KARACHI, Nov 24: The Karachi Stock Exchange announced the names of 25 Top Companies for the year 2004. In a press release issued on Thursday, the KSE also explained the criteria for selection of Top Companies. The 25 companies selected are as follows:

1. Siemens Pakistan Engineering Company Limited; 2. Arif Habib Securities Limited; 3. Javed Omer Vohra & Company Limited; 4. Rafhan Maize Products Company Limited; 5. International Industries Limited; 6. Al-Ghazi Tractors Limited; 7. Fauji Fertilizer Company Limited; 8. Unilever Pakistan Limited 9. Pakistan State Oil Company Limited; 10. Shell Pakistan Limited; 11. Clariant Pakistan Limited; 12. Atlas Honda Limited; 13. Nestle Pakistan Limited; 14. Oil & Gas Development Company Limited; 15. Colgate-Palmolive (Pakistan) Limited; 16. First Equity Modaraba; 17. Ferozsons Laboratories Limited; 18. Pakistan Telecommunication Company Limited; 19. National Refinery Limited; 20. Engro Chemical Pakistan Limited; 21. Century Paper & Board Mills Limited; 22. Security Papers Limited; 23. Sanofi-Aventis Pakistan Limited; 24. Lakson Tobacco Company Limited; 25. Pakistan Cables Limited.

The KSE press release noted the above Top Companies had been selected on the basis of a criteria laid-down by the Board which, inter-alia, included a pre-requisite of minimum payout of 40% (including cash dividend of at least 15%), minimum 500 shareholders and that the company should not be subject to any violation of Listing Regulations and must be a CDC Eligible Security.

The companies that qualified on the basis of above pre-requisites were finally selected for the Top Companies Awards on the basis of highest marks obtained in relation to distribution 30%, return on equity 25%, turnover of shares 20% and good corporate governance 25%.