Pakistani mobile distributor Airlink raises $38.5 million in largest private IPO 

This undated picture shows Airlink store in Emporium Mall, Lahore, Pakistan. (Photo courtesy: Airlink Communications)
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Updated 01 September 2021
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Pakistani mobile distributor Airlink raises $38.5 million in largest private IPO 

  • Company receives bids for 147.64 million shares against 90 million shares offered in two-day book building 
  • Pakistani companies have raised around $160 million from the capital market since the last fiscal year 

KARACHI: Airlink Communication, a Lahore-based mobile phone distributor, on Tuesday raised around $39 million through an initial public offering (IPO) at the Pakistan Stock Exchange (PSX), the largest private sector share offering in Pakistan’s history.
The company received bids for 147.64 million shares against 90 million shares offered in a two-day book building. The strike price was Rs71.5 against the offered Rs65 per share, according to details available at the PSX website. 
“The company received bids worth Rs11 billion in this historic IPO,” Kamran Nasir, CEO of JS Global Capital Ltd. who was also the consultant and bookrunner, told Arab News on Tuesday. “The company has raised Rs6.43 billion, the highest ever amount, through this offering.” 
In 2019, Faisalabad-based Interloop Limited, which supplies products to Nike, Adidas, Puma, Levi’s etc, had raised Rs5.02 billion. 
Airlink plans to utilize the IPO proceeds to inject working capital to expand the company’s distribution and retail network through the procurement of inventory. 
The company is in the process of vertical integration and plans to open 150 retail outlets across the country in the next five years and set up a facility to assemble both feature and smart phones, having an installed capacity of more than 400,000 units per month approximately, based on a single shift that could also be doubled up. 
In addition, it has been authorized to assemble Itel and TCL mobile phones in the said facility and is in the process of obtaining authorization from other vendors. 
The company expects its revenues to triple to Rs129 billion and net income to surge 500 percent to Rs9.2 billion by the fiscal year 2025. 
“The sales revenue growth of Airlink has grown from Rs140 million from 2012 to Rs47 billion in 2021,” Nasir said, adding, “Local manufacturing of smart phones will increase phone usage in the country by 18 percent.” 
Pakistan was previously a net importer of phones, but the South Asian nation has recently emerged as an exporter, with its locally manufactured phones surpassing the number of imported ones. 
During January to July 2021, 12.27 million phones were assembled in Pakistan as compared to the import of 8.29 million handsets. 
Pakistani stock market, which has recovered from 27,000 points since April 2020, has attracted IPOs worth around $160 million since fiscal year 2020. 
“The major reason is that the market is highly liquid, and investors have money to invest and they are doing”, Nasir said. “Besides, during the last one year, the macroeconomic side of the country has witnessed substantial improvement due to better management of the government and the low interest rate regime.” 
Analysts say an improved regulatory environment is also helping the capital market pull crowds of investors. 
“Mostly, low-priced growth stocks were offered [in Tuesday’s IPO] after a strict regulatory process,” Arif Habib Corporation Director Ahsan Mehanti said. “Before the approval of IPOs, companies are thoroughly scrutinized that minimizes the chance of failure of any share offering, while higher participation of institutional and mutual funds also strengthens the prospects for companies to raise capital from the stock market.” 


Innovative ambulance service in Pakistan’s capital offers hope, care for mental health patients

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Innovative ambulance service in Pakistan’s capital offers hope, care for mental health patients

  • According to World Health Organization, 24 million people in the country are affected by mental health issues
  • Embrace ambulance service has been exclusively focusing on mental health patients since its initiation in 2021

ISLAMABAD: Located just 30 minutes from Islamabad in the picturesque village of Pind Begwal, a unique ambulance center focuses exclusively on mental health patients in and around Pakistan’s federal capital.
The service, named Embrace, was initiated as a pilot project by public health professional Abdullah bin Abbas during the COVID-19 pandemic before it was officially launched last month.
The center addresses Pakistan’s significant mental health challenges, where about 24 million people are affected according to 2023 World Health Organization estimates.
It provides specialized transportation for patients, many of whom display behaviors that are challenging for families to manage, such as isolation or suicidal tendencies.
Operating three ambulances, the service focuses on discreetly moving patients to receive appropriate care, thereby helping to mitigate the stigma associated with mental health issues in the country.
“Since it’s official launch, we have received an amazing response from the public and we have handled 60 to 70 cases just within the past month and this volume is increasing regularly,” Abbas, the center’s chief executive officer, told Arab News on Tuesday.
The concept of mental health ambulances was first tested in Sweden to assist those experiencing psychological distress. This innovative approach allowed for basic help and services to be delivered directly to individuals’ doorsteps, providing timely treatment and transportation to rehabilitation facilities when needed.
Abbas noted that even in major Pakistani cities, the mental health care infrastructure was inadequate. He pointed out this also prompted him to launch the ambulance service after securing initial funding from Columbia University.
“There are a lot of rehab centers and clinics that are being operated in some very unethical environments,” he continued. “So, what we wanted to do was provide a service to the general public which is accessible, affordable and operated in a professional and ethical manner.”
He noted that Embrace had established standards in line with international protocols, under the guidance of an oversight committee that included psychiatrists and psychologists.
He also pointed out that the transport vehicles were designed to be discreet, without any markings to indicate they were serving mental health patients.
“We have a total staff of 15 people that includes both men and women, and they have been extensively trained in psychological first aid, compassionate communication, and how to handle psychiatric patients,” he said, adding that the Embrace staff had interned at various psychiatric clinics and learned how to respond to emergencies.
To make the venture financially viable, the ambulance facility charges for its services based on the patient’s financial condition while keeping it free for deserving patients.
Zainab Nosheen, a first responder nurse at the center, said whenever a call for the ambulance service comes in, the team investigates whether the person needs to be shifted to a health care facility.
“If there is a female patient, then female staff go and help the patient shift to the desired hospital or clinic,” she said, adding the first step was a conversation with the family about the patient’s condition.
“Then, our first attempt is to make the patient agree to go to the doctor with us,” she added. “For that, we have different strategies which vary from patient to patient. At times, our communication takes 30 to 40 minutes to convince the patient to come with us.”
Arshad Mahmood, another first responder, said he had transported 25 patients using the Embrace ambulance service in the last two years, noting that some patients exhibited violent and threatening behavior.
“To deal with such situations, we have also taken self-defense training,” he told Arab News.
“Once we shift the patient into the ambulance, then the attendant decides which hospital to take them to for treatment, and we act accordingly,” he added.


Pakistan to launch ‘historic’ lunar mission aboard China’s Chang’e 6 on May 3

Updated 01 May 2024
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Pakistan to launch ‘historic’ lunar mission aboard China’s Chang’e 6 on May 3

  • Pakistan’s Institute of Space Technology has built ICUBE-Q in collaboration with Shanghai University and SUPARCO
  • The