ISLAMABAD: Pakistan’s all-format captain Babar Azam and opening batsman Imam-ul-Haq have been ruled out of the first test against New Zealand with thumb injuries.
Both batsmen fractured their thumbs during training session last week and have yet to return. The Pakistan Cricket Board said in a statement on Monday that the team’s medical staff is closely monitoring the progress of both players.
“A decision on their participation in the second test, which commences in Christchurch on Jan. 3, will be made closer to the time,” the PCB said.
Wicketkeeper batsman Mohammad Rizwan will lead the side in the first test, starting at Mount Maunganui from Dec. 26.
Pakistan named uncapped 24-year-old batsman Imran Butt in its 15-member squad for the first test. Butt scored 934 runs in the 2019-20 first class tournament at an average of 62 with four centuries and three half centuries.
In the absence of Azam, Pakistan trails 2-0 in the three-match Twenty20 series against New Zealand with the last game due to be played at Napier on Tuesday.
“It will be nearly two weeks to Babar’s injury when the first test starts, (but) it will be hard on him and the team to play him without any net sessions,” Pakistan head coach Misbah-ul-Haq said.
“I remain confident and optimistic that other players will rise to the occasion in Mount Maunganui and … put the disappointment of the T20I series behind them.”
Azam and Imam ruled out of 1st test against New Zealand
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Azam and Imam ruled out of 1st test against New Zealand
- Both batsmen fractured their thumbs during training session last week
- Team’s medical staff is closely monitoring the progress of both players
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.
