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Corporate Watch

Al Meezan launches Shariah compliant gold fund

KARACHI: Al Meezan Investment Management Ltd on Monday launched Meezan Gold Fund, the country’s first Shariah compliant open-end commodity scheme, said a press release.

The fund aims to provide exposure to prices of gold, by investing in deliverable gold based futures contracts available at a commodity exchange (Pakistan Mercantile Exchange).

SECMC inks shareholders’ agreement

KARACHI: Sindh Engro Coal Mining Company (SECMC) on Monday signed a shareholders’ agreement with Thal Ltd, Habib Bank Ltd, HUBCO and China Machinery Engineering Corporation (CMEC), said a press release.

The agreement would cover the entire common equity subscription of SECMC’s Thar coal project. The financing agreements worth Rs50 billion signed with banks would ensure availability of local financing at agreed terms and conditions.

It has also signed an implementation agreement with the government of Sindh.

PASDEC gets new CEO

ISLAMABAD: The Ministry of Industries and Production has appointed Zahid Maqsood Sheikh as Chief Executive Officer of Pakistan Stone Development Company (PASDEC), said a press release on Monday.

Pakistan Customs, IATA sign MoU

KARACHI: Pakistan Customs and International Air Transport Association (IATA) on Monday signed a Memorandum of Understanding (MoU) on technical cooperation for implementation of electronic data interface (EDI) standards in cargo manifestation and advance passenger information (API).

The software development for cargo XML and API standards would be put to a pilot testing by the year end.

These standards are United Nations (UN) and international security standards complaints and will enable Pakistan Customs to further modernise its functions to facilitate trade and enhance its enforcement capacity.

The MoU was signed by Director General, Directorate General of Reforms and Automation (Customs) FBR, Nasir Masroor Ahmed and Assistant Director IATA, Nathalie Herbelles.—Staff Reporter

14th Int’l Textile Asia Exhibition in Lahore

LAHORE: The Pakistan Readymade Garments Man­u­­­­facturers and Exporters Association (Prgmea) on Monday announced to bring the 14th International Tex­tile Asia Exhibition to Lahore for the first time in collaboration with the E-com­merce Gateway Pakistan.

In a press statement, Prgmea Central Chairman Ijaz Khokhar said the three-day event would be held at Lahore Expo Centre from August 29-31, 2015.

More than 350 international brands from around 29 countries will display their products. Participation of 210 foreign delegates is also expected at the event.—Staff Reporter

Published in Dawn, August 18th, 2015

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