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Company News: Pakistan


Earlier this month, BR Research caught up with Masoud Naqvi, one of the country's most senior and respected chartered accountants, who have been given the task to chair the 22-member Tax Reform Commission (TRC) formed by the Finance Ministry. What followed was a quick discussion on TRC's plans on the table, and how he thinks this time may be different. Below are edited transcripts of the short 45 minute sit down - just before his flight for Karachi from Islamabad.

Shezan has always been a household name in Pakistan. From its mango presence on the map of FMCG companies in Pakistan. Shezan was incorporated in 1964 as a joint venture between Alliance Industrial Development Corporation (AIDC) of United States and Shahnawaz Group of Pakistan. In 1971 Shahnawaz Group purchased all shares of AIDC and made it a publicly traded company. Ever since then the company has been steadily expanding its production capacity over the years. It is now listed on both the Karachi and Lahore Stock Exchanges.
The history of "Servis" traces back to more than sixty years from now when three gentlemen pioneered it as a small scale business in Pakistan. At that time, it was involved only in the manufacturing of handbags and some other sports goods. From there, the company started progressing while also supplying its products to India at the time of partition.
Sanofi Aventis emerged in present form in 2005, when Sanofi Synthelabo acquired Aventis SA. But the company's roots run much deeper as it was initially incorporated in 1967 as Hoechst Pakistan Limited. It began manufacturing pharmaceuticals and chemicals in 1973 in Karachi. Today the company has a sizeable presence in the country conducting research and development, manufacturing and sales through a well spread network.
If you're familiar with what's happening in Pakistan's community development sector, you've probably heard of Malik Nazir Ahmed Wattoo. For those who haven't, Wattoo is a big name in the field and one of the pioneers of the bottom-up approach. Over the span of his illustrious 50-year career, Wattoo has held numerous offices - Director Punjab Saaf Paani Company, Director Lahore Water & Sanitation Company, not to mention the numerous committees he has headed. He has been awarded the Tamgha-e-Imtiaz, and his NGO, Anjuman Samaji Behbood (ASB), has been nominated for the Kyoto Prize.
The 11-year old entertainment channel, HUM Network (KSE symbol: HUMNL), enjoys the reputation of being the first ever listed company in electronic media in Pakistan. It started its operations in January 2005, and subsequently the acquisition of its up-linking equipment, it started up-linking directly from the head office in Karachi.
The SECP may be adamant in requiring companies to post their financial statements on their websites but some firms just do not listen. One such firm is Gulistan Textile Mills Limited. Not only they have failed to update their FY14 financial statements on their website but even their FY13 statements are not available. So much for financial disclosures!


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ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-999 mln
Exports $2.064 bln
Imports $3.063 bln
WeeklyMarch 13, 2015
Reserves $16.273 bln