| Unit Trust Of Pakistan |
|
|
|
|
|
|
|
| Annual
Report 2000 |
|
|
|
| Mission
Statement |
|
| To
provide value to Unitholders in terms of investment performance and customer
service |
|
|
|
| Contents |
|
|
| ORGANIZATION |
|
| INFORMATION
ABOUT UTP |
|
| REPORT
OF THE DIRECTORS OF THE MANAGEMENT COMPANY |
|
| REPORT
OF THE TRUSTEE |
|
| AUDITORS'
REPORT TO THE UNITHOLDERS |
|
| FINANCIAL
STATEMENTS |
|
| -- Statement of Assets and
Liabilities |
|
| -- Income Statement |
|
| -- Distribution Statement |
|
| -- Statement of
Movement in Unitholders' Funds |
|
| Notes
to the Accounts |
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| PERFORMANCE
TABLE |
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| Organization |
|
|
| Management
Company |
|
|
| ABAMCO
Limited |
|
| 1306-1307,
Chapal Plaza, Hasrat Mohani Road, Karachi-74000 |
|
| Tel:
(92-21) 2441311-14 Fax: (92-21) 2425652 |
|
|
| Board
of Directors of the Management Company |
|
| Chairman |
|
Mr. Jahangir Siddiqui |
|
|
| Directors |
|
Mr. William H. Kleh |
|
|
Mr. lyad Malas |
|
|
Shaikh Mukhtar Ahmed |
|
|
Mr. Mazhar ul Haq
Siddiqui |
|
|
Mr. Munaf Ibrahim |
|
| Chief Executive |
|
Mr. M. Habib-ur-Rahman |
|
|
| Company
Secretary |
Saiyid Azher Alam |
|
|
| Trustee |
|
| Muslim
Commercial Financial Services (Private) Limited |
|
| 9th
Floor, Shaikh Sultan Trust Building, Beaumont Road, Karachi-75530 |
|
| Tel:
(92-21) 5676172-73, 5675936 Fax: (92-21) 5684458 |
|
|
| Transfer Agent |
|
| Muslim
Commercial Bank Limited |
|
| 9th
Floor, Shaikh Sultan Trust Building, Beaumont Road, Karachi-75530 |
|
| Tel:
(92-21) 5676172-73, 5684326 Fax: (92-21) 5684458 |
|
|
| Distribution
Companies |
|
| Altowfeek
Investment Bank Limited |
|
| Jahangir
Siddiqui & Co. Limited |
|
| Muslim
Commercial Bank Limited |
|
| National
Bank of Pakistan |
|
| Prudential
Commercial Bank Limited |
|
|
| Auditors |
|
| Ford,
Rhodes, Robson, Morrow - Chartered Accountants |
|
| Finlay
House, I.I. Chundrigar Road, Karachi-74000 |
|
|
| Legal Advisers |
|
| Bawaney
& Partners |
|
| 205-208,
Imperial Hotel Building, Q.R.5, M.T. Khan Road, Karachi-74200 |
|
|
|
| Information
about Unit Trust of Pakistan |
|
|
| What is UTP? |
|
| UTP
is the first and the only open-ended mutual fund in the private sector with
investment strategy that makes it a balanced fund. |
|
|
| What
is a balanced fund? |
|
| A
balanced fund is a versatile investment program... in a single investment. |
|
| Through
a portfolio of rigorously screened and monitored stocks, debt securities and
short-term instruments, a balanced fund |
|
| gives
the investment e chance to perform two important jobs, to grow and to produce
income. |
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|
| Public offering |
|
| UTP
Units are being offered for public subscription on a continuous basis of sale
and redemption from October 27, 1997, through |
|
| an
Offering Document. The initial offer price was Rs. 5,000/=. |
|
|
| Listing |
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| The
Units issued by UTP are listed on the Lahore Stock Exchange. |
|
|
| Mutual
fund rating |
|
| UTP
has been assigned AA(f) rating by PACRA. The rating denotes the ability of
the fund to consistently out perform its peers with |
|
| strong
capacity to respond to future opportunities or stress situation. |
|
|
| Units of UTP |
|
| ·
Units offered for public subscription on a continuous basis |
|
| ·
Units redeemable by surrendering to UTP |
|
| ·
Units are also transferable |
|
| ·
Par value of Units Rs. 5,000/= |
|
| ·
Minimum subscription for investment is one Unit and there is no upper limit
set on the Units to be issued |
|
|
| Unit types |
|
| UTP
is authorized to issue four varying types of Units. |
|
| ·
Type "A" Units are those, which do not carry any sales load and are
issued only.on reinvestment of the dividend amount for |
|
| purchase of Units. |
|
| ·
Type "B" Units carry front-end load which the applicants pay at the
time of purchase of Units and is included in the sale price. |
|
| ·
Type "C" Units carry back-end load, which, the applicants pay at
the time of redemption of their Units only. |
|
| ·
