| Orix Leasing Pakistan Limited |
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| Annual
Report 1998 |
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| CONTENTS |
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| COMPANY
INFORMATION |
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| ORIX
CORPORATION, JAPAN - GROUP PROFILE |
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| ASSOCIATED
COMPANIES |
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| FINANCIAL
HIGHLIGHTS OF THE COMPANY |
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| NOTICE
OF MEETING |
|
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| REPORT
OF THE DIRECTORS |
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| AUDITORS'
REPORT |
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| FINANCIAL
STATEMENTS OF THE COMPANY |
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| PATTERN
OF SHAREHOLDING |
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| ORIX
GROUP DIRECTORY |
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| COMPANY
INFORMATION |
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| BOARD
OF DIRECTORS |
|
| Mr.
Yoshihiko Miyauchi |
(alternate Mr. Takafumi
Kanda) |
Chairman |
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| Mr.
Shakirullah Durrani |
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Vice Chairman |
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| Mr.
Takashi Koizumi |
(alternate Mr. Nagaaki
Esaki) |
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| Mr.
Takeshi Sato |
(alternate Mr. Yuki
Ohshima) |
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| Sayed
Muzafar Ali Shah |
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| Mr.
Shaheen Amin |
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| Mr.
Mohammad Qamrul Haq |
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| Mr.
Humayun Murad |
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Chief Executive |
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| COMPANY
SECRETARY |
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| Mr.
Ramon Alfrey - ACA |
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| BANKERS
AND LENDING INSTITUTIONS |
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| Banks |
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| ABN-AMRO
Bank |
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| AI-Faysal
Investment Bank Limited |
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| American
Express Bank Limited |
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| Allied
Bank of Pakistan Limited |
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| ANZ
Grindlays Bank Limited |
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| Citibank
N.A. |
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| Citicorp
Investment Bank Pakistan Limited |
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| Credit
Agricole Indosuez |
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| Crescent
Investment Bank Limited |
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| Deutsche
Bank A.G. |
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| Faysal
Bank Limited |
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| First
International Investment Bank Limited |
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| Habib
Bank Limited |
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| Muslim
Commercial Bank Limited |
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| Oman
International Bank SAOG |
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| Standard
Chartered Bank |
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| Societe
Generale, The French and International Bank |
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| The
Bank of Tokyo - Mitsubishi Limited |
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| United
Bank Limited |
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| DFIs
AND LENDING INSTITUTIONS |
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| Asian
Development Bank |
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| F.
M. O., The Netherlands |
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| International
Bank for Reconstruction and Development |
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| International
Finance Corporation |
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| Pakistan
Kuwait Investment Company (Private) Limited |
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| Saudi
Pak Industrial & Agricultural Investment Company (Private) Limited |
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| AUDITORS |
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| Sidat
Hyder Qamar Maqbool & Co., Chartered Accountants |
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| LEGAL
ADVISORS |
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| Mansoor
Ahmad Khan & Co. |
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| Walker
Martineau Saleem |
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| REGISTRAR
AND SHARE TRANSFER OFFICE |
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| Noble
Computer Services (Private) Limited |
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| 2nd
Floor, Al-Manzoor Building, |
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| Dr.
