Bestway inaugurates Mianwali plant

Pakistan’s largest cement producer, Bestway Cement, achieved yet another milestone according to a press release. The company commenced production and despatches of cement at its greenfield plant in District Mianwali.

The plant is Bestway’s eight production line with an annual production capacity of 2.3m tonnes of cement. The state-of–the-art and environmentally friendly plant has its own waste heat recovery power plant of 9MWs and 20MWs of solar power generation thereby meeting more than half of its energy requirement through green and renewable means.

Bestway being the leader in water conservation was the first in the country to employ the Air Cooled Condenser (ACC) Systems, and the Mianwali plant too has its own ACC system. This, alongwith rain-harvesting, should enable the plant to eliminate its reliance on ground water for industrial use.

By virtue of Mianwali plant, Bestway now has an annual capacity of 15.3mn tonnes of cement based on 300 production days. This makes Bestway by far the largest cement producer in the country.

Bestway Cement is one of the largest taxpayers in the country having contributed more than Rs251 billion to the exchequer in direct and indirect taxes since its inception. The company provides direct employment to nearly 5,000 families and generates indirect employment for another almost 50,000 families.

Engro awards NDF and ConnectHear

Engro Foundation, the social investment arm of Engro Corporation, has announced National Disability & Development Forum (NDF) and ConnectHear as the two recipients of I Am The Change (IATC) Impact Awards 2022, as per a press release.

Initiated in 2012, IATC is the flagship initiative of Engro Foundation to recognise and reward philanthropic and social enterprises that are creating an impact in the development sector. The IATC Impact Awards 2022 attracted more than 100 entries in the categories of Social Development and Social Enterprise.

Following an extensive review of the applications, National Disability & Development Forum (Social Development) and ConnectHear (Social Enterprise) were selected as the award recipients. Each of these recipients will be given a cash prize of Rs2.5m in recognition of their efforts and support to scale up their initiatives.

Meezan’s $1.5bn RDA record

Meezan Bank, Pakistan’s leading Islamic bank has surpassed $1.5bn in deposit inflows under Roshan Digital Account (RDA), as per a press release.

RDA was launched by the State Bank of Pakistan in collaboration with various banks across Pakistan with an aim to offer innovative banking solutions to Non-Resident Pakistanis who are interested in accessing banking and investment services in Pakistan.

Since the inception of RDA in September 2020, Meezan Bank has been playing an active role in supporting the initiative, with the ultimate aim of promoting financial inclusion and propelling the country’s overall economic development. With over 88,000 accounts from 144 countries, the Bank’s record deposit inflows reaffirm its position as the top performer in RDA in the industry, sustaining a market share of around 25pc.

Published in Dawn, The Business and Finance Weekly, April 3rd, 2023