Type "D" Units carry contingent load, which the applicants pay at
the time of redemption. However, the sales load is charged at a |
|
| declining rate for every year Units are
held. |
|
| Presently
only Type "A" & Type "B" Units are offered. It is
proposed to offer Type "D" Units in near future subject to the
approval of |
|
| Securities
and Exchange Commission of Pakistan. |
|
|
| Unit prices |
|
| ·
UTP's Offer and Redemption Prices are based on the NAV. Units are fully
backed by the assets of UTR |
|
| ·
The Offer Price at which Type "B" Units are sold is equal to the
sum of the NAV and a sales load of 2% of the net asset value of |
|
| Units and rounded upwards to the nearest
Rupee. Type "A" Units are issued on reinvestment of dividend amount
into Units. |
|
| These are issued at NAV at the year-end
(June 30) and rounded upward to the nearest Rupee. The Redemption Price at
which |
|
| Type "A" and Type "B"
Units are redeemed is equal to the NAV and rounded downwards to the nearest
Rupee. |
|
| ·
The Offer and Redemption Prices are announced by the Management Company each
Saturday and are valid for four working |
|
| days (Mon -Thu) of the following week. If
during the week, there is more than 2% variation in NAV, the Management
Company |
|
| will announce new Unit Prices for the
remaining week. |
|
|
| How
UTP makes investment easy for you |
|
| *
Automatic Reinvestment of Dividend |
|
| Distributions
may be received in cash or reinvested in the Fund free of sales load.
Overtime, the power of compounding can |
|
| significantly
increase the value of your investment. |
|
| *
Easy Access to Your Money |
|
| Your
Units may be redeemed at the NAV and capital returned in just six working
days. The price of Units redeemed may be |
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| more
or less than their original cost, depending on the market conditions. |
|
|
| Approved
security |
|
| The
Units issued by UTP are approved security under section 20(h) of the Trusts
Act, 1882 and section 227(2)(c) of the Companies |
|
| Ordinance,
1984 for investment by provident fund schemes without any limitations. The
Units are also approved investment under |
|
| the
Insurance Act, 1938 and under NBFI Rule 6(b) for maintaining liquidity of
non-banking financial institutions. |
|
|
| Circumstances
under which UTP may be terminated |
|
| The
Management Company may terminate UTP, if the net assets at any time fall
below Rupees Fifty million. The Securities and |
|
| Exchange
Commission of Pakistan may also terminate UTP, if the Commission considers
that further continuation of the |
|
| authorization
of UTP will not be in the interest of the Unitholders. |
|
|
| Investment
of UTP funds |
|
| * Goal |
|
| The
investment goal of UTP is to provide to the investors in UTP Units long-term
capital appreciation, current income, |
|
| preservation
of principal and almost immediate access to the money if the Units are
redeemed. |
|
| *
Diversification |
|
| UTP
offers the benefit of diversification of investment of its funds in different
types of financial assets. |
|
| * Strategy |
|
| UTP's
funds are invested in three types of high quality assets. |
|
|
| ·
Shares of companies with consistent dividend record |
|
| Historically
such shares have shown improvement in dividend yield and appreciation .in
value and have the potential to |
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| outperform
other types of investments over the long-term. However, shares also tend to
have wider price fluctuations than |
|
| other securities. |
|
| ·
Debt instruments of companies with good credit rating |
|
| They
provide regular current income and a cushion against fluctuations in share
prices. |
|
| ·
Short-term money market instruments |
|
| They
represent investments of varying maturities from over-night to period not
exceeding six months and are backed by |
|
| Government
paper or such securities, which are suitable for UTP's investment. These
investments provide regular current |
|
| income,
a cushion against fluctuations in share price and liquidity to UTP for making
optimum advantages of investment |
|
| opportunities. |
|
|
| Dividend
distribution and income tax |