Ziauddin Ahmed Road, Karachi. |
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| REGISTERED
OFFICE & HEAD OFFICE |
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| Overseas
Investors Chamber of Commerce Building, |
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| Talpur
Road, Karachi-74000 |
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| Tel:
2426020-9 Fax: 2425897 |
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| E-mail:
olp@orix-pak.com |
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| BRANCH
OFFICES AT |
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| Lahore |
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| State
Life Building, Sir Aga Khan III Road (Davis Road), Lahore-54000. |
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| Tel:
6369946, 6301527, 6302620, 6304258, 6301866 and 6302897 |
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| Fax:
6305024 |
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| Faisalabad |
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| 2nd
Floor, Sitara Towers, Bilal Chowk, Civil Lines, Faisalabad. |
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| Tel:
633926 and 633811-3 Fax: 633927 |
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| Sialkot |
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| 1st
Floor, Goolam Kadir Arcade, Aziz Shaheed Road, Sialkot Cantt. |
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| Tel:
260767, 260616 and 260877 |
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| Fax: 269548 |
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| Peshawar |
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| 1st
Floor, State Life Building, The Mall, Peshawar. |
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| Tel:
279789 and 278647 |
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| Fax: 273389 |
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| Universal
Access Number (UAN): 111-24 24 24 |
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| ORIX
CORPORATION, JAPAN - GROUP PROFILE |
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| ORIX
Corporation is Japan's leading diversified financial services company. Since |
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| establishment
in April 1964, the company has played a pioneering role in introducing |
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| leasing
services not only in Japan, but also in 21 countries overseas. ORIX dominates
the |
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| Japanese
leasing industry with a total asset base of US$ 41.8 billion. ORIX emphasizes |
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| innovation
in products and services and greater geographical diversification to keep
ahead of |
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| market
requirements and ensure corporate development. |
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| BUSINESS
OPERATIONS |
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| The
Company's operations encompass a comprehensive range of advanced financial
services |
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| which
include direct leases, installment loans, rentals, securities brokerage,
venture capital, |
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| futures
and option trading, commodities funds, life insurance and real estate related
activities. |
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| Japan
has been facing a recessionary trend in recent years and in response to the
changing |
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| economic
scenario, ORIX has worked to enhance its profitability by continuing to
expand its |
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| marketing
network, strengthen its customer base and increase its level of
specialization in |
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| areas
of expertise. Greater emphasis is being placed on Operating lease of
transportation |
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| equipment
including aircrafts, automobiles and marine vessels. ORIX currently has a
fleet of |
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| three
Boeing 737 and 23 Airbus 320 medium range aircrafts. In addition to its own
fleet, ORIX |
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| remains
one of the major players in aircraft financing. |
|
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| ORIX
is expanding its marketing activities to individuals while maintaining its
corporate |
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| operations.
In September 1997, ORIX introduced a new range of directly marketed life |
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| insurance,
known as "ORIX Direct", which is targeted towards individual
customers. ORIX also |
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| established
a "Personal Financial Services" team to promote development of
ORIX's personal |
|
| financial
services. In April 1998, ORIX acquired Yamaichi Trust and Bank Ltd. for
broadening |
|
| the
ORIX Group's range of financial services further and equipping it with
settlement and trust |
|
| banking
capabilities. |
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|
| INTERNATIONAL
NETWORK OF ORIX |
|
| ORIX
Corporation has spread through wholly owned subsidiaries and joint investment
with |
|
| financial
institutions and other business interest overseas. At present, the network
covers 21 |
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| countries
and comprises of 45 companies. There are 16 wholly owned subsidiaries outside |
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| Japan,
which are located in USA, UK, Ireland, Hong Kong, Singapore, Taiwan,
Australia, and |
|
| New
Zealand. Recent additions to the network are Banc One Mortgage Capital
Markets, LLC, |
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| a
