Bank Al Habib declares bonus 20PC, 20PC cash dividend

Karachi (PR) - Shareholders of Bank Al Habib approved financial statements for the year ended 31st December 2009, at an annual general meeting held at its office in Multan on Thursday.
The Bank's Governing Council announced 20PC payment of cash dividends and bonus issue to shareholders 20PC.
Bank deposits as on 31 December 2009, Rs189.280b and profit before tax was Rs4.512b. The Bank has a network of 258 branches, including six branches of Islamic banks and overseas branches in the Kingdom of Bahrain.
Al Habib contains a broad range of banking services to its customers, including online banking, Tele-banking, ATM / debit cards, consumer banking, savings, etc. Banking and deposit products are savings accounts for young people, represents monthly savings, Senior Citizen Auditors Mahana Munaf, and Munaf Salana accounts, catering to the needs of savers in all segments and all age groups.
The Habib Bank's shareholders have approved the financial statements for the year ended 31st December 2009, at an annual general meeting in his office in Multan on Thursday. The Bank's Governing Council announced 20PC payment of cash dividends and bonus issue for 20PC by the bank shareholders.Deposits as on 31 December 2009, Rs189.280b and profit before tax was Rs4.512b. The Bank has a network of 258 branches, including six branches of Islamic banks and overseas branches in the Kingdom of Bahrain
Bank deposits as on 31 December 2009, Rs189.
280b and profit before tax was Rs4.512b. The Bank has a network of 258 branches, including six branches of Islamic banks and overseas branches in the Kingdom of Bahrain.
Al Habib contains a broad range of banking services to its customers, including online banking, Tele-banking, ATM / debit cards, consumer banking, savings, etc. Banking and deposit products are savings accounts for young people, represents monthly savings, Senior Citizen Auditors Mahana Munaf, and Munaf Salana accounts, catering to the needs of savers in all segments and all age groups.
This was announced at the bank's annual general meeting in his office in Multan on Thursday. Shareholders also approved the financial statements for the year ending 31st December 2009, says a press release. Bank deposits as on 31 December 2009 Rs189.280bn and profit before tax was Rs4.512bn. It has a network of 258 branches.
The book building process Fatima Fertilizer Company Limited (FFCL) ended on Thursday. The company received four times the reaction against the total shares offered for sale. "The company has received an overwhelming response from institutional investors and high net worth individuals (HNWIs) in general, as he crossed the total 595,542,038 shares by tendering the requisite amount of 142,500,000 shares," said a handout. The highest and lowest offers to purchase shares were RS100 per share and 10 rupees per share, respectively. Final subscription price was received at Rs14.10 per share ... News
Royal Bank of Scotland (RBS), Pakistan has again put up for sale, RBS Group announced on Thursday. RBS Group has again invited to tender for the sale of its 99.37 percent stake in RBS Pakistan, "a notice sent to Karachi Stock Exchange (KSE) said. RBS announced that it is in the process of identification of potential bidders to the proposed sale and stated that, subject to obtaining necessary regulatory approvals, potential bidders may be invited and can perform due diligence in RBS Pakistan
The long-awaited product margin raising finance (MF) will be available to all runners of financial institutions against the network of available market purchases of its customers in late February. Sources told Daily Times Wednesday that the product is in its final phase, but there were some bottlenecks that could be removed in a month, and the product will be released late next month ... Daily Times
Builder Book and Administrator of Fatima Fertilizer share issue was announced that due to the overwhelming response to the question, is the deadline for receipt of bids has been extended until 1:00 Thursday. Tenderers may alter or revoke the offer between 9:30 and 5:00 on January 14. The subscription price will be announced after the deadline on the same day, and the distribution will be declared the next day, Friday. ... The News
The local cement prices have started to recover gradually and are up to Rs.