|
| *Tax on UTP |
|
| UTP
will distribute at least 90% of its income to Unitholders for each financial
year. On this basis, the income of UTP will be |
|
| exempted
from income tax under section 102-D of part 1 of the second schedule of
Income Tax Ordinance, 1979. |
|
| *
Tax on Unitholders and liability to Zakat |
|
| The
information set forth below is included for general information purposes
only. In view of individual nature of tax |
|
| consequences,
each investor is advised to consult his/her tax adviser with respect to the
specific tax consequences to him/her |
|
| of
investing in UTP. |
|
| ·
Tax on dividend: Unless exempted from such taxation by applicable law or tax
treaties, the tax on profit distribution by UTP |
|
| will be |
|
| ·
10% for individuals; |
|
| ·
5% for public companies* in Pakistan; |
|
| ·
15% for foreign companies and |
|
| ·
20% for other companies. |
|
| ·
(Other than companies carrying general insurance business) |
|
| ·
Zakat: Units held by resident Pakistanis shall be subject to Zakat at 2.5% of
the par value of Units under the Zakat and |
|
| Ushr
Ordinance, 1980, except those exempted under the said ordinance. Zakat will
be deducted at source from the |
|
| amount
of dividend or from the redemption proceeds, if Units are redeemed during the
Zakat year before payment of |
|
| dividend. |
|
|
| Dispatch
of dividend warrants |
|
| Dividend
Warrants shall be dispatched within 30 days after the declaration of
dividend. |
|
|
| Transparency |
|
| The
operation of UTP is transparent. |
|
| The
Management Company will provide to each Unitholder the Accounts and Report in
respect of the first half of the accounting |
|
| year
within two months of the end of the half-year and the Annual Report together
with the Audited Accounts, Auditor's Report .and |
|
| a
report from the Trustee within four months of the financial year. The NAV of
Units is televised every week and published in |
|
| leading
newspapers and Karachi and Lahore Stock Exchanges' Quotations. |
|
|
| For
more information please call: |
|
| The
Marketing Manager; ABAMCO Limited |
|
| 1306-1307,
Chapal Plaza, Hasrat Mohani Road, Karachi-74000 |
|
| Tel:
(92-21) 2441311-14 Fax: (92-21) 2425652 |
|
|
| NB:
This information sheet is not an offering document. Please call the Marketing
Manager for offering document and financial statements of UTP or for a |
| personal visit. |
|
|
|
|
| Report
of the Directors of the |
|
| Management
Company |
|
|
| The
Board of Directors of ABAMCO Limited, the management company of Unit Trust of
Pakistan |
|
| (UTP),
presents the Third Annual Report on the working of UTP together with the
audited accounts |
|
| for
the year ended June 30, 2000. |
|
|
| 1.
INCOME OF UTP |
|
| The
income for the year ended June 30, 2000 was Rs. 109.303 million (1999: Rs.
48.611 million) |
|
| after
providing Rs. 0.452 million as provision for diminution in market value of
investments on |
|
| individual
investment basis (1999: Rs. 1.069 million). The income works out to Rs. 1,235
per unit |
|
| (1999:
Rs. 685 per unit), showing an increase of 80%. During the year, the return
available in money |
|
| market
declined substantially. UTP's funds were therefore, moved from investment in
money market |
|
| instruments
to equity securities. The decline in income from money market was more than
offset by |
|
| handsome
increase in income from capital gains, which UTP was able to realise from
sale of equity |
|
| securities. |
|
|
| 2.
SALE AND REDEMPTION OF UNITS |
|
| During
the year under review, 30,838 Units with a value of Rs. 193.922 million were
sold (1999:6,130 |
|
| Units
with a value of Rs. 33.214 million) and 13,285 Units with a value of Rs.
74.403 million were |
|
| redeemed
(1999:3,486 Units with a value of Rs. 17.580 million). Net sales were 17,553
Units with |
|
| a
value of Rs. 119.520 million (1999:2,644 Units with a value of Rs. 15.634
million). As on June 30, |
|
| 2000
Units outstanding were 88,496 with a value of Rs. 469.046 million
(1999:70,943 Units with |
|
| a
value of Rs. 358.281 million), reflecting an increase of 24.74% in number of
Units and 30.92% in |
|
| their values. |
|
|
| 3.
