Wednesday, December 22, 2004
Rafique Lakhani
Senior Vice President Mr. Rafique Lakhani has over 19 years of experience in financial management and controllership. Prior to joining Abraaj, from 1995 to 2005, he was Chief Financial Officer of the Cupola Group, a regionally focused operating group based in Dubai with diverse business interests in consumer, retail, information and engineering sectors in the Middle East and South Asia. At Cupola, he was responsible for group financial planning and control, treasury and risk management, tax planning, banking relationships, accounting and financial reporting. He also participated in the due diligence and financing of various acquisition and subsequent divestment transactions. Mr. Lakhani was Financial Controller for the Dewan Group in Karachi, Pakistan. Prior to joining Dewan, he was associated with Al Batha Group, Sharjah, U.A.E. as Finance Manager for their Group Treasury. He is a fellow member of the Institute of Chartered Accountants of Pakistan.
Friday, April 16, 2004
AHSL brokers deal between Dewan, Allied
KARACHI: Dewan Group has taken over Allied Groups’ stake in Allied Motors Ltd, and a deal to this effect between Dewan Mushtaq Group and Allied Group was brokered by Arif Habib Securities Ltd (AHSL), said a press release issued by the AHSL here Thursday. The company used to be called Allied Tractors Ltd and assembled tractors of the Ford brand. During the 1990s, the company had a dispute with Ford and the plant has been closed for the number of years. The equity of Allied Motors Ltd is negative and the book value per share after taking into account revaluation of assets in below Rs 4. Dewan Group bought 4,753,259 shares (53 percent) at a rate of Rs 1 and in addition has agreed to take on the responsibility for the discharge of the liabilities of the company, the release said. “The deal was finalised after talks with a number of parties, as it was felt that the interests of the minority shareholders would best be looked after by Dewan Group,” it added. —Staff Report
Friday, April 26, 2002
BMW to be assembled in Pakistan after 2006
KARACHI: Dewan Motors (Pvt) Ltd (DMPL), which began importing various models of BMW cars from Munich, Germany earlier this month and will formally launch in a few days time plans to begin local assembly of BMWs after 2006, a company source has said.
“At present we are importing all the models of BMW cars and are also providing all servicing facilities, including spare parts,” the source said. The launching will take place simultaneously in Karachi, Lahore and Islamabad.
He said that although the cars have not been officially launched yet, a demand for them has been seen in Karachi, Lahore and Islamabad.
“We are taking orders for all the latest models from the customers, and a number of vehicles have already been booked,” said the official. However, he refused to give the exact number of the vehicles booked so far.
He also said that the company is hiring well-experienced staff to look after the BMW vehicles in Pakistan, but refused to give the exact investment figure. An advertisement in the weekend newspapers from the group called for applications for ten positions.
Earlier, Redco group imported BMW cars till 1999, but after that there was no legal importer of BMW in the country.
The Dewan group entered the automobile area in December 1998. “Based on the experienced gained by managing assembling, marketing, selling and after-sales support of automobiles operations, the management of Dewan group set out to capture the luxurious BMW car segments, said the source.
According to unofficial figures, at present 600 to 700 BMW vehicles are plying on the country’s roads, as the vehicle is one of the expensive cars in the world.
“The main objective of the Dewan group is to bring all the latest models of BMW including 5-series, 7-series and others,” said the company official. “The group is also importing whole diagnostic equipments and software to diagnose the on-board problems on computers in the vehicles and other servicing facilities including fixing and others.”
Dewan Motors will open two showrooms for BMW in Karachi and Lahore, while it already has a showroom in Islamabad, the source said. He added that no dealer of any showroom would be involved in the selling of these vehicles in the country, as the country has decided to market the vehicles itself.
According to him, the prices of the different BMW models would range between Rs 4 million and Rs 15 million. “Of course the Pakistani people have the purchasing power to buy such luxury cars, and there is a demand of such vehicles here,” he said.
He said the company’s main focus is on the BMW models, adding that according to the survey done by the company, the demand of MINI is very low. “Some 20 to 30 year old MINI vehicles are plying on the roads of the country, but the people are not interested in importing new models of this vehicle,” he said. However, he added that the company would still import the latest models of MINI to market them here.
According to BMW, electrical and electronic systems are the key driving force behind some 90 percent of all the BMW groups’ innovations, and these technologies represent something of a “digital revolution” within the automotive industry and vehicle development.
http://www.dailytimes.com.pk/default...-10-2003_pg5_4
Great news for Pakistan. I hope Dewan group carried out its research before launching this mega project. BMW doesnt like failures!
I also hope that the government concentrates on raising the income level of the people so that more people can afford these magnificent cars.
“At present we are importing all the models of BMW cars and are also providing all servicing facilities, including spare parts,” the source said. The launching will take place simultaneously in Karachi, Lahore and Islamabad.
