ISLAMABAD: A Pakistani charity in the teeming coastal metropolis of Karachi is serving up a rare treat for the city’s Muslims ahead of their fast for the holy month of Ramadan — ostrich meat.
Expensive and seldom eaten in Pakistan, ostrich is deemed exotic in the mainly Muslim nation of 208 million people.
Volunteers stewed the red meat in cauldrons and served it in a chickpea curry to more than 500 residents before dawn broke on Tuesday, when Pakistani Muslims began their month-long Ramadan fast.
“Keeping in view of this deprivation, (wealthy) people supported us and like the previous year, we offered those dishes which even a middle class person cannot afford, let alone the poor,” said Zafar Abbas, the general secretary of the Jafaria Disaster Management Cell Welfare Foundation.
Abbas said the plan is to offer deer and other expensive cuisine in coming days during Ramadan, when practicing Muslims abstain from eating, drinking and smoking during daylight hours.
The move is likely to be welcomed by those who stuffed themselves with ostrich meat.
“It felt very nice. I had never eaten (ostrich),” said van driver Mohammad Hussain. “It was so wholesome that I feel no need to eat for the next two days.”
Pakistani charity dishes out ostrich as Ramadan treat for poor
Pakistani charity dishes out ostrich as Ramadan treat for poor
- Ostrich is deemed exotic in the mainly Muslim nation of 208 million people
- Volunteers served the stewed curry to more than 500 residents before dawn broke on Tuesday
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.