UNIT PRICES |
|
| After
the announcement of dividend for the year ended June 30, 1999, the
ex-dividend offer and |
|
| redemption
prices of Units were fixed at Rs. 5,186 and Rs. 5,085 respectively for the
period from |
|
| July
19, 1999 to July 22, 1999, based on the net asset value (NAV) of Units on
July 16, 1999. |
|
| Subsequently
the Unit prices were announced weekly on every Saturday for the following
week, |
|
| based
on the NAV of Units on previous Friday. Due to market movements the
variations in NAV |
|
| exceeded
2% during the week January 10-13, 2000 (+2.06%) and week January 24-27, 2000 |
|
| (-2.76%).
The transactions in UTP Units at previous offer and redemption prices were
suspended. |
|
| New
prices were then announced for remaining days of the week, which were
Thursday, January 13, |
|
| 2000
in the first case and Wednesday and Thursday, January 26 and 27, 2000 in the
second case. |
|
| At
the end of the year on June 30, 2000, the offer and redemption prices stood
at Rs. 6,432 and |
|
| Rs.
6,331 respectively (June 30, 1999: Rs. 5,742 and Rs. 5,641). |
|
|
| The
register of Unitholders was closed from July 1, 2000 to July 22, 2000 to
determine the |
|
| entitlement
to dividend. The sale and redemption of Units will now recommence from
Monday, |
|
| July
24, 2000. The ex-dividend offer and redemption prices have been fixed at Rs.
5,513 and |
|
| Rs.
5,412 respectively for the period Monday, July 24, 2000 to Thursday, July 27,
2000 based on NAV |
|
| of
Friday, July 21, 2000. |
|
|
| 4.
DISTRIBUTION ON UNITS AND TOTAL RETURN |
|
| The
Management Company has declared a dividend of Rs. 1,125 per Unit (1999: Rs.
675 per Unit) |
|
| for
the year ended June 30, 2000. This is equivalent to 22.50% (1999: 13.50%) of
the par value of |
|
| Units
of Rs. 5,000 each. As 91.08% (1999: 98.50%) of income of the year is being
distributed to |
|
| Unitholders,
there will be no liability for income tax. Rs. 10.87 million is being
retained. After setting |
|
| aside
the dividend amount, the NAV of Units comes to Rs. 5,300 on June 30, 2000
(June 30, 1999: |
|
| Rs. 5,050). |
|
|
| The
dividend warrants and Unit certificates/account statements for Units acquired
through |
|
| reinvestment
of dividend are under preparation and will be dispatched to Unitholders by |
|
| August
20, 2000. |
|
|
| 5.
RETURN ON UTP UNITS |
|
|
| UTP
has been showing a steady and consistent performance since its public
offering. The following |
|
| table
will show the total return earned by Unitholders who were holding their
investment on |
|
| June 30, 2000. |
|
|
|
Total return on an |
|
| Date
of Investment |
Offer Price |
annualized basis upto |
|
|
June 30, 2000 |
|
| October
27, 1997 (1)* |
Rs. 5,000 |
19.80% |
|
| July 6, 1998 (2)* |
|
Rs. 5,112 |
19.58% |
|
| July
19, 1999 (2)* |
Rs. 5,186 |
25.13% |
|
|
|
|
| (1)*
The date of initial public offering |
|
| (2)* The date of reopening of Unitholders' register |
~ |
|
|
| 6.