10-15 per bag last week. A 50 kg bag of cement is currently available in the range of RS250-260 in North and Rs290-300 in the southern region ... News
Sugar companies are registered in Karachi Stock Exchange, showed gains of 452 percent in the fourth quarter of last year. According to a research report produced sugar factories locally recorded 126 percent increase for the whole year, from October 2008 to September 2009 ... Colony Sugar Mills recorded the largest gain of 638 percent, while Mirza Sugar Mills recorded 411 percent increase. Others include Abbas Sugar Mills with 276 percent, Mirpur Khas Sugar Mills 236 percent, and Mehran Sugar Mills 207 percent
Headquarters in London Gatehouse Bank, the Islamic bank to be approved by more than the UK Financial Services Authority (FSA), has become the first Islamic bank to join the Paris Euro Place, an organization which promotes Paris as a financial center. Paris Euro Place has done over the last two years also begun to focus on the Islamic financial sector and established an Islamic Finance Committee in December 2007.
Gatehouse Bank, also participate in the work of this committee to serve as a hub for Islamic financial community in France, and whose opinions are heard by the French government. This tax corresponds to the Islamic finance committee of UK Trade & Investment (UKTI), the UK government body that supports companies in international trade and foreign businesses wishing to settle in England.
Members of the Bank of Paris Euro Place also intent on their perception of the French market and opportunities, including the services of Sharia advisory, real estate, asset management, asset management, treasury, capital and investment out of balance.
Richard Thomas, CEO of Gatehouse Bank, stressed that "Islamic Finance has a bright future in France, with its Muslim population and trade relations with many Muslim countries. The French government supports and defends the Paris Euro Place contribute to the development of the financial infrastructure in a French Islam. "
Thomas has no illusion that the passport of London's Islamic financial services in France will be simple. "We are closely following events in France but the French have a long road ahead to achieve their goals, regardless of their PR might say. We have launched an ambitious project that is currently looking for French and France as a competition for Islamic finance to to internationalize the scope of Islamic finance as a way to finance, "he said in a recent interview.
"This project also monitors and assists with the development of Islamic finance in France, which would extend to any mature economy in Europe who are interested in learning the lessons from London. It depends on the ability of the market to show that. We want to maintain a commercial interest in the medium term. We have an interest in developing infrastructure in France as a center for Islamic finance in Europe. We also have an interest in France as a destination for capital investment. We are interested in investing in French property, "he added.
A similar mortgage model is used by a Manitoba Credit Union serving the Mennonite community which abstains from usury. As people of faith have different options for buying meat when I go to a grocery store between Islamic meat (halal), Jewish meat (kosher), organic food (ethical), etc we as a company that offers people who want obtaining financing usury no products available to them. "
One criticism of the industry's defenders respond that the difference is there because Islamic law is one, but functionally it's hard to find. "It's like the difference between a wife and a girlfriend live," says David Loundy, Vice President of Chicago-based Devon Bank, a Jewish-owned bank providing Islamic financial products through its branches. "They may serve some of the same features, but there is a legal difference between the two in terms of inheritance and taxes."
States Kalair "We have more than 150 Muslim organizations in Canada who have worked with us in marketing Islamic finance. We have over 100 financial institutions have met to discuss Islamic financial products. We were able to design products in accordance with Sharia with Credit Union Central of Ontario, Metro Credit Union and McMaster Savings and Credit Union. All our products are in Canadian law and requires no changes in the law which we have informed our products with the Ministry of Finance, OSFI, OSC, FSCO and CMHC . Today, we serve about 500 homes, but we have a current waiting list of 5,000 households. "
The first public offering of Fatima Fertilizer (IPO) is called the largest IPO in the past two years. The company offers 10 percent or 200 million shares worth billions of RS2 by creating books and traditional method of 11-13 January, 2010 .... After a gap of 13 years, Fatima Fertilizer Fertilizer is the first manufacturer to market. SR. 2 billion (200 million shares) may include provide Rs1.5 billion (150 million shares) through the creation of the book and the rest through the general public ... The total production capacity of this complex fertilizer is 1.58 million tonnes, with capacity of 0.5 million tons of urea. According to the company will urea production starts at the end of this month. After the launch of the urea plant, fertilizer Fatima will be the fourth urea production in the country. This plant will produce different types of fertilizers except DAP.
