HBL OFEER FOR SALE OF SHARES 0F M/s LALPIR POWER LIMITED

 HBL OFEER FOR SALE OF SHARES 0F M/s LALPIR POWER LIMITED 

HBl become the officile bank to accept the applications for the IPO LALPIR POWER LIMITED the managmet issue the guide line for its staff for this issue.

We are pleased to advise that M/s. Lalpir Power Limited has appointed us as one of the Bankers for the collection of  Subscription against Sale of their 9,496,000 Ordinary Shares. The shares are being offered Rs.22.05 per share in case of physical delivery and  Rs.22.01 per share in case of CDC, which includes share transfer fee of 0.05 paisa per share in case ot' physical transfer and 0.01 paisa per share in case of transfer under book entry system (CDC). 

DATES 0F SUBSCRIPTION: 3"” AND 4T" JULY1 2013 OUR BANK CODE: 02

ALL BRANCHES (EXCEPT ISLAMIC BANKING BRANCHES) ARE ADVISED TO ACCEPT SUBSCRIPTIONS WHICH WILL BE SUBJECT TO THE FOLLOWING CONDITIONS BEING STRICTLY ADHEREI) T02 APPLICATION ACCEPTANCE L PROCESSING AND TRANSFER INSTRUCTIONS INVESTOR ELIGIBILITY

Eligible Investors include:

·          

Pakistani citizens resident in or outside Pakistan or persons holding dual nationalities including Pakistani Nationality. "

·         Foreign Nationals whether living in or outside Pakistan. Companies, Corporate bodies or other Legal entities incorporated or established in or outside Pakistan (to the extent permitted by their respective constitutive documents and existing regulations, as the case may be);

·         Mutual funds, Provident/Pension/Gratuity funds/Trusts (subject to the terms of their respective Trust Deed under existing regulations); and '

·         Branches in Pakistan of Companies and Corporate bodies 1`Incorporated outside Pakistan.

FACILITIES AVAILABLE TO NON-RESIDENT PAKISTANIS AND FOREIGN INVESTORS

Non-resident Pakistani investors under foreign investors may subscribe for the shares being issued through this OFSD by using their Special Convertible Rupee Account (“SCRA”) as set out in Chapter 20 of the Foreign Exchange Manual of the State Bank.

GENERAL INSTRUCTIONS  `

Detailed procedure to be followed in respect of acceptance and processing of share applications  transfer  subscription money has already been conveyed vide Head Office Circular NOP/m8173490 dated  February 15, 20l3 pei-taining which should also be ronmwa lor this public issue besides the following specific instructions pertaining to this particular issue.

SPECIFIC INSTRUCTIONS

l. Application for shares by the public, including institutions and individuals, must be made for 500, 1000, 1500, 2000 shares or above 2000 shares in multiples of 500 shares only. Applications which are not for 500, 1000„ 1500, 2000 shares or above 2000 shares in multiples of 5000 shares shall not be entertained.

The amount of the application must be tendered in the form cheque drawn on applicants own account in case of bank’s account holder / draft/pay order drawn on the applicant’s Bank in case of account holder of non Banker to the issue and payable to  OFFER FOR SALE OF SHARES OF M/s LALPIR POWER LIMITED”. 

2. AUTHORIZED BRANCHES MUST ALLOT BANK SERIAL NUMBERS SEPARATELY TO EACH

CATEGORY i.e. 500l1000, 1500, 2000 shares & ABOVE 2000 SHARES. As the Subscription will be open for two days, Branches must ensure that on the second working day of the subscription, the Serial No. must be allotted in continuation from the last number allotted on the first working day. Under no circumstances should a branch on second working day revert to allotting Serial No. l again or repeating numbers allotted previously, as this will lead to duplication of numbers, which are used to identify the applications.

3. On the close of Subscription, Statement/ SOFT COPY (in MS EXCEL) on the` prescribed format as per attached Annexure ‘A’, must be prepared containing all necessary details under sent via  email,

. Note: Hand written statements are unacceptable therefore branches are strictly advised not to submit hand written statements with the application forms.

4. The subscription amount is to be transferred toiA/c No.05997900354703 at HBL Shaheed e Millat Road Branch Karachi (Colle No.0599l through cross branch facility at close of business hours on 04.07.2013. Please quote your branch code in the transaction in Narration Line l.

5. Confirmation of the funds transferred should be sent through Courier along with two copies  prescribed Statements and the Applications to  & Zakat Unit  Floor, Habib Bank Annexe, Hasrnt Mohmni Road, Karachi. (Telephone  32276839-40) latest by next working l da! after the close of  Subscription i.e. Jul! 05'a 2013.

