JS Group

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JS Group
Private
Industry Financial services
Founded 1971 (1971)
Headquarters 7F, The Forum, Khayaban-e-Jami, Karachi, Pakistan
Area served
Pakistan
Services Finance and Insurance
Asset Management
Consumer Banking
Corporate Banking
Investment Banking
Investment Management
Private Equity
Number of employees
23,000
Website www.js.com

JS Group is a financial services group in Pakistan, founded in 1971 by Jahangir Siddiqui.[1] The company controls and operates financial services companies in Pakistan. Financial services of JS Group include asset management, commercial banking, company research, insurance, investment banking, Islamic banking, micro finance, and stock brokerage. JS Group also has investments throughout Pakistan's economy, in the industrial sector, technology and media sectors, commercial real estate, energy and natural resources. JS Group has its headquarters in Karachi.[2]

JS Group has six businesses: JS Industrial, JS Infocom, JS Property, JS Resources, JS Transportation and JS Financial.[3]

JS Financial[edit]

JS provides financial services in commercial banking, asset management, private equity, investment banking, securities brokerage, company research, insurance, Islamic banking and finance, and micro finance. Companies operated by JS financial are:

  • Jahangir Siddiqui & Co. Ltd. (JS&Co)
  • JS Global Capital Limited (JSGCL)
  • JS Bank Limited (JSBL)
  • JS Investments Limited
  • EFU Insurance Group
  • Bank Islami

Jahangir Siddiqui & Co. Ltd[edit]

Jahangir Siddiqui & Co. Ltd. was incorporated (under Companies Ordinance 1984) in 1991 as public unquoted company.[4][5] The Company is presently listed on Karachi Stock Exchange. The company is also a corporate member of Karachi Stock Exchange and Islamabad Stock Exchange. JS Group's principal activities are trading of securities, maintaining strategic investments, consultancy services, underwriting, etc. The company has a long term rating of AA (Double A) and short term rating of A1+ (A one plus) assigned to it by Pakistan Credit Rating Agency.[6][7] Jahangir Siddiqui & Co. Ltd. and its subsidiary companies are involved in trading of securities, maintaining strategic investments, investment advisory, brokerage, asset management, agency telecommunication, commercial banking, power generation and other businesses.[8] Jahangir Siddiqui & Co posted a profit (after tax) of Rs 1,060 million in 2014.[9]

JS Global Capital Limited[edit]

JS Global Capital Limited was incorporated as a private limited company on June 28, 2000. JS Global Capital Limited is arguably the largest Broking and Investment Banking firm in Pakistan with a continued leadership position in the domestic capital markets. JS Global is listed at the domestic stock exchanges and JS Bank Limited and Global Investment House are the sponsor shareholders.JS Global Capital Limited is a Trading Right Entitlement Certificate Holder of Pakistan Stock Exchange Limited and member of Pakistan Mercantile Exchange Limited. The principal activities of the Company are share brokerage, money market, forex and commodity brokerage, advisory and consultancy services.[10]

JS Bank Limited[edit]

JS Bank is a majority-owned subsidiary of Jahangir Siddiqui & Co. Ltd. and currently operates 307 branches in 152 cities, with a total asset base of Rs 112 billion in 2014.[11] It has a primary dealer license for government securities from the State Bank of Pakistan.[12] According to a press release, the long-term entity rating of JS Bank Limited (JSBL) has been promoted to ‘AA-’ (Double A Minus) by Pakistan Credit Rating Agency (PACRA).[13] JS Bank was formed after the merger and amalgamation of Jahangir Siddiqui Investment Bank Limited and commercial banking operations of American Express Bank Ltd Pakistan. JS Bank Limited commenced operations in Pakistan as a fully scheduled bank on 30 December 2006.[14] JS Bank’s consolidated profits (after tax) for the year 2014 were Rs 1,060 million.[11]

Bank Islami[edit]

Dubai Bank was one of the founding shareholders of Bank Islami which invested 18.75% in the total capital.[15][16] Bank Islami is the joint venture project of three groups namely Jahangir Siddiqui & Co. Pakistan, Randeree family, & Dubai Bank.[17] The State Bank of Pakistan issued a No Objection Certificate on 19 August 2004 and Bank Islami Pakistan Limited, the second full-fledge Islamic Commercial Bank in Pakistan, was incorporated on 18 October 2004 in Pakistan.[18]