The total estimated project cost of Rs59.2 billion,
which is financed through equity sponsors Rs24.2 million Rs2bn public and Rs33 one million through debt. With regard to ownership, unlisted Pakarab fertilizer majority shareholder with 50 percent shareholding, while among the listed companies, Arif Habib Securities has a 10 percent
The State Bank of Pakistan Tuesday cut its key interest rate by 50 basis points to 12.5 percent in December and January in order to increase economic growth, but cautious because of the security situation in the country. "Achieving a balance between monetary and financial stability and real economic activity has become increasingly difficult," the SBP said in a statement ... Daily Times
IFC, an arm of the private sector lending World Bank Group, has signed a financing agreement for $ 50 million wholesale Chemical Pakistan Limited to help the company expand and create jobs in Pakistan. Wholesale IFC will provide a corporate loan of 35 million U.S. dollars, and nearly 15 million U.S. dollars loan will be convertible into ordinary shares. Wholesale will use the loan to expand into dairy production, and support its corporate growth strategy to become a leading company in the region
The KSE-100 index made an intraday high of 8938 and finished in 8769th It is very volatile, with large fluctuations in certain populations (10 rupees for example OGDC) A large quantity of foreign money has been pumped into the market over the last two meetings, and volumes have increased more than 200 million U.S. dollars in the past two days. While the upward trend that could continue beyond the current target of 8700, a correction in the near future.
Dividends: Pakistan International Container Terminal (PICT) announced Tuesday a 76 percent increase in earnings for the year 2008-09, helped by a substantial depreciation of the rupee. Earnings rose to Rs935.689 billion in fiscal 2009 compared to Rs529.260m registered in the previous year despite the slow business in the declining economy ... PICT board has recommended a bonus share 20PC ... The News
Oil & Gas Development Company (OGDC) has affected the hydrocarbon reserves in the exploratory well Nashpa No. 01, charac district NWFP ... The well produced 3,000 barrels of oil and 9.678 MMCF gas per day from 32/64 "choke size of flowing wellhead pressure of 2340 PSI. The well is a joint venture between OGDC, PPL (30 PC) and Government Holdings (Pvt) Ltd (05 PC ). Spud well was June 29, 2008 and drilled to target depth of 4384 meters ... AAJ News
The urea producers Tuesday raised the price of urea of RS 30 per bag of 50 kg in the whole country because of rising production costs and a shortage of goods, .. almost all urea producers had announced an increase of around 5 percent in urea prices to pass on the impact of higher utility prices and supply of petroleum products prices.Slow created enormous shortage of commodities on the local market, especially in Buenos Aires, weight producers to pay more money an important part of the harvest, they said .. Due to the massive labor shortages and delays in the importation of the goods as Trading Corporation of Pakistan (TCP), urea is sold at Rs 800-850 per bag on the black market. "If the government fails to take the necessary steps to better supply then the price of urea can move up to RS 900 per bag of 50 kg in the domestic market," they added. The federal government guidelines, TCP, imports of urea from Saudi Arabia and that the shipment has already arrived in Gwadar, which has not yet been printed from problems of quality

Yesterday, the KSE-100 index broke through 13,000 points to make in the daily record of 13,041 all. With an almost daily record high closing at that time, it really is not worth whipping around. Maybe 13,500!