APPROVED SECURITY STATUS AND LEVEL PLAYING FIELD |
|
|
| The
Securities and Exchange Commission of Pakistan (SECP) has notified UTP as
approved |
|
| investment
under the Insurance Act, 1938 and the State Bank of Pakistan (SBP) has
approved UTP |
|
| under
NBFI Rule 6 for investment of Statutory Liquidity Reserve (SLR) of
non-banking financial |
|
| institutions
initially for a period of two years. |
|
|
| We
thank the SECP and SBP for removing these anomalies. We expect that SBP will
soon remove |
|
| the
restriction of two years on UTP's approval. |
|
|
| We
also thank the Honourable Finance Minister for his support in resolving these
pending issues and |
|
| bringing
level playing field. |
|
|
| UTP
has still not been approved under the Banking Ordinance, 1962 for investment
of SLR of |
|
| banking
companies, whereas public sector unit trust scheme is approved for this
purpose. We hope |
|
| that
in line with the Government policy this anomaly will also be removed. |
|
|
| 7. AUDITORS |
|
| The
Management Company has re-appointed Messrs. Ford, Rhodes, Robson, Morrow -
Chartered |
|
| Accountants
as auditors of UTP for the financial year 2000-2001. |
|
|
| 8. THANKS |
|
| The
Board of Directors of the Management Company thanks the Securities and
Exchange |
|
| Commission
of Pakistan for their valuable support, understanding and guidance. |
|
|
| For
and on behalf of the Board |
|
|
| Karachi |
|
M. Habib-ur-Rahman |
|
| July 20, 2000 |
|
Chief Executive |
|
|
|
|
| Report
of the Trustee |
|
|
| Report
of the Trustee pursuant to Rule 18(f) of the Asset Management Companies
Rules, 1995. |
|
|
| ABAMCO
Limited, the Management Company of Unit Trust of Pakistan has in all material
respects |
|
| managed
Unit Trust of Pakistan in accordance with the provisions of the Trust Deed
dated April 26, 1997 |
|
| of
Unit Trust of Pakistan and the Asset Management Rules, 1995, during the
period July 1, 1999 to |
|
| June 30, 2000. |
|
|
| Karachi |
|
A. Razak H. Adam |
|
| July 8, 2000 |
|
Managing Director |
|
|
Muslim Commercial Financial Services (Private) Limited |
|
|
|
|
| Auditors's
Report to the Unitholders |
|
|
|
| We
have audited the annexed statement of assets and liabilities of UNIT TRUST OF
PAKISTAN as at |
|
| June
30, 2000 and the related income statement, distribution statement and
statement of movement in |
|
| Unitholders'
funds, together with the notes forming part thereof, for the year then ended.
These financial |
|
| statements
are the responsibility of the management company. Our responsibility is to
express an |
|
| opinion
on these financial statements. based on our audit. |
|
|
| In
our opinion and to the best of our information and according to the
explanations given to us, the |
|
| statement
of assets and liabilities, income statement, distribution statement and
statement of movement |
|
| in
Unitholders' funds, together with the notes forming part thereof have been
prepared in accordance |
|
| with
the relevant provisions of the Trust Deed and the Asset Management Companies
Rules, 1995 and |
|
| present
a true and fair view of the state of affairs as at June 30, 2000 and of the
transactions of the |
|
| scheme
for the year then ended. |
|
|
| Karachi |
|
Ford, Rhodes, Robson, Morrow |
|
| July 20, 2000 |
|
Chartered Accountants |
|
|
|
|
| Statement
of Assets and Liabilities |
|
| AS
AT JUNE 30, 2000 |
|
|
|
Note |
2000 |
1999 |
|
|
|
Rupees |
Rupees |
|
| Assets |
|
|
| Investments |
|
| Marketable
securities |
|
| Equity
securities |
|
4.1 |
96,928,116 |
38,507,542 |
|
| Term
finance certificates |
|
4.2 |
50,232,040 |
35,000,000 |
|
|
4.3 |
147,160,156 |
73,507,542 |
|
| Clean
placements |
|
5 |
2,000,000 |
60,000,000 |
|
| Receivable
against sale of marketable securities |
|
6 |
438,122,496 |
8,625,000 |
|
| Other
receivables |
|
7 |
6,632,162 |
7,183,574 |
|
| Bank balances |
|
8 |
41,993,590 |
266,732,380 |
|
|
|
----------- |
----------- |
|
| Total assets |
|
635,908,404 |
416,048,496 |
|
|
| Liabilities |
