ISLAMABAD: Foreign Minister Shah Mahmood Qureshi paid tribute on Sunday to US Senator John McCain, who died on Saturday.
In an official handout, the Ministry of Foreign Affairs said that the thoughts and prayers of the people of Pakistan were with the family and friends of the deceased American politician.
“Senator John McCain had an illustrious military and public service career and was admired across the spectrum of US politics as a man of integrity and a champion of civility,” the statement said.
“As Chairman of the Armed Services Committee, Senator McCain always stood for strong Pakistan-US relations and a cooperative approach for promoting peace and building stability in the region,” it added.
Ties between Islamabad and Washington are at a low ebb currently, although Pakistan’s newly elected administration has expressed its desire for mutually beneficial relations with the US.
However, the trust deficit between the two sides has only increased in recent days, as illustrated by a recent telephone conversation between State Secretary Mike Pompeo and Prime Minister Imran Khan.
The US Department of State asserted in a statement that Pompeo had urged Khan over phone to deal with “terrorists operating in Pakistan,” a claim that was quickly described by Foreign Minister Qureshi as “counter-factual.”
As the new administration prepares to receive Pompeo next month, the Foreign Office handout proclaimed that Senator McCain “will be greatly missed in Pakistan.”
Foreign Minister pays tribute to late US Senator John McCain
Foreign Minister pays tribute to late US Senator John McCain
- McCain “a man of integrity and a champion of civility,” Qureshi says
- As the new administration prepares to receive Pompeo next month, the Foreign Office handout proclaimed that Senator McCain “will be greatly missed in Pakistan.”
Pakistan regulator amends law to facilitate capital raising by listed companies
- The amendments address challenges faced by listed companies when raising further capital from existing shareholders through a rights issue
- Previously, listed companies were prohibited from announcing a rights issue if the company, officials or shareholders had any overdue amounts
KARACHI: The Securities and Exchange Commission of Pakistan (SECP) has notified amendments to the Companies (Further Issue of Shares) Regulations 2020 to facilitate capital raising by listed companies while maintaining adequate disclosure requirements for investors, it announced on Monday,
The amendments address challenges faced by listed companies when raising further capital from existing shareholders through a rights issue. Previously, listed companies were prohibited from announcing a rights issue if the company, its sponsors, promoters, substantial shareholders, or directors had any overdue amounts or defaults appearing in their Credit Information Bureau (CIB) report.
This restriction constrained financially stressed yet viable companies from raising capital, even in circumstances where existing shareholders were willing to support revival, restructuring, or continuation of operations, according to the SECP.
“Under the amended framework, the requirement for a clean CIB report will not apply if the relevant persons provide a No Objection Certificate (NOC) regarding the proposed rights issue from the concerned financial institution(s),” the regulator said.
The notification of the amendments follows a consultative process in which the SECP sought feedback from market stakeholders, including listed companies, issue consultants, professional bodies, industry associations, law firms, and capital market institutions.
The amendments are expected to enhance market confidence, improve access to capital for listed companies, and strengthen transparency within the rights issue framework, according to the SECP.
“To ensure transparency and protect investors’ interests, companies in such cases must make comprehensive disclosures in the rights offer document,” the regulator said.
“These disclosures must include details of any defaults or overdue amounts, ongoing recovery proceedings, and the status of any debt restructuring.”
The revised regulations strike an “appropriate balance” between facilitating corporate rehabilitation and enabling investors to make informed investment decisions, the SECP added.