The market could not sustain this level, with profits of 12,933 out of the closure. The flavor of the day was DGKC to 56.7 million shares traded a total of 315 million traded on Friday. MCB Spot closed at 357.5 on your highest price ever, as did Adamjee Insurance with a record close at Rs.325.20. There was a flurry of activity in the Bank Alfalah based on some unfounded rumor that SingTel had made a new offer: Warid. It is of short duration. Baffles have fallen in price and volume since the JP Morgan report damned fool a few days ago, said the fair value of Rs.35 (Rs.15 and Rs.20 actually input to Warid sale)!
The Karachi Stock market with its support for the low 12,930.

Lowest mean 12,860 and 12,750. The next advantage is 13,050 leading to 13,200 strength.
News: Four firms had a meeting prior to the offer with the Privatization Commission here on Saturday and issues related to the terms, conditions, warranties, indemnities for the sale of shares at least 90 percent of Hazie Phosphate Fertilizers Limited (HPFL) ... consisting of Al Tuwairqi Contracting Establishment, Saudi Arabia, Pak Re-rolled steel, Islamabad, Warble (Pvt) Limited / Farm Fertilizer (Pvt) Ltd Lahore and Dr. Maribel Dil Khan (individual investors) Abbotabad ... HPFL produces 90,000 tonnes of granular single super phosphate per year and 30,000 tons of sulfuric acid per year ... Source: News AAJ
The country's largest financial conglomerate, Pakistan Industrial Credit and Investment Corporation (PICIC) has been sold. Considered the largest contract worth 350 million U.S. dollars U.S. is the proceeds of the sale of PICIC was approved by the bank, NIB Tamasic Singapore group ... It is known that the agreement was signed between the group and PICIC tamasic shareholders at Rs 78.50 per share ... With this acquisition tamasic Group will hold 65 to 66 percent of the shares. The other shareholder is the State Life Insurance Corporation, shares of around 20 percent ... AAJ News
The Standing Committee of the National Assembly on privatization has strongly opposed the National Investment Trust (NIT) settlement and asked the Privatization Commission to take another look at its policy on this important institution ... NIT is approximately 80 billion rupees of funds and their annual income after tax of between five and six billion
Wholesale Chemicals Argentina SA domestic corporate bond issue equivalent to 4 million rupees ($ 66 million) to help raise funds for its new plant to produce fertilizer, banking sources said Thursday. Wholesale, the second largest producer of urea fertilizer in Pakistan has ordered JS Bank Ltd. and Citibank to jointly manage the bond issue, known locally as term finance certificates (TFCs), they said. "The TFCs are proposed listed on Karachi Stock Exchange, is a period of eight years, and gives a margin of 1.55 per cent floating over six months Kibore (Karachi Interbank Offered Rate) ... AAJ News
Pakistan may delay the bidding for a controlling stake in the upper part of the country, the oil marketing company for several weeks because of a legal dispute disqualification of a Saudi-backed bidder ... The News
Securities and Exchange Commission of Pakistan (SECP) is considering the possibility of extending the funding limit for CSA in light of the current uptrend in the stock market. Chairman SECP Razi-ur-Rahman talk with Geo News, he said that it intends to raise the current funding of CFS limit RS55 billion was underway and a decision will be taken soon. A board in Karachi Stock Exchange and officials of SECP is scheduled to be held Saturday in Karachi to discuss increased funding existing CFS Limi
The Habib Bank's shareholders have approved the financial statements for the year ended 31st December 2009, at an annual general meeting in his office in Multan on Thursday. The Bank's Governing Council announced 20PC payment of cash dividends and bonus issue to shareholders 20PC.
Bank deposits as on 31 December 2009, Rs189.280b and profit before tax was Rs4.512b. The Bank has a network of 258 branches, including six branches of Islamic banks and overseas branches in the Kingdom of Bahrain. Al Habib contains a broad range of banking services to its customers, including online banking, Tele-banking, ATM / debit cards, consumer banking, savings, etc. Banking and deposit products are savings accounts for young people, represents monthly savings, Senior Citizen Auditors Mahana Munaf, and Munaf Salana accounts, catering to the needs of savers in all segments and all age groups.

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