ISLAMABAD: Prime Minister Imran Khan told Saudi Crown Prince Mohammed bin Salman on Wednesday that it was his country’s top priority to strengthen its relations with the Kingdom, reported Radio Pakistan on Thursday.
According to an official handout circulated by the Prime Minister House, Khan offered his sincere condolences to the Saudi crown prince on the sad demise of Prince Bandar bin Abdulaziz Al-Saud on telephone.
The eldest surviving son of the founder of Saudi Arabia, Prince Bandar’s funeral prayer was attended by thousands of people in Makkah’s Grand Mosque on Monday.
The prime minister also conveyed his gratitude to the crown prince for the Kingdom’s strong political and economic support to Pakistan.
The two leaders reaffirmed the closeness of the Pak-Saudi ties and reiterated their shared resolve to forge a stronger partnership covering all aspects of bilateral relations between their countries.
They also agreed to maintain close consultations on all issues of mutual interest.
The crown prince also invited the prime minister to visit Saudi Arabia after his visit to New York to attend the United Nations General Assembly session.
Developing relations with Saudi Arabia Pakistan’s top priority, says PM Khan
Developing relations with Saudi Arabia Pakistan’s top priority, says PM Khan
- The crown prince invites the prime minister to visit Saudi Arabia
- Khan thanks the Kingdom for its strong political and economic support to his country
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.
