ISLAMABAD: Pakistan’s acting high commissioner to New Delhi on Tuesday said Islamabad wanted friendly relations with all its neighbors including India, adding that peace was inevitable in the South Asian region, local media reported.
India and Pakistan are holding the first meeting in three years today, Tuesday, of a commission on water rights from the Indus River in what is being seen as a further sign of rapprochement in relations frozen since 2019 during disputes over Kashmir.
Last month, India and Pakistan announced a rare agreement to stop firing on the bitterly-contested Kashmir border
“For the larger interest of the region peace within South Asia is inevitable,” Pakistani Charge d’ Affairs Aftab Hasan Khan was quoted by Pakistani media as saying while addressing an event in New Delhi to mark Pakistan Day.
According to the statement issued by the Pakistani mission in New Delhi, Khan said Pakistan wanted to have friendly relations with all countries including India.
“To achieve peace between Pakistan and India both countries shall resolve all outstanding issues ... through dialogue,” he said.
Pakistan and India have for decades sparred over the disputed Himalayan region of Kashmir which they both rule in part but claim in full.
The ongoing Indus water talks are the latest in both nations’ tentative efforts to re-engage after a 2019 suicide bomb in Indian Kashmir that New Delhi blamed on Pakistan-based guerrillas, a charge Islamabad denies, and India’s move later that year to strip Kashmir’s constitutional autonomy.
Pakistan wants friendly ties with all neighbors, including India — envoy in Delhi
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Pakistan wants friendly ties with all neighbors, including India — envoy in Delhi
- Pakistani Charge d’ Affairs Aftab Hasan Khan was addressing an event in New Delhi to mark Pakistan Day
- “To achieve peace both countries shall resolve all outstanding issues ... through dialogue,” Khan says
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.