JS Investments Limited[edit]

Founded in 1995, JS Investments Limited is a private sector asset management company in Pakistan. The company is listed on the Karachi Stock Exchange and is a part of JS Group.[19]

EFU Life[edit]

JS Group has holdings in EFU Life. EFU Life was incorporated in Pakistan on 09 August 1992 as a public limited company under the Companies Ordinance, 1984 and started its operation from 08 November 1992. The shares of the Company are quoted on Pakistan Stock Exchange.The Company is engaged in life insurance business including ordinary life business, pension fund business and accident and health business.[20]

JS Industrial[edit]

  • Al Abbas Industries – Steel, Chemicals and Fiber Board
  • Al Abbas Sugar Mills – Sugar and Ethanol
  • Azgard 9 - Composite denim
  • Pakistan International Container Terminals (PICT) - Port Operations and Container Handling
  • Pak American Fertilizer Limited (PAFL) - Fertilizer[21]

Azgard 9[edit]

Azgard Nine Limited is incorporated in Pakistan as a Public Limited Company and is listed on Pakistan Stock Exchange Limited. The Company is a composite spinning, weaving, dyeing and stitching unit engaged in the manufacture and sale of yarn, denim and denim products.[22]

Pakistan International Container Terminals[edit]

Pakistan International Bulk Terminal Limited was incorporated under the Companies Ordinance, 1984 on March 22, 2010 as a private limited company. Subsequently, on July 11, 2011, the Company was converted as an unquoted public company limited by shares under the Companies Ordinance, 1984.[23]

JS Property[edit]

JS Property is a holding company of JS Group. It invests in real estate projects.[24]

JS Transportation[edit]

JS Transportation focused on the aviation business within Pakistan the division of the group was set up in 2005. The company offered charter services in Pakistan under the name JS Air, using a small fleet of propeller driven Beech aircraft with a maximum capacity of about 20 passengers. In November 2010 a JS Air Beech 1900 flying from Karachi to Dadu crashed shortly after takeoff after which JS AIR was officially shut down.

Acquisition of HSBC Pakistan[edit]

In 2012, JS Bank was likely to buy out HSBC Bank Middle East Ltd’s Pakistan branches and their assets. According to NASDAQ and The Wall Street Journal, HSBC Bank Middle East Ltd. had entered into an agreement to sell its banking business in Pakistan to JS Bank Ltd[25][26] However, in 2013, the JS Bank and HSBC Pakistan agreement fell through.[27]

Public relations and awards[edit]

UAE minister appreciates Co-Chairman JS Group for his remarkable contribution to philanthropy[edit]

Ali Raza Siddiqui, Co-Chairman JS Group & Vice Chairman Mahvash & Jahangir Siddiqui Foundation received an award from Sheikh Nahyan Bin Mubarak Al Nahyan, Minister of Culture and Knowledge Development, UAE for his remarkable contribution to philanthropy at the annual award function organized by People’s Organization at a local hotel in Dubai. He was recognized for his contribution in enhancing the dignity and quality of life of individuals, families and communities through his philanthropic initiatives in the areas of education, disaster relief, healthcare and social enterprise.

JS Bank is now certified by WWF as being a Green Office[edit]

JS Bank Head Office at Shaheen Complex in Karachi has now been certified for WWF's Green Office Initiative and is the first commercial bank in Pakistan to have achieved this certification. The aim of this Initiative is to reduce greenhouse gas emissions and to decrease the ecological footprint at the workplace through various initiatives such as reducing electricity consumption and paper waste. As a part of the certification process, various stickers promoting environmentally friendly practices have been placed around the office such as those promoting car-pooling and making sure that the lights are turned off when not in use. A consumer habit survey was also conducted to learn more about employees habits and how they can be improved.

JS Bank declared number 1 primary dealer of government securities[edit]

The State Bank of Pakistan recently, 2nd year in a row has declared JS Bank as the number 1 primary dealer of government securities for the year 2011–12.[28] In 2011, JS Bank was ranked by State Bank of Pakistan for being the No 1 primary dealer.[29] In 2011, JS Bank organised the first ever day and night women T-20 tournament in Pakistan.[30]

Initiatives[edit]

JS Group sponsored Karachi Biennale 2017[edit]

JS Group being a lead sponsor for Karachi Biennale 2017, which is a visionary platform that brings together innovation, excellence and criticality through a multi-plicity of curatorial strategies to showcase artists from Pakistan to the world as well as strengthen a global art exchange.

