Sitara Chemicals-Success Story
SITARA CHEMICALS TO SITARA COMPLEX
For any country, the chemical industry plays a pivotal role in its economic development. The recent technological innovation has made the chemical industry an enterprise of primary importance. The Chemical sector contributes 18% to GDP of our country. So far the investment in this field is estimated to be more than Rs.360 billion. Import of chemical related products constitute 20% which is around US$ 4 billion of total imports; thus leaving a vast potential for developing this sector through import substitution and self-reliance.
Under the seasoned Chairmanship of Haji Bashir Ahmad (Sitara-i-Imtiaz) the Group is in diversified business of textiles, energy, chemicals , Spinning and real estate way forward to housing sector. Sitara Chemicals as the biggest entity of the Group is the largest chemical complex of Pakistan running through its third decade of age and with its biggest strength of corporate management & industrious workforce. The approach took in Sitara is to perform, reform and institutionalizing the reforms for corporate excellence.
Over the time, Sitara Chemicals have succeeded developing Caustic Soda production facilities from 30MT/Day to 545 MT/Day by setting up three independent Caustic Chlorine production plants of world-class membrane technology; thus to meet the 70% demand in the country. Specialty Chemicals and Agri nutrients are in progression equally. For energy security and reliability for continuously power supply, quick-shift inter-connected power supply arrangement is available i.e., our own Captive Power Plant of 20 MW, through Sitara Energy Ltd – our sister concern and thirdly WAPDA.
SITARA CHEMICALS – A POINEER IN ISLAMIC FINANCE
Sitara Chemical is termed as ‘Role Model’ and ‘Pioneer’ for adopting Islamic Modes of Finance in Pakistan and we do really have all our financial transactions and project financing through Islamic finance. By the Grace of Almighty Allah, the Company has policy to all-out expansion and future projects through Islamic mode of finance.
Our BMR-II of 210 Metric Ton/Day capacity project has been financed through Islamic Sukuk of Pak Rs.1100 Million by a consortium of Banks wherein Standard Chartered acts as ‘Arranger’. Alhamdu-Lillah we have built-up capacity to 540 MT/Day of Caustic Soda as on today and are the largest chemical complex of Pakistan.
This strong intention to get rid of conventional financing which undoubtedly, prohibited in Islam, did carry endless troubles in the offing when SCIl started this journey by opting ‘First Islamic Musharaka’ in 1999 for Rs.150 Million. The purpose was to pay-off conventional Banks borrowings of Rs.132 million at that time The principle of ‘austerity’ and stop-over for future expansion was timely adhered. Then second MTFCs in 2002 for Rs.350 million was successfully launched and now Rs.1100 million through first Islamic Sukuk in private sector in Pakistan from July 26, 2006 is on. We are also in the process of putting up PVC project with a cost of more than Rs.3.5 billion which has also been formally announced by the Honourable Prime Minister of Islamic Republic of Pakistan while visiting Sitara Chemicals on 15th April, 2005.
We have also a mindset while going into BMR, expansion or new project to get technology and fabricate the engineering component indigenously as feasible which has resulted cost effective, promoting country’s engineering base and to invest in our people. Our three Chlorine-based projects, successfully in production, is a leading light to promote engineering base of the country.
SITARA CHEMICALS – A SOCIALLY RESPONSIBLE ORGANIZATION
Company is investing healthcare and skills development of its people and education of best of the brains. A Human Development Center has been established at Sitara Chemical Industries Ltd where internal training sessions are held regularly. The renowned trainers are also called at the center to impart training in the fields of technical, supervisory and general management skills.
The CEO is the Managing Trustee of 250 bed Aziz Fatima Hospital & Ghafoor Bashir Children Hospital and Group Educational Institution: Aziz Fatima Education Complex. Additionally, he has a philanthropist role towards various national level Charities such as Pakistan Kidney Institute, Islamabad, Jamiat Trust Taleem-ul-Quran, Message Foundation etc.
Ghafoor Bashir Children Hospital
MR. MUHAMMAD ADREES, CEO
A DISTINGUISHED NAME IN THE WORLD OF BUSINESS, BELONGS TO A WELL-KNOWN FAMILY OF INDUSTRIALISTS. He graduated from Punjab University and then moved to England in 1982 for higher studies in Business Management.
In addition to his responsibilities as Chief Executive Officer of largest Chemical Complex of Pakistan, he is Director with all Group entities. He is at the Board of Directors of Pakistan Industrial Corporation of Pakistan, Chairman Caustic Soda Manufacturing Association, Member Managing Committee of Federation of Pakistan Chambers of Commerce and Industry 2001-02 & 2005-06), President of Faisalabad Chamber of Commerce and Industry in 2004-05, Chairman FCCI Land and Building Committee, Director on Faisalabad Industrial Estate Development Company (2004-05), Employers’ Representative from Punjab on the Governing Body of Workers Welfare Fund, Member of Faisalabad Citizen Police Liaison Committee and Life Member of SAARC Chamber of Commerce & Industry in addition to various social and welfare organizations.
Sitara Chemicals is the organization which, despite many challenges, situations and ups and downs, is on the move towards a more prosperous future with a difference. During the period the Company assets have increased to Rs.4 billion. Our vision is not only to caring for profitability but more on product quality, business values, time-conscious customer service, transparency and good governance and equally important to be a socially responsible organization.