ISLAMABAD: Authorities in Saudi Arabia have decided to extend the entry and exit visas for Pakistani workers in the Kingdom without charging them anything until December, said an official handout circulated in Islamabad on Tuesday.
The decision was taken after Special Assistant to Prime Minister on Overseas Pakistanis and Human Resource Development Sayed Zulfikar Abbas Bukhari contacted Saudi Deputy Minister of Labor and Social Development Dr. Abdullah bin Nasser through a video call, requesting him to stop companies from laying off their Pakistani employees in this difficult time.
The Kingdom's decision to extend the visas will benefit the downsized workers in Saudi Arabia and those laborers who were not in the country when the COVID-19 lockdown was announced by the Arab state and they could not return to their employment places before international flights were suspended.
According to the official handout, the Saudi authorities also announced that they would bar companies from sacking Pakistani employees for three months and ask the owners and management of these organizations to continue paying salaries during this period.
It added that those who had already been laid off by their employers would also get official cooperation and the Kingdom's relevant authorities would ensure that their dues were properly cleared.
The two sides agreed to further strengthen their relations, and agreed to soon discuss the idea of resuming flight operation between them.
Saudi Arabia extends entry, exit visas for Pakistani workers
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Saudi Arabia extends entry, exit visas for Pakistani workers
- The Kingdom bars organizations from sacking Pakistani employees for the next three months
- The two sides also agreed to evaluate the idea of resuming flight operations between them
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.
