In order to felicitate the managements of the 'Top Companies' on account of their exemplary performance, the Karachi Stock Exchange has planned to hold the 'Top Companies Awards' distribution function for two years--2002 & 2003--in December, said Moin M Fudda, Managing Director, Karachi Stock Exchange. Prime Minister Shaukat Aziz would be the chief guest on the occasion, which is scheduled for December 5, 2004. This would be the 25th year of award distribution. The awards will be distributed to Top Companies which have qualified for the awards for the years 2002 & 2003.
Since the ceremony for 2002 Awards could not be arranged last year, it has been combined with 2003. These top companies are selected on the basis of criteria laid down by KSE Board which, inter alia, include a minimum payout of 40 percent, minimum 500 shareholders and the company should not be subject to any violation of Listing Regulations and must be a CDC Eligible Security.
The companies that qualify on the basis of these prerequisite have been finally selected for the award on the basis of highest marks obtained in relation to distribution 30 percent, return on equity 25 percent, turnover of shares 20 percent and good corporate governance 25 percent.
The top companies reception organised, by the Karachi Stock Exchange since 1978, is a source of encouragement to the managements of listed companies to distribute higher dividends amongst their shareholders, Fudda, said.
The Karachi Stock Exchange has announced the names of Top Companies which have been selected for the years 2002 & 2003. Out of Top 25 companies selected for the year 2003 there are 21 companies are common to both years, and as a result the awards will be given to 29 companies in aggregate. Following companies have been selected for both years: Unliver Pakistan Ltd; Shell Pakistan Ltd; Javed Omer Vohra & Company Ltd; Siemens Pakistan (Engineering) Company Ltd; Rafhan Maize Products Company Ltd; Al-Ghazi Tractors Ltd; Arif Habib Securities Ltd; Engro Chemical Pakistan Ltd; Clariant Pakistan Ltd; Hub Power Company Ltd; Fauji Fertiliser Company Ltd; Pakistan State Oil Ltd; Nestle Milkpak Ltd; Century Paper & Board Mills Ltd; Pakistan Oilfields Ltd; International Industries Ltd; Security Papers Ltd; Thal Ltd; Packages Ltd; and BOC Pakistan Ltd.
Following companies have been selected for year 2003: Lakson Tobacco Company Ltd; Pakistan Refinery Ltd; Treet Corporation Ltd; and Faysal Bank Ltd; while Atlas Honda Ltd; Grays of Cambridge Pakistan Ltd; Dawood Hercules Chemical Ltd; and International General Insurance Company of Pakistan Ltd for the 2002 period.