Briefs

Admore restructures Rs300mln loans

By our correspondent

KARACHI: In an effort to further consolidate and fortify its financial position, Admore Gas Private Limited (AGPL) has begun the process of restructuring inherited loans.

“In the year 2007, the previous management had defaulted on the loan facility of Rs300 million from the First Dawood Investment Bank Limited (FDIBL),” a spokesman for AGPL said on Tuesday.

“The company has recently been taken over by the new management, which has devised a comprehensive roadmap to set Admore on the path of growth and expansion,” he added. The said liability of the bank was shifted in part to respective institutions, including Rs105 million to the National Industrial Parks Development (NIPD).

“Of the facility of Rs300 million, AGPL had already repaid the significant balance to other institutions and completely paid off the balance repayable to FDIBL,” the spokesman said. He said the management is currently involved in settling the liability with NIPD.

“In this regard, both the parties were already in the process of submitting their rescheduling proposals to complete the out of court settlement, proposed by NIPD.” Meanwhile, Admore CEO Nadeem Jafarey, explaining the company’s outlook, said: “Admore has successfully launched multi-tiered development plans, which include further improving the company’s financial position and addressing all previous liabilities to emerge as a secure, highly solvent company.”

“We have also currently undertaken construction of new storage facilities, upgradation of our retail network, enhancing supply chain reliability and are; thereby, striving to achieve overall operational excellence,” Jafarey added.

Telenor among top taxpayers

News Desk

ISLAMABAD: Pakistan’s foremost telecom and digital services provider, Telenor Pakistan, has emerged as one of the highest taxpaying private sector telecom companies in the country, as per the latest FBR tax directory stats.

With Rs3,020,783,526 paid in the financial year ended December 2014 in lieu of corporate income tax, which is one of the highest of all private sector telecom companies, Telenor Pakistan has contributed a total of Rs236 billion so far in direct and indirect taxes since its inception, always staying in the country’s top taxpayers list.

The company has unceasingly paid its taxes responsibly, including the withholding tax of $39.5 million (Rs4.13 billion) in its latest 4G Spectrum acquisition.

InfoTech, MiSys embark on JV 

By our correspondent

LAHORE: InfoTech (Pvt) Ltd, a technology solutions company, embarked on a joint venture with MiSys – Middle East to provide customisations in the Fusion Banking Corporate Channels (FBCC) of three major banks across the northeast and southern African regions.

A statement issued Tuesday said the customisation on FBCC successfully materialised in QNB Alahli Bank and Commercial International Bank (CIB), both in Egypt. CIB opted to personalise their existing Cash and Trade Portal on FBCC to ensure a strengthened core-banking infrastructure.

InfoTech further provided Banc ABC Zimbabwe, a subsidiary of Atlas Mara Limited, with customisations to fulfil branding requirements for their internet banking system. On the successful completion of these projects, Naseer A Akhtar, President and CEO of InfoTech, said that InfoTech’s track record in the banking industry throughout the region was indicative of how its success was driven by its expertise in enterprise solutions.

UK firm to assist Pak institutions

News Desk

KARACHI: Hansuke Consulting, a leading UK-based advisory firm, is to enter Pakistan to assist financial institutions in meeting international standards, a statement said.

The advisory firm is arranging a financial services seminar in Karachi on October 20, which will include an esteemed panel of international speakers and local dignitaries. The participants of the seminar titled, “The financial system at a Strategic Crossroads – managing the new regulatory and reputational risks”.

The seminar will discuss key recent international regulatory developments and their impact on the Pakistani financial sector.  The international panel of speakers includes senior banking personnel from the UK and Pakistan, opinion and policymakers.

PAIS welcomes new Insurance Ord

By our correspondent

LAHORE: Professional Association of Insurance Surveyors (PAIS) Tuesday welcomed Finance Minister Ishaq Dar’s advice to replace the Insurance Ordinance 2000 of the Securities and Exchange Commission of Pakistan. In a statement, PAIS President Junaid Zaidi said the surveyors’ community believed that the PML-N led government would do its best for the sector. “For about 28 years there is no legal compensation for those who are killed in traffic accidents as an overwhelming majority of vehicle owners do not get third party cover,” the PAIS member lamented. During the previous tenure of the Nawaz Government, there was discussion to set up Pakistan Insurance Regulatory Authority to supervise general and life insurance business, including monitoring and enforcement of and compliance with insurance laws by all insurers to protect the interests of the policy-holders, Junaid added.