ISLAMABAD: China is all set to help Pakistan clean its Tarbela Dam with a straw made from steel, Pakistani media reported on Tuesday.
The innovative move will see Beijing, Islamabad’s closest ally, use a 120-meter long steel rod to remove silt from the country’s largest reservoir.
According to Pakistan’s Water and Power Development Authority, Tarbela Dam is one of the world’s largest earth and rock-filled reservoir and the greatest project to develop water resources. It was completed in 1976 as part of the Indus Basin Project.
Last week, the adviser to the Ministry of Water Resources told the senate that the water storage capacity of the dam had reduced by 41 percent due to silting in the reservoir, adding that it was a natural phenomenon and thus unpreventable.
“However, the government has taken steps for the construction of the Diamer Basha Dam which will help reduce the inflow of silt into Tarbela Dam,” the statement released by the ministry read.
China to clean Pakistan’s biggest dam with 120meter long straw
China to clean Pakistan’s biggest dam with 120meter long straw
- Water storage capacity of Tarbela Dam impacted by silting in reservoir
- Tarbela Dam was constructed along the Indus River in 1976
Pak-Qatar becomes Pakistan’s first dedicated family takaful operator to list on PSX
- Pak-Qatar Family Takaful Limited’s initial public offering raises $3.2 million, says company
- Company says remains committed to strengthening Pakistan’s Islamic financial eco-system
KARACHI: The Pak-Qatar Family Takaful Limited (PQFTL) became the first dedicated family Takaful operator to be listed on the Pakistan Stock Exchange (PSX), the company announced on Thursday, saying the development would strengthen the ecosystem for Islamic financial products and services in the stock market.
PQFTL is the country’s first and largest dedicated shariah-compliant family risk-protection provider, holding 44 percent of the total family takaful market and more than 90 percent of the fully dedicated segment, with a nationwide presence of 73 branches and 1,971 field representatives.
The company announced in a statement last month it would offer 50 million shares, starting at a floor price of Rs14 per share ($0.05), with a ceiling of Rs21 per share ($0.07). Of the total issue, 37.5 million shares will be allocated to institutional investors, while 12.5 million shares will be offered to the general public.
In its latest statement, the PQTFL said the book building and public subscription portions of its Initial Public Offering (IPO) were oversubscribed by 3.2 times and 3.8 times, respectively, reflecting strong investor confidence in the company and Pakistan’s Islamic financial ecosystem.
“The IPO raised Rs901 million [$3.2 million], achieving a 29 percent premium, reflecting strong investor interest and positive market perception,” the statement said.
“This historic milestone and response from investors underscore PQFTL’s exceptional financial resilience, strategic foresight, and unwavering commitment to Shariah-compliant excellence,” it added.
The company said over 8,200 investors participated in the IPO, making it one of the highest investor turnouts in Pakistan’s insurance and Takaful sector.
“The offering attracted a diverse mix of institutional investors, insurance companies, family offices, corporate investors, and a significant number of individual investors,” it said.
Muhammad Kamran Saleem, a member of the board of directors of the PQFTL, said the company’s listing on the stock exchange was a “historic achievement.”
“The overwhelming response from investors demonstrates deep trust in our business fundamentals, Shariah governance standards and strategic vision,” he said.
“We are grateful to Allah Almighty for this historic achievement and we remain committed to strengthening the Islamic financial eco-system and long-term sustainable value creation to all our stakeholders.”
PQFTL said the IPO proceeds will help it in meeting regulatory capital requirements, expand digital distribution channels, enhance product innovation and drive customer-centric growth initiatives.