6. After the balloting (ifit is requiredl1 oil receipt of refund amount from HOK, all unsuccessful applicants must be refunded their subscription money oni)I by credit t0 their respective accounts maintained with the branch or bl issuing Banker’s Cheques for applicants who have their accounts with other Banks and had tendered their applications through Pay Order / Bank Draft. Branches must deduct normal charges for issuance of Banker’s Cheque while making refund of subscription money to unsuccessful applicants through Bankers Cheques individual! for each application.

7. The Branches should ensure to submit the Share Applications to Authorized Branch only and not directly to Shares Floatation Department. Revised List of Authorized Corporate  Commercial Centers / RBC Branches have already been conveyed vide our Instruction Circular  P/INST/3490 dated February 15, 2013.

8. Branches should note that no share subscription fee is to be recovered from the subscribers.

9. Sufficient quantity of Share application forms are being dispatched to Authored Branches as well as for distribution to the Branches under their jurisdiction. »

We reiterate that:

 Time frame is the main factor which has to be adhered to by all concerned and the deadlines set forth for transfer of subscription money and dispatch of applications must be strictly followed.

Refusal/Non-acceptance of subscription without any genuine reasons will render the branch liable to . strict disciplinary action.

Bank Alfalah and UnionPay UPI Cards at POS Terminals in Pakistan

Bank Alfalah and UnionPay International Launch Acceptance of UPI Cards at Bank Alfalah’s Widespread Network of POS Terminals in Pakistan  

  

Jul 1, 2013, Pakistan: Bank Alfalah, which is the largest acquirer of plastics in Pakistan and UnionPay International have launched the acceptance of UnionPay Cards in Pakistan. Through this strategic alliance which further expands Bank Alfalah’s acquiring footprint, UnionPay customers can now seamlessly use their UPI cards at Bank Alfalah’s widespread network of Point of Sale terminals country-wide.

Bank Alfalah’s President and CEO Atif Bajwa said, “Through this enhanced distribution, we seek to offer greater access and convenience to UPIs global cardholders in Pakistan. This is just another step by the Bank towards creating an enabling payment ecosystem that offers added value and ‘transacting convenience’ to users to meet their day-to-day payment needs.” 

President –UnionPay International, Cai Jianbo said, “We are speeding up to expand our global acceptance network and UnionPay cards issuance overseas to improve our service for global cardholders. China and Pakistan are friendly neighbors. To cater for the momentum of increasing exchanges between the two countries, UnionPay International is accelerating the improvement of UnionPay card use environment in Pakistan through cooperation with local institutions. Bank Alfalah has strong local market advantage in Pakistan and we hope to provide high quality service to visitors and local resident cardholders by deepening cooperation with Bank Alfalah”.

Bank Alfalah which is owned and operated by the Abu Dhabi Group conducts business through a network of 471 branches across 163 cities in Pakistan. Union Pay, which was founded in 2002, is a bankcard association with headquarters in Shanghai, China, with nearly 400 Member banks around the world.

Depicting Exhaustion In Downwards Pressure

Depicting Exhaustion In Downwards Pressure

 

Short-Term: Previous five diminutive candles with falling volume depict exhaustion in downwards pressure as the index approaches 20,783 level —38.2% retracement of 17,388 to 22,881 ascend. Recovery through 21,235 would produce an upwards retracement towards 21,525 — 21,702 levels. Reduce exposure at such strength, while needing a convincing break above 22,312 to go bullish.

General View: Recent shift in demand and supply imbalance in favor of bears has confirmed an intermediate restriction at 22,881 level —coinciding with our intermediate target of 22,740 — 23,682 levels. This can produce a bearish reversal towards 20,363 — 20,134 levels —50% retracement of 17,388 to 22,881 ascend. Additional pressure would expose the deeper 61.8% retracement at 19,486 level. Intermediate corrective theme would remain valid till the end of July’2013, with max downside possibility for 18,806 level. On a larger degree, we still see the primary impulse striding for 25,000 level. However, to ride this wave, investors should keep enough room (buying power) for intermediate correction up to 19,500 — 18,800 levels —coinciding with the cloud support. We find strong potential in ENGRO, PSO, PTC, SNGP, MARI, NRL, EPCL, and BOP. 

 

Pakistan Market: Jun'13 Review & Outlook

Pakistan Market: Jun'13 Review & Outlook

Partly influenced by the fall in global equities (MSCI FM Index shed 5%MoM) and a degree of profit taking post 15% returns in May'13 alone, the KSE-100 Index shed 4% in Jun'13. Nevertheless, the Pakistan Market has still returned a stellar 24%CYTD and 52% in FY13. While most sectors lost out in Jun'13 (Cements and Telecoms being notable exceptions to the rule), precedence encouragingly points to a rebound in the months ahead. In this regard, over the last 10yrs the KSE-100 Index has without fail managed to gain in the Jul-Sep quarter, with average gains from the Jun low to the following quarter's high standing at a strong 19%. In our view, similar dynamics could play out this quarter as well provided the upcoming energy policy does not disappoint, a fresh IMF program is entered in a timely manner and corporate results keep depicting resilience. Our Dec'13 Index target is 23,300 points with preferred plays being PSO, ENGRO, PTC, UBL and DGKC. Political noise and law & order conditions remain the key risk to our call.