He said that although the cars have not been officially launched yet, a demand for them has been seen in Karachi, Lahore and Islamabad.
“We are taking orders for all the latest models from the customers, and a number of vehicles have already been booked,” said the official. However, he refused to give the exact number of the vehicles booked so far.
He also said that the company is hiring well-experienced staff to look after the BMW vehicles in Pakistan, but refused to give the exact investment figure. An advertisement in the weekend newspapers from the group called for applications for ten positions.
Earlier, Redco group imported BMW cars till 1999, but after that there was no legal importer of BMW in the country.
The Dewan group entered the automobile area in December 1998. “Based on the experienced gained by managing assembling, marketing, selling and after-sales support of automobiles operations, the management of Dewan group set out to capture the luxurious BMW car segments, said the source.
According to unofficial figures, at present 600 to 700 BMW vehicles are plying on the country’s roads, as the vehicle is one of the expensive cars in the world.
“The main objective of the Dewan group is to bring all the latest models of BMW including 5-series, 7-series and others,” said the company official. “The group is also importing whole diagnostic equipments and software to diagnose the on-board problems on computers in the vehicles and other servicing facilities including fixing and others.”
Dewan Motors will open two showrooms for BMW in Karachi and Lahore, while it already has a showroom in Islamabad, the source said. He added that no dealer of any showroom would be involved in the selling of these vehicles in the country, as the country has decided to market the vehicles itself.
According to him, the prices of the different BMW models would range between Rs 4 million and Rs 15 million. “Of course the Pakistani people have the purchasing power to buy such luxury cars, and there is a demand of such vehicles here,” he said.
He said the company’s main focus is on the BMW models, adding that according to the survey done by the company, the demand of MINI is very low. “Some 20 to 30 year old MINI vehicles are plying on the roads of the country, but the people are not interested in importing new models of this vehicle,” he said. However, he added that the company would still import the latest models of MINI to market them here.
According to BMW, electrical and electronic systems are the key driving force behind some 90 percent of all the BMW groups’ innovations, and these technologies represent something of a “digital revolution” within the automotive industry and vehicle development.
http://www.dailytimes.com.pk/default...-10-2003_pg5_4
Great news for Pakistan. I hope Dewan group carried out its research before launching this mega project. BMW doesnt like failures!
I also hope that the government concentrates on raising the income level of the people so that more people can afford these magnificent cars.
Wednesday, April 11, 2001
Investment in associated companies by Dewan group of companies.
Annual General Meetings of M/s. Dewan Sugar Mills Limited, Dewan Mushtaq Textile Mills Limited, Dewan Khalid Textile Mills Limited and Dewan Textile Mills Limited were scheduled to be held on March 31, 2001. While examining the contents of the notices of the said AGMs, it was observed that the companies intended to seek approval of the shareholders for passing Special Resolutions pertaining to loans and advances to their associated companies. It was further checked that all the companies have already exceeded the limit of 30% as fixed under Section 208(1) of the Companies Ordinance, 1984 for making investment in associated companies
Since the proposed special resolutions were found in violation of the provisions of Section 208(1) of the Companies Ordinance, 1984, the companies were directed not to proceed further for getting approval of the shareholders.
On our direction, the management of the aforesaid companies have confirmed in writing that the proposed resolutions pertaining to the investments in associated companies will not be moved in the AGMs.
Monday, January 17, 2000
Korean Ambassador Visits New Automobile Plant
Korean Ambassador Visits New Automobile Plant
Mr. Yoon Jee-joon, Ambassador of the Republic of Korea recently visited the newly built Dewan Farooque Motors automobile plant in Sujawal. Mr. Yoon Jee-joon flew in for the occasion on a special Dewan Group helicopter along with Mr. See Young Lee, Consul General, Republic of Korea, and Mr. Ye Young Lee, Director & General Manager of Hyundai Corporation Co., Pakistan Liaison office. They were accompanied by Mr. Dewan M. Yousuf Farooqui, Managing Director, DFML, and Mr. Dewan Abdullah Ahmed, Deputy Managing Director of the company.
The plant will produce vehicles under license from Hyundai Motor Company and Kia Motors Corporation of Korea, bringing the latest automotive technology to Pakistan's automobile industry. Mr. Yoon Jee-joon appreciated the fact that the newly built plant has a capacity of assembling 10,000 units on single shift basis and 20,000 on double shift basis. The plant will have a state-of-the-art CED paint shop from Shindur. The plant will shortly start producing 1000cc, 1300cc and 1500cc passenger cars and a 4x4 sports utility vehicle made from the latest technology of R&D of Korea; like the recently launched one-ton pick-up, Shehzore.
The Korean ambassador then celebrated the event by planting a young tree at the site. He was also taken to the Dewan Sugar Mills, which is situated nearby, and then shown the school and zoo set up by the Dewan Group for the people of the area.
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