has committed itself to breathing back life into Lollywood by taking up branded entertainment initiatives, which not only provide quality family entertainment, but have also been integral in reviving the Pakistani entertainment industry. We are a brand that celebrates the colors and spirit of Pakistani films by showcasing local actors and themes that resonate with the masses”. PRESS RELEASE

KARACHI: Consul General of the Republic of Korea Chang-hee Lee inaugurating Basant Bahar at Pearl Continental Hotel. Hotel GM Azeem Qureshi is also seen in picture. STAFF PHOTO

KARACHI: Pakistan Korea Business and Friendship Forum Chairman Ahsan Mukhtar Zubairi and President Iqbal Mangrami hosted a lunch in honour of the newly appointed Consul General of the Republic of Korea Chang-hee Lee. Picture shows Kashifur Rehman, Junaid, Sohail Shams, Kaleem Farooqui and Khalilur Rehman with the chief guest. PR


profitepaper pakistantoday 24th March, 2013