KARACHI, May 7: The 23rd Annual General Meeting of Pakistan Kuwait Investment Company Limited (Pak Kuwait) was held on May 6 which was attended by Abdulazim M.A. Al-Shamali, representing Kuwait Investment Authority; Zaigham Mahmood Rizvi, representing Pak Kuwait and Mohammad Shakir, the authorized representative of State Bank of Pakistan. Pak Kuwait is a 50:50 joint venture of the government of Pakistan and Kuwait.

A company press release stated that the managing director Pak- Kuwait, Zaigham Mahmood Rizvi apprised shareholders of the business plan of the company, including various measures and initiatives being adopted by the management to maintain its strategic position against adverse economic environment, achieve an improved benchmark of performance, in addition to various initiatives being undertaken by the company that would act as a catalyst in revival of investment activities in Pakistan. The shareholders were also apprised of the initiatives undertaken by Pak-Kuwait to streamline internal processes through introduction of Digital Archiving of records and ISO-certification. Pak-Kuwait posted an operating profit of Rs984 million for the year 2001, which was the highest in company history. Balance sheet reflected growth by Rs905 million (9 per cent) with net worth of more than Rs4 billion.

The company stated that the shareholders approved accounts for the year 2001 and appreciated the measures adopted by the management in achieving the bright results and maintaining an impressive record of dividend payouts. Dividend of Rs365 million, inclusive of interim dividend of Rs165 million from the profit of first quarter ended March 31, 2002, were approved. The maintaining of ‘AAA’ credit rating by Pak Kuwait for third consecutive year was appreciated by the shareholders.

Pak-Kuwait Investment Company also stated that on Tuesday, it formally launched the operations of Micro Finance Cell by disbursement to its first two customers. Both had migrated to Karachi from Kohlo, Balochistan. “Presently they buy cloth from the market and sell in rural areas of Katror, Lasbela, Thatta, etc.,” the company observed.

Cheques were distributed by chairman Abdulazim M.A. Al-Shamali and managing director Zaigham Mahmood Rizvi at the conclusion of the AGM, the company said.

Pak-Kuwait said that it had established the Micro Finance Cell to offer financial services for the benefit of disadvantaged section of the population. Micro Finance Cell would design products and provide financial assistance to Micro Entrepreneurs for initiating or expanding income generating activities in commercial, industrial, agricultural and service sector, the company said, adding: “The cell will promote formation and capacity building of community based micro-finance institutions.” The company stated that while initiating and expanding income- generating activities, the cell would collaborate with welfare associations and other institutions closer to potential customers. It would provide a variety of support services, which would include motivating and organizing the poor, extending financial training, helping build backward and forward linkages. The cell would give priority to people below poverty line, ‘special persons’ and women, the company said, adding that the cell would also guide and encourage skilled workers and educated unemployed youth for starting their own career as micro entrepreneurs.

The company stated that Micro Finance Cell would initially serve the customers residing in Karachi, particularly, the rural areas and Goths adjacent to Karachi.