ISLAMABAD: Sacred Buddhist relics from the Taxila archaeological site near Islamabad were returned to Pakistan on Thursday after the conclusion of a three-week exhibition in various locations in Sri Lanka.
Sri Lankan minister of sustainable development, wildlife and regional development, Sarath Fonseka, was present at Bandaranaike International Airport to see off the relics. So too were senior government officials and Pakistani diplomats.
Pakistan sent the relics at the request of Sri Lanka’s government in connection with the Annual Buddha Rashmi National Vesak Festival.
“Millions of devotees paid their respects and homage” to the relics, said Pakistan’s High Commission in Sri Lanka.
The exhibition began on April 29, attended by Sri Lanka’s president and prime minister, as well as Buddhist clergy, scholars, ministers and MPs.
“The advent and development of Buddhism owes a great deal to the ancient land of Pakistan,” said the High Commission.
“It was here where the religious activities of Buddhism reached their climax through well-organized missionaries, and ultimately made it a world religion.”
Buddhist relics returned to Pakistan after Sri Lanka expo
Buddhist relics returned to Pakistan after Sri Lanka expo
- High Commission: ‘Millions of devotees paid their respects and homage’
- The exhibition began on April 29, attended by Sri Lanka’s president and prime minister, as well as Buddhist clergy, scholars, ministers and MPs
Pakistan’s first non-life Shariah-compliant takaful operator says ‘historic’ IPO oversubscribed 21 times
- Pak-Qatar General Takaful Limited offered 30 million shares to investors with ceiling price of Rs14 per share
- Company says IPO proceeds will be used for investments in software, infrastructure, setting up new branches
ISLAMABAD: Pakistan’s first non-life Shariah-compliant takaful operator announced on Thursday that its initial public offering (IPO) was oversubscribed 21 times at the country’s stock exchange, saying the development reflected strong investor confidence in the Islamic insurance system.
The Pak-Qatar General Takaful Limited said earlier this month it would issue 30 million shares with a floor price of Rs 10 and a ceiling price of Rs 14 per share. Institutional investors will receive 75 percent of the shares on offer, while the remaining 25 percent will be allocated to retail investors, it added.
“Pak-Qatar General Takaful Limited’s (PQGTL) IPO book-building has concluded with a historic oversubscription of [21x] times, marking the first-ever IPO of a dedicated General Takaful company at PSX,” the company said in a statement.
It said investors responded “strongly” as the strike price closed at Rs 14 per share, compared to the floor price of Rs 10. Total demand reached Rs 4.74 billion [$17 million].
The company said successful bidders will be provisionally allotted 22.5 million shares while the remaining 7.5 million shares will be offered to retail investors on Jan. 28-29.
Shahid Ali Habib, CEO of Arif Habib Ltd., which was the lead manager for the IPO, said that country’s first-ever IPO of any dedicated general takaful company, has made a historic debut at PSX.
Habib said this reflects investor confidence in Pakistan’s fast-growing takaful sector and PQGTL’s strong market position.
The statement further said proceeds from the IPO will be utilized to fund strategic initiatives, such as investments in software and other intangible assets, hardware and infrastructure, marketing and brand development and human resource enhancement.
Proceeds will also be used to establish new branches and transform existing ones to improve operational efficiency and customer experience, it added.
Pak-Qatar General Takaful Limited is part of Pakistan’s pioneer Islamic financial services group and is backed by Qatar-based financial institutions.