It is a part of the global network of International Biennale Foundation and has a strong partnership with Goethe Institut, British Council and Alliance Francaise. This network extends to universities and cultural institutions in the country and abroad.

Controversies[edit]

Sri Lanka Newspaper[edit]

In 2007, a Sri Lankan newspaper published allegations against JS Group Company (JSGCL) for unauthorised investment transactions. The newspaper claimed that it achieved some inside information about the case.[31]The allegations said that JSGCL failed to comply with the requirement of the notification by non-providing the required information to its shareholders in the general meetings of the company.[31] The Securities and Exchange Commission of Pakistan (SECP) filed a criminal complaint against JS Group Companies on alleged manipulation of share price of Azgard Nine Limited (ANL). The complaint number "242 of 2013" filed in the Sessions High Court of Session Judge Karachi - South names the following JS Group Companies: JS Global Capital Limited, Jahangir Siddiqui & Co. Ltd., Jahangir Siddiqui & Sons Ltd., Jahangir Siddiqui Security Services Ltd. and JSIL. The SECP submitted terms of section 24 of the Securities and Exchange Ordinance, 1969 whereby the share price and volume of the ANL shares were artificially increased through criminal manipulation in terms of section 17. The complaint highlighted trading in 73 different sessions, taking place between 2 April – 13 July 2007 with unusual hikes in trading volume and the price of ANL shares were noticed on the Karachi Stock Exchange.[32][33]

The Sunday Leader report of "Massive Fraud and Insider Trading Uncovered in Pakistan" was denied by JSGCL in a Letter to the Editor.[34] Head of Media Relations, JS Bank Shaikh responded to allegations by the Sunday Leader regarding fraud and insider trading and termed the allegations as "absolutely false, misleading and concocted" and therefore, denied them. He also stressed that no report by SECP exists which alleges that JS Group was involved in insider trading and that no proper inquiry had been made by the reporter before publishing the news item which damaged the reputation of JS Group internationally.[35] On 14 June 2013 JSBL issued a clarification stating that "JS Bank Limited (JSBL) is not under any investigation by the Securities and Exchange Commission of Pakistan (SECP) in relation to shares of Azgard Nine Limited (ANL)."[36]

SECP[edit]

On 1 April 2013, The Securities and Exchange Commission of Pakistan (SECP) served a notice to Jahangir Siddiqui & Company Limited (JSCL) for awarding over $4.3 million to the son of Jahangir Siddiqui namely Ali Jahangir Siddiqui, a non-executive director, under the head of advisory fee, upon the complaints of shareholders.[37][38]

On 5 April 2013, the JS Group responded to this in an article in Pakistan Today. According to JS Group spokesman, Imran Shaikh, the bonus paid to Ali Jahangir Siddiqui was "in conformity with international corporate standards." [39] According to Shaikh, the bonus received was earned by Ali Jahangir Siddiqui after he brought a "net-capital gain of Rs. 2.95 billion" into the organization.[39]

SNGPL[edit]

Four cases of committing acts of fraud, misappropriation and misrepresentation were registered against Sprint Energy (a company of JS Group) on 27 September 2013, for submitting fake 'No Objection Certificates' of SNGPL in November 2009 in order relocate four of its CNG stations in Punjab. JS and Sons (Pvt.) Limited hold 60% shares in the company.[40][41]

International operations[edit]

The group has offices throughout the major cities in Pakistan and manages its international operations from its London and Dubai offices. The group comprises businesses with over 23000 employees and profit after tax of $510 million in 2007.[42]

Partnerships[edit]

JS Group has formed partnerships with international organisations and brands to develop new businesses in Pakistan. Examples of JS Group partnerships in Pakistan include:

See also[edit]

References[edit]

