SINGAPORE: Pakistan State Oil (PSO) issued this week its first fuel oil import tenders for 2019 as the state-owned energy firm prepares for rising summer demand, two trade sources said.
PSO, which uses fuel oil in power generation, is seeking up to 420,000 tons of summer grade 180-centistoke (cst) high-sulfur fuel oil (HSFO) for delivery into Port Qasim through two tenders, according to the sources.
In the first tender closing on April 29, PSO is seeking five 70,000-ton cargoes of HSFO for delivery between May 18 and June 10. The second tender is for a sixth 70,000-ton cargo for delivery over June 11-30, and closes on May 21, the sources added.
Pakistan’s main oil importer last issued fuel oil import tenders for delivery in December.
PSO did not immediately respond to Reuters request for comment.
The state-owned oil company has largely scaled back its fuel oil imports since the end of 2017 as the country turned to liquefied natural gas (LNG) to fuel its power sector.
Before turning to LNG, Pakistan was a major importer of fuel oil with monthly imports averaging at about 400,000 to 650,000 tons of fuel oil in 2017.
Pakistan’s PSO issues first fuel oil import tender for 2019
Pakistan’s PSO issues first fuel oil import tender for 2019
- Seeks five 70,000-ton cargoes of HSFO for delivery between May 18 and June 10
- Pakistan was a major fuel oil importer before turning to LNG in 2017
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.