joint venture of ORIX and BANC ONE CORP, which is engaged in securitization
and |
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| servicing
of loans secured by commercial property. In 1997, ORIX also established a
wholly |
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| owned
specialist automobile lessor in Brazil by the name of ORIX Auto Locadora
Ltda. A |
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| recent
inclusion in the ORIX Group of Australia is "Ranger Truck Rental and
Leasing Pty. Ltd", |
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| a
truck rental concern. |
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| FINANCIAL
HIGHLIGHTS |
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| ORIX
Group, Japan |
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|
(For the year ended March 31) |
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Translation into |
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|
Japanese Yen (millions) |
U.S. Dollars (thousands) |
|
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|
1998 |
1997 |
1998 |
1997 |
|
|
| Total
Revenues |
|
489,015 |
411,343 |
3,668,805 |
3,086,770 |
|
| Income
before taxes |
|
38,412 |
36,889 |
288,184 |
276,820 |
|
| Net Income |
|
23,731 |
19,044 |
178,040 |
142,908 |
|
| Shareholders'
Investment |
|
313,821 |
308,584 |
2,354,423 |
2,315,653 |
|
| Total Assets |
|
5,574,309 |
5,089,975 |
41,820,909 |
38,195,820 |
|
|
|
|
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| Note: |
The dollar amounts above
represent translations of Japanese Yen at an exchange rate of |
|
|
¥133.29 to US $1. |
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| ORIX'S
PRINCIPAL ACTIVITIES |
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| DIRECT
FINANCING LEASES |
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| Information-Related
and Office Equipment |
|
Automobiles |
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| Industrial
Equipment |
|
Marine Vessels |
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| Construction
and Civil Engineering Machinery |
Aircraft |
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| Commercial
Services Equipment |
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| OPERATING
LEASES |
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| Measuring
and Analytical Equipment |
|
Aircraft |
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| Information-Related
Equipment |
|
Real Estate |
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| Automobiles |
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|
Marine Vessels |
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| INSTALLMENT
LOANS |
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| Corporate
Finance |
|
Housing Loans |
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| Card Loans |
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| OTHER
OPERATIONS |
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| Life
Insurance |
|
Real Estate Development
& Brokering |
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| Securities
Brokerage |
|
Leisure Facility &
Golf Course Management |
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| Trust
Banking |
|
Training Facilities
Management |
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| Securities
Investment |
|
Hotel Management |
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| Venture
Capital Investment |
|
Commodities Funds |
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| Futures
and Options Trading |
|
Professional Baseball
Team |
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| Insurance
Agency Services |
|
Environmental Services |
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| Ship
Management |
|
Computer Software
Development |
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| ASSOCIATED
COMPANIES |
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| OVERSEAS
JOINT VENTURES |
|
| 1.
Oman ORIX Leasing Company SAOG (OOL) |
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| Established
in September 1994, OOL provides lease financing services for moveable assets |
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| such
as motor cars, equipment for construction, earth moving, transportation and
information |
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| technology
and plant and machinery. Lessees include individuals, small and medium sized |
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| companies
and large subcontractors operating in various industrial sectors. ORIX
Leasing |
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| Pakistan
Limited (OLP) holds 20% of OOL's equity and provides management support. |
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| For
the year ended December 1997, OOL's profit before tax increased to Rial Omani
(RO) |
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| 355,833
(Pak Rs. 41.72 million) over last year's RO 230,576 (Pak Rs. 27.03 million)
and |
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| declared
a cash dividend of 10%. Gross lease receivables stood at RO 13 million (Pak |
|
| Rs.
1.5 billion) as compared to RO 8.8 million (Pak Rs. 1billion) at the end of
the previous year. |
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| OOL
continues to grow rapidly and for the half year ended June 30, 1998 profit
before tax |
|
| rose
to RO 260,096 (Pak Rs. 30.5 million) from RO 142,581 (Pak Rs. 16.7 million)
in the |
|
| comparative
period last year. |
|
|
| The
Company's business focus is to concentrate on leasing and hire purchase
financing. OOL |
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| has
also started operating leases on a limited scale. The market in Oman offers
good |
|
| opportunity
with an expected GDP growth rate of 5% and commencement of various large |
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| projects
relating to production of petrochemicals, fertilizers and wastewater. |
|
|
| 2.