Jun'13 Review: Following steep returns in the previous month, the KSE-100 declined by 4% in Jun'13. While the market witnessed significant positives - a generally accepted FY14 Budget, continued monetary easing (DR cut by 50bps to 9%) and a weight gain ahead for Pakistan in the MSCI FM Index among others, investor sentiment was affected by a bearish turn in global equity markets (MSCI World Index down 3.6%MoM) as well as by an escalation in political noise post PM Sharif's announcement that General (retd.) Musharraf will be tried for treason. Jun'13 witnessed net FPI of US$41.8mn with key outperforming sectors being Cements (+7.2%MoM), Telecoms (+1.5%MoM) and Electricity (+0.1%MoM). On the flipside, losers included Chemicals (-7.9%MoM) and Autos (-7.3%MoM).  

The Jul-Sep rebound: While the KSE-100 has shed 4% on a MoM basis, the market's decline from its CYTD high stands at 8%. This could potentially represent an opportunity where precedence encouragingly points to a rebound in the months ahead. In this regard, over the last 10yrs the KSE-100 Index has without fail managed to gain in the Jul-Sep quarter, with average gains from the Jun low to the following quarter's high standing at a strong 19% (range: 3% - 48%). While we remain cognizant of bearish global sentiment in equities, Pakistan's un-stretched valuations (forward P/E: 6.9x according to Bloomberg) coupled with a 34% discount to the MSCI Asia Ex-JP Index leads us to eye further upside. 

Market outlook: Factors that could lead to a market rebound going forward include the upcoming energy policy and consequent execution of plans, a fresh IMF program where a LoI may be submitted shortly and any uptick corporate sector profitability particularly if Index heavyweights Oil & Gas and Banks surprise on the upside. In this regard, our Dec'13 Index target is 23,300 points with preferred plays being PSO, ENGRO, PTC, UBL and DGKC. Political noise and law & order conditions remain the key risk to our call where any escalation in the same may act as a reality check, potentially curbing investor enthusiasm over expected macroeconomic reforms.  

L (N) Government plans to borrow Rs.37,945 million in next 3 months

PML (N) Government plans to borrow Rs. 37,945 million to finance budget deficit during the first quarter fiscal year 2013-14. This was announced by State Bank of Pakistan, in action calendar of Pakistan Investment Bonds (PIB) and Market Treasury Bills (MTB). According to action calendar, government plans to borrow Rs 32,556 million in PIB and Rs.5389 in MTB.

Action calendar clearly shows that PML (N) government willing to shift borrowing form short term loans (MTB) to long term loans(PIB).

Beside the new borrowing government also revolve Rs.1750000 million of old loans. In revolving loans PIB part is Rs. 117,444 million and Rs. 1,59,4611 million in MTB.

After lowering the policy rate governments will safe billion of rupees in term debt servicing.

   

Auction Target calendar for sale of Government of Pakistan Investment Bonds for 3 & 5 Years (Fresh issue of 18Jul2013), 10 Years (Re-opening of 19Jul2012 issue) and 20 Years (Re-opening of 18Aug2011 issue) for the period July to September, 2013 is attached below;

 

Tenders for Sale of Pakistan Investment Bonds (PIBs) for 3 & 5 Years (Fresh issue of 18Jul2013), 10 Years (Re-opening of 19Jul2012 issue) and 20 Years (Re-opening of 18Aug2011 issue) are invited by the State Bank of Pakistan, Karachi from the Primary Dealers on each respective auction date through Bloomberg Online Auction module up to 12.00 PM PST. The result will be announced on the same day.  Primary Dealers would be required to deposit the amount of accepted bids to the Chief Manager, State Bank of Pakistan, Banking Services Corporation (Bank), Karachi on respective auction settlement date.

Targets for all auctions are given below;

 

 Tenor-wise Coupon Rates for all auctions are given below;

 

Bids can be rejected without assigning any reason.

Auction Target calendar for sale of Government of Pakistan Market Treasury Bills 3-Months, 6-Months & 12-Months for the 1^st Quarter of FY14 (from July to September 2013) is mentioned below.     

 

Bids will be invited (separately) on each auction date by the Director, Domestic Markets & Monetary Management Department, State Bank of Pakistan, Karachi from Primary Dealers through Bloomberg Online Auction module as follows;

1.	Start of Bidding	1000 hours to the date of respective Auction
2.	End of Bidding	1200 hours on the date of the respective Auction
3.	Communication of result	On the date of Auction

Maturity dates of Government of Pakistan Market Treasury Bills sold in the auctions will be as follows:

           

Note:   Bids can be rejected without assigning any reason.