|
|
| Short-term
borrowing |
|
9 |
50,000,000 |
-- |
|
| Remuneration
payable to Management Company |
|
10 |
14,501,244 |
9,103,061 |
|
| Remuneration
payable to Trustee |
|
|
153,674 |
135,552 |
|
| Creditors
and accruals |
|
11 |
2,645,938 |
641,118 |
|
| Distribution
payable |
|
|
99,561,092 |
47,887,635 |
|
|
|
----------- |
----------- |
|
| Total liabilities |
|
166,861,948 |
57,767,366 |
|
|
----------- |
----------- |
|
| Net assets |
|
469,046,456 |
358,281,130 |
|
|
|
========== |
========== |
|
| Unitholders'
funds (as per statement attached) |
|
469,046,456 |
358,281,130 |
|
|
========== |
========== |
|
| Contingencies
and commitments |
|
Nil |
Nil |
|
|
========== |
========== |
|
| Number
of Units in issue |
|
88,496 |
70,943 |
|
|
========== |
========== |
|
| Net asset value |
|
5,300 |
5,050 |
|
|
========== |
========== |
|
| The
annexed notes form an integral part of these accounts. |
|
|
|
For ABAMCO Limited |
|
|
(Management Company) |
|
|
|
M. Habib-ur-Rahman |
|
Munaf Ibrahim |
|
Shaikh Mukhtar Ahmed |
|
|
Chief Executive |
|
Director |
|
Director |
|
|
|
For Muslim Commercial Financial Services (Private) Limited |
|
|
(Trustee) |
|
|
|
A. Razak H. Adam |
|
|
Managing Director |
|
|
|
|
| Income
Statement |
|
| FOR
THE YEAR ENDED JUNE 30, 2000 |
|
|
|
Note |
2000 |
1999 |
|
|
|
Rupees |
Rupees |
|
|
| Income |
|
|
| Net
gain on sale of marketable securities |
|
59,212,715 |
13,579,748 |
|
| Dividend
income |
|
25,983,700 |
5,551,252 |
|
| Markup
on term finance certificates |
|
7,629,872 |
639,424 |
|
| Profit
on money market transactions |
|
3,055,762 |
24,438,608 |
|
| Return
on bank balances |
|
10,486,480 |
14,372,490 |
|
| Other income |
|
-- |
590,500 |
|
| Element
of income and capital gains in prices |
|
| of
Units sold less those in Units redeemed |
|
26,062,959 |
2,067,644 |
|
|
------------ |
------------ |
|
|
132,431,488 |
61,239,666 |
|
|
| Provision
for diminution in market value of marketable |
|
| securities
on an individual investment basis |
|
(452,369) |
(1,068,625) |
|
|
------------ |
------------ |
|
|
131,979,119 |
60,171,041 |
|
| Expenses |
|
|
| Borrowing
charges |
|
4,100,996 |
-- |
|
| Remuneration of Management Company |
!0 |
|
14,501,244 |
9,103,061 |
|
| Remuneration
of Trustee |
|
1,632,634 |
1,463,832 |
|
| Brokerage
expenses |
|
26,838 |
58,162 |
|
| Bank
and settlement charges |
|
1,824,476 |
812,019 |
|
| Auditors' remuneration |
12 |
|
132,750 |
122,500 |
|
| Credit rating fee |
|
456,784 |
-- |
|
|
------------ |
------------ |
|
|
22,675,722 |
11,559,574 |
|
|
------------ |
------------ |
|
| Net income |
|
109,303,397 |
48,611,467 |
|
|
========== |
========== |
|
| The
annexed notes form an integral part of these accounts. |
|
|
|
|
|
|
|
For ABAMCO Limited |
|
|
(Management Company) |
|
|
|
M. Habib-ur-Rahman |
|
Munaf Ibrahim |
|
Shaikh Mukhtar Ahmed |
|
|
Chief Executive |
|
Director |
|
Director |
|
|
|
For Muslim Commercial Financial Services (Private) Limited |
|
|
(Trustee) |
|
|
|
A. Razak H. Adam |
|
|
Managing Director |
|
|
|
| Distribution
Statement |
|
| FOR
THE YEAR ENDED JUNE 30, 2000 |
|
|
|
|
|
2000 |
1999 |
|
|
Rupees |
Rupees |
|
|
| Undistributed
income brought forward |
|
1,124,098 |
399,156 |
|
|
| Net
income for the year |
|
109,303,397 |
48,611,467 |
|
|
------------ |
------------ |
|
|
110,427,495 |
49,010,623 |
|
|
| Final
distribution @ Rs. 1,125/- per unit to be distributed on August 20, 2000 |
|
| (1999:
Rs. 675/- per unit distributed on August 7, 1999) |
|
99,558,000 |
47,886,525 |
|
|
------------ |
------------ |
|
| Undistributed
income carried forward |
|
10,869,495 |
1,124,098 |
|
|
========== |
========== |
|
|
|
|
|
For ABAMCO Limited |
|
|
(Management Company) |
|
|
|
M. Habib-ur-Rahman |
|
Munaf Ibrahim |
|
Shaikh Mukhtar Ahmed |
|
|
Chief Executive |
|
Director |
|
Director |
|
|
|
For Muslim Commercial Financial Services (Private) Limited |
|
|
(Trustee) |
|
|
|
A. Razak H. Adam |
|
|
Managing Director |
|
|
|
|