ORIX Leasing Egypt SAE (OLE) |
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| Following
the success of OOL in Oman, ORIX Corporation and OLP established their second
joint |
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| venture
leasing company in the Middle Eastern Region in Egypt. OLP holds 23% of OLE's
capital |
|
| and
provides management support. The company was incorporated in June 1997, with
a paid up |
|
| capital
of Egyptian Pounds 20 million and is a pioneer of the leasing industry in
Egypt. |
|
|
| OLE
became profitable in its first six months of operations. The company pursues
a policy of |
|
| targeting
small and medium sized enterprises and disbursements are mainly for
manufacturing |
|
| related
equipment. Potential for leasing in Egypt is bright as the government is
eager to |
|
| promote
industries in a fast expanding economy and medium-term credit is scarce. |
|
|
| JOINT
VENTURE IN PAKISTAN |
|
| ORIX
Investment Bank Pakistan Limited (OIB) |
|
| OIB
is a joint venture sponsored by ORIX Corporation, Japan, International
Finance |
|
| Corporation,
Asian Finance and Investment Corporation (an affiliate of Asian Development |
|
| Bank)
and other major financial institutions in Pakistan. The Bank is primarily
engaged in |
|
| providing
a range of investment banking products which include corporate advisory
services, |
|
| project
packaging, structuring and placement of capital market debt products,
issuance and |
|
| discounting
of bankers acceptance and treasury operations. As at December 31, 1997, OIB |
|
| had
a total asset base of Rs. 1.3 billion and a networth of Rs. 211 million while
deposits stood |
|
| at
Rs. 707 million. |
|
|
|
| FINANCIAL
HIGHLIGHTS OF THE COMPANY AS AT JUNE 30, 1998 |
|
|
|
|
(Rupees in thousands) |
|
|
|
1994 |
1995 |
1996 |
1997 |
1998 |
|
|
| Gross
lease receivables |
2,406,518 |
3,535,871 |
4,752,997 |
5,281,276 |
5,017,030 |
|
| Total
lease disbursements |
1,051,872 |
1,559,699 |
' 1,957,318 |
1,725,997 |
1,473,827 |
|
| Rents
received |
778,342 |
1,040,187 |
1,446,490 |
1,596,027 |
1,897,277 |
|
| Gross
income |
320,943 |
466,777 |
656,982 |
782,225 |
839,083 |
|
| Profit
before tax |
60,578 |
112,983 |
166,536 |
157,097 |
133,894 |
|
| Shareholders'
equity |
197,412 |
570,505 |
685,872 |
749,188 |
820,859 |
|
|
|
|
|
|
| Earning
per share (in Rs.) |
7.33 |
6.61 |
9.22 |
8.20 |
6.45 |
|
| Dividends: |
|
|
|
|
| Cash |
|
20% |
35% |
45% |
45% |
20% |
|
| Bonus |
|
10% |
0% |
0% |
0% |
25% |
|
| Total |
|
30% |
35% |
45% |
45% |
45% |
|
|
|
|
|
|
|
| NOTICE
OF MEETING |
|
|
| Notice
is hereby given that the twelfth Annual General Meeting of the Company will
be held at |
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| Overseas
Investors Chamber of Commerce Building, Talpur Road, Karachi on Thursday, |
|
| November
12, 1998 at 9:00 am to transact the following business: |
|
|
| ORDINARY
BUSINESS: |
|
| 1.
To receive, consider and adopt the audited accounts together with the
Directors' and |
|
| Auditors'
Report for the year ended June 30, 1998. |
|
|
| 2.
To approve the payment of cash dividend to the Shareholders at the rate of
Rs. 2/- per |
|
| share
of Rs. 10/- each for the year ended June 30,1998. |
|
|
| 3.
To appoint Auditors and fix their remuneration. The present Auditors Messrs.
Sidat |
|
| Hyder
Qamar Maqbool & Co., Chartered Accountants, retire and being eligible,
offer |
|
| themselves
for re-appointment. |
|
|
| SPECIAL
BUSINESS: |
|
| 4.
To consider and if approved, pass the following resolution: |
|
| "Resolved: |
|
|
| i)
That a sum of Rs. 40,277,380/- be capitalised out of the free reserves of the |
|
| Company
and applied for the issue of 4,027,738 ordinary shares of Rs. 10/- each |
|
| and
allotted as fully paid up bonus shares to the members of the Company, who are |
|
| registered
in the books of the Company as at the close of business on November 4, |
|
| 1998,
in the proportion of two shares for every eight shares held and that such new |
|
| shares
shall rank pari-passu with existing ordinary shares of the Company but shall |
|
| not
be eligible for dividend in respect of the year ended June 30, 1998. |
|
|
| ii)
Further resolved that in the event of any member holding shares which are not
an |
|
| exact
multiple of eight, the Directors be and are hereby authorised to consolidate |
|
| all
such fractions of bonus shares and sell them in the market and distribute the
net |
|
| proceeds
amongst the Shareholders in proportion to their respective entitlement." |
|
|
| 5.
To transact any other business with permission of the Chair. |
|
|
| STATEMENT
UNDER SECTION 160(1)(b) OF THE COMPANIES ORDINANCE, 1984. |
|
| The
Directors are of the view that the Company's financial position justifies the
capitalisation of |
|
| Rs.
40,277,380/- from unappropriated profits and reserves of the Company to
enable a bonus |
|
| issue
in proportion of two shares for every eight shares held. |
|
|
| Notes: |
|
| i)
The Register of Members of the Company will be closed from November 5, 1998
to |
|
| November
12, 1998 (both days inclusive). Dividend will be paid to those Shareholders |
|
| whose
names appear on the Register of Members as at the close of business on |
|
| November
4, 1998. |
|
|
| ii)
A Member entitled to attend and vote at the General Meeting of Members is
entitled to |
|
| appoint
a proxy to attend and vote on his behalf. A proxy need not be a Member of the |
|
| Company. |
|
|
|
| iii)
The instrument appointing a proxy and the power of attorney or other
authority under |
|
| which
it is signed or a notarially certified copy of the power of attorney must be |
|
| deposited
at the registered office of the Company at least 48 hours before the meeting. |
|
| A
form of proxy is enclosed. Shareholders are requested to notify any change of |
|
| address
immediately. |
|
|
|
| REPORT
OF THE DIRECTORS |
|
|
|
| The
Directors are pleased to present the twelfth Annual Report together with the
audited |
|
| accounts
of the Company for the year ended June 30, 1998. |
|
|
| FINANCIAL
RESULTS |
|
|
|
|
Rupees |
|
|
| Net
profit for the year after charging all expenses, |
|
|
|
| including
allowance for potential lease losses: |
133,893,569 |
|
|
|
|
|
|
|
| Less:
Taxation |
|
30,000,000 |
|
|
|
|
|
--------------- |
|
|
|
|
|
103,893,569 |
|
|
| Unappropriated
profit brought forward |
|
4,643,293 |
|
|
|
|
|
--------------- |
|
|
|
|
|
108,536,862 |
|
|
| Appropriations: |
|
|
|
|
|
|
| Transfer
to General Reserve |
|
30,000,000 |
|
|
| Transfer
to reserve for issue of bonus shares |
40,277,380 |
|
|
| Cash
Dividend |
|
32,221,906 |
|
|
|
|
|
--------------- |
|
|
|
|
|
102,499,286 |
|
|
|
|
|
--------------- |
|
|
| Unappropriated
profit carried forward |
|
6,037,576 |
|
|
|
|
|
|
|
| DIVIDEND |
|
| The
Directors recommend a cash dividend of 20% (1997: 45%) and a bonus issue of
two |
|
| shares
for every eight shares held. |
|
|
| REVIEW
OF OPERATIONS |
|
| The
past twelve months saw economic turmoil develop in East Asia and affect many |
|
| countries
in the region. In Pakistan the expected turnaround in the economy did not |
|
| materialise
and problems compounded in the aftermath of nuclear tests in May 1998. The |
|
| combined
effect of deteriorating international and domestic economic conditions eroded |
|
| business
confidence in the Country and consequently investment in industries declined. |
|
|
| The
business growth achieved by your Company in the first half of the year was
not |
|
| sustained
in the second half and total volume of new leases for the year amounted to
Rs. |
|
| 1.47
billion, lower by 15% from the corresponding figure of 1997. New rent
receivables of |
|
| Rs.
2.0 billion were added in comparison to Rs. 2.5 billion in the previous year.
Lease |
|
| income
showed a moderate increase of 3.5% to Rs. 714 million. Shrinking volume, |
|
| narrowing
margins and a sharp increase in finance costs resulted in a 15% fall in
profit |
|
| before
tax of Rs. 133.9 million (1997: Rs. 157 million). Consequently, earnings per
share |
|
| reduced
from Rs. 8.20 last year to Rs. 6.45. The profit for the year includes
dividend income |
|
| of
Rs. 4.7 million received from Oman ORIX Leasing Company SAOG, an associated |
|
| Company. |
|
|
| Financial
charges increased by 13% to Rs. 537 million reflecting higher cost of new
loans |
|
| which
replaced old borrowings. Selling, general and administrative expenses were
higher |
|
| by
15% at Rs. 115 million mainly due to inflationary impact. General provision
for potential |
|
| bad
leases is a safeguard against future unforeseen losses. The charge for the
year is Rs. |
|
| 28.1
million and the total accumulated provision represents 3.85% of the net
exposure on |
|
| rent
receivables. Despite the weak business conditions in which receipts of lease
rents |
|
| slowed
in some cases, the Company received Rs. 1.9 billion in rent recoveries
against Rs. |
|
| 1.6
billion last year. |
|
|
| Demand
for industrial machinery continued to decline and accounted for 30% of the
total |
|
| lease
disbursements. Motor cars and commercial vehicles share rose to 61% and the |
|
| balance
was utilised for computer and office equipment leases. Instalment loans under |
|
| consumer
finance maintained their share of business and the Company commenced short- |
|
| term
rentals of equipment under operating lease contracts. Financial assistance
was |
|
| provided
to 1,022 businesses, majority of which were small and medium sized
enterprises, |
|
| which
represent the core customer base of the Company. The lease portfolio of Rs.
5.0 |
|
| billion
is well balanced and the highest exposure to any sector is 18 %. |
|
|
| FUNDING |
|
| The
Company continues to have adequate funding commitments to meet its business |
|
| requirements.
New medium-term loans of Rs. 440 million were obtained during the year |
|
| from
domestic financial institutions and banks. |
|
|
| At
the last AGM, shareholders had agreed to a TFC issue of Rs. 410 million with
attached |
|
| share
warrants exchangeable with 4.1 million shares at Rs. 45 each. In March 1998
tax |
|
| exemptions
on TFCs available to institutional investors were withdrawn. Simultaneously, |
|
| the
sharp decline of the stock market also affected the Company's share price
which fell |
|
| below
the offer price of Rs. 45 for the proposed share warrants. In view of the
market |
|
| realities,
the Board of Directors decided to defer the TFC issue. Since the need to
increase |
|
| capital
to a minimum of Rs. 200 million is met by the proposal to issue Bonus shares,
the |
|
| Directors
do not contemplate issuing share warrants with future issues of TFCs. |
|
|
| Loans
from multilateral lending institutions have been the main source of the
Company's |
|
| funding
due to the advantage of medium to long-term repayment periods and fixed rates
of |
|
| funding
costs. The Company has an excellent record with major multilateral
institutions and |
|
| hopes
to continue this relationship on a long-term basis. In the aftermath of the
economic |
|
| sanctions
imposed on the Country, remittance of foreign currency payments has been |
|
| restricted.