  1. ^ Alam, Kazim. "JS Group: the empire built by selling the family car". The Express Tribune. Retrieved 2014-02-02. 
  2. ^ "JS Group : JS Group: Pakistan Financial Services". Js.com. Retrieved 2 December 2011. 
  3. ^ JS Group : About JS Group. Js.com.
  4. ^ Non-Banking Finance Companies | Accountancy Education Article. Accountancy.com.pk.
  5. ^ Jahangir Siddique & Company Limited – Annual Reports. PakSearch.com.
  6. ^ The Pakistan Credit Rating Agency Limited. PACRA.
  7. ^ http://www.js.com/uploads/JSCLHalfYearlyReportDecember312011.pdf
  8. ^ http://www.js.com/uploads/JSCL1stQtrReport30Sep2011.pdf
  9. ^ Annual Report: http://www.jsbl.com/wp-content/uploads/2015/09/JS-Bank-Annual-Report-December-31-2014-11.pdf
  10. ^ http://www.js.com/our-business/subsidiaries/brokerage/
  11. ^ a b "Growing with Strength: Annual Report 2014" (PDF). JSBL. 
  12. ^ JS Bank declared No 1 PDs. The Nation (6 July 2012).
  13. ^ Pacra upgrades JS Bank ratings. The Nation (30 June 2012).
  14. ^ JS Bank Limited | Pakistan | Company Profile. Securities.com (30 December 2006).
  15. ^ Brand Management (BRAND AUDIT) BankIslami. Scribd.com.
  16. ^ Corporation, Nexus. (6 February 2012) JS Group: Financial Business Unit. Jahangir-siddiquigroup.blogspot.com.
  17. ^ About Us. BankIslami.
  18. ^ Bank Islami Pakistan Limited | Pakistan | Company Profile. Securities.com.
  19. ^ JS Investments announces Total Payout of over Rs. 1.2 billion in Open End Funds for FY11 – Press Release Pakistan. Pressrelease.pk.
  20. ^ http://www.js.com/our-business/associated-companies/insurance/
  21. ^ http://www.js.com/pakistan-industry.asp
  22. ^ http://www.js.com/our-business/other-investments/
  23. ^ http://www.js.com/our-business/other-investments/
  24. ^ "JS Group : Real Estate Industry in Pakistan – JS Property – JS Group". Js.com. Archived from the original on 17 December 2011. Retrieved 2 December 2011. 
  25. ^ NASDAQ http://www.nasdaq.com/article/hsbc-to-sell-its-business-in-pakistan-20120910-00884
  26. ^ HSBC Bank Middle East to Sell Banking Business In Pakistan To JS Bank – WSJ.com. Online.wsj.com (10 September 2012).
  27. ^ http://www.thenews.com.pk/Todays-News-3-209727-JS-Bank-HSBC-Pakistan-deal-falls-through
  28. ^ ePaper. The Nation (19 July 2012).
  29. ^ http://www.sbp.org.pk/press/2011/PrimaryDealers-28-Jun-11.pdf
  30. ^ JS Banks womens T20 tournament. The Nation (29 June 2011).
  31. ^ a b "Massive Fraud And Insider Trading Uncovered in Pakistan | The Sunday Leader". Thesundayleader.lk. Retrieved 2 December 2011. 
  32. ^ Pakistan Today, 17 April 2013
  33. ^ Business Recorder, 17 April 2013
  34. ^ "Right of Reply | The Sunday Leader". Thesundayleader.lk. Retrieved 2 December 2011. 
  35. ^ Right of Reply
  36. ^ "JSBL Clarification". Daily Times. 14 June 2013. Archived from the original on 6 October 2014. 
  37. ^ The Nation. 2 Apr 2013
  38. ^ Dawn, 2 April 2013
  39. ^ a b "JS Group says Ali Siddiqui received $4.3m bonus for PICT heroics". Pakistan Today. 5 April 2013. Retrieved 15 May 2014. 
  40. ^ GM Jamali. "Huge scandal: CNG stations scam unearthed". The Express Tribune. Retrieved 2014-01-31. 
  41. ^ Abdul Rasheed Azad (2013-09-28). "Relocation of CNG stations: cases registered against energy firm for using fraudulent means". Business Recorder. Retrieved 2014-01-31. 
  42. ^ "JS Group : About JS Group". Js.com. Retrieved 2 December 2011. 
  43. ^ "JS Group : Partnerships". Js.com. Archived from the original on 15 October 2011. Retrieved 2 December 2011. 

External links[edit]