KARACHI, Oct 13: The Karachi Stock Exchange on Monday announced names of top 25 companies selected for the year 2002. KSE Managing Director Moin Fudda stated in a press release that the Top Companies Award distribution ceremony was tentatively scheduled to be held in December this year, which going by the past tradition is likely to be chaired by President Pervez Musharraf.

“The KSE has been organizing Top Companies Award distribution ceremony since 1978 chaired by either the head of the State or the head of the government of respective year which helped encourage managements of the listed companies to distribute higher dividends to their shareholders,” Mr Fudda said.

Top companies for the year 2002 include: Unilever Pakistan; Nestle Milkpak; Fauji Fertilizer Company; Rafhan Maize Products Company; The Hub Power Company; Siemens (Pakistan) Engineering Company; Al-Ghazi Tractors; Arif Habib Securities; Clariant Pakistan; Security Papers; Engro Chemical Pakistan; Pakistan Oilfields; Treet Corporation; Pakistan State Oil Company; International Industries; Shell Pakistan; Atlas Honda; Lakson Tobacco Company; Packages Limited; Grays of Cambridge (Pakistan); BOC Pakistan; Dawood Hercules Chemicals; Javed Omar Vohra & Company; Century paper & Board Mills; International General Insurance Company of Pakistan.

The pre-requisites for qualifying to the top companies were a minimum distribution of 40 per cent, including at least 15 per cent cash dividend for the year; a minimum of 500 shareholders on the members’ register; the company having joined CDS after its securities have been declared as eligible securities by the Central Depository Company of Pakistan and the company should not be under violation of Listing Regulations.

Companies that come up to the above criteria were then placed at their positions among the Top 25 on the basis of the highest marks obtained in relation to distribution, return on equity, turnover of shares, etc.