At the time of writing this Report, two installments due to an international |
|
| institution
could not be remitted due to lack of permission for payment in foreign
currency. |
|
| To
fulfill its obligation, the Company has deposited the equivalent amount in
Rupees in a |
|
| segregated
account pending official permission, which is expected in the near future. |
|
|
| CREDIT
RATING |
|
| The
Pakistan Credit Rating Agency (PACRA) maintained the Company's credit rating
of |
|
| A1+
and A1 for short and long term debt based on the results for the year to June
30, 1997. |
|
| The
Company continues to enjoy the highest rating for both categories in the
leasing sector. |
|
|
| ASSOCIATED
COMPANIES |
|
| Oman
ORIX Leasing Company SAOG (OOL) in which your Company holds 20% equity and |
|
| provides
management support, declared improved results for the year ended December 31, |
|
| 1997
with profit for the year increasing from Rial Omani 230,576 (Rs. 27 million)
in 1996 to |
|
| Rial
Omani 355,833 (Rs. 41.7 million). The Company has total assets of Rial Omani |
|
| 13,126,933
(Rs. 1.5 billion) and enhanced the dividend from 7.5% to 10% for 1997. |
|
| Business
conditions in Oman are good and OOL is expanding at a robust pace. |
|
|
| ORIX
Leasing Egypt (OLE) started operations in November 1997. Your Company holds |
|
| 23%
of OLE's equity and provides management support. OLE has established a good |
|
| business
base and results to date are satisfactory. The Egyptian economy is performing |
|
| well
and OLE is well placed to avail business opportunities which will increase as
the |
|
| concept
of leasing, which is new in Egypt, becomes familiar. |
|
|
| ORIX
Investment Bank Pakistan Limited (OLD) earned a profit before tax of Rs. 7.1
million |
|
| in
its half year of operations to December 31, 1997 and the bank continues to
concentrate |
|
| on
maintaining a high quality loan portfolio while seeking to improve fee based
income from |
|
| advisory
services. As experienced by other financial institutions in Pakistan, OIB's
business |
|
| is
also impacted by the slow economic conditions prevailing in the Country. |
|
|
| FUTURE
PROSPECTS |
|
| The
future economic conditions remain unclear at present and your Company's
strategy will |
|
| be
to maintain business at existing levels while ensuring that it has sufficient
funding to |
|
| meet
increased demand in the event of a turnaround in the economy. The newly
introduced |
|
| operating
lease business together with the Company's existing consumer finance |
|
| operations
will help to mitigate stagnation to some extent in the core business of
finance leasing. |
|
|
| The
Company continues to explore opportunities for investment in the Middle East
region |
|
| through
joint ventures in countries where leasing has good prospects. |
|
|
| DIRECTORS |
|
| Mr.
Rauf Ahmad Shamsi, a founding shareholder and Director of the Company expired
on |
|
| October
24, 1997. The late Mr. Shamsi had made an invaluable contribution to the |
|
| Company's
development since inception and his wisdom and guidance will be missed by |
|
| the
Company. |
|
|
| Mr.
Shaheen Amin, General Manager Oman ORIX Leasing Company SAOG, has filled the |
|
| vacancy
created by the passing away of Mr. Shamsi. Sayed Muzafar Ali Shah, Chairman
of |
|
| State
Life Insurance Corporation (SLIC) succeeded Mr. Muizuddin Ahmed on the Board |
|
| due
to the latter's transfer from SLIC. Mr. Yoshiaki Ishida, Deputy President,
ORIX |
|
| Corporation
of Japan relinquished his seat on the Board in favour of Mr. Takashi Koizumi, |
|
| Managing
Director of International Operations of ORIX Corporation. Mr. Mohammad Aslam, |
|
| Chief
Executive of ORIX Investment Bank Pakistan Limited and a Director of the
Company, |
|
| has
been transferred to an ORIX Group Company abroad. Mr. Mohammad Qamrul Haq, |
|
| General
Manager of the Company incharge of Marketing, has been appointed Director to
fill |
|
| the
vacancy created by Mr. Aslam's transfer. |
|
|
| The
Directors place on record their appreciation of the services of Mr. Yoshiaki
Ishida, Mr. |
|
| Muizuddin
Ahmad and Mr. Mohammad Aslam and welcome Mr. Takashi Koizumi, Sayed |
|
| Muzafar
Ali Shah, Mr. Shaheen Amin and Mr. Mohammad Qamrul Haq on the Board. |
|
|
| HOLDING
COMPANY |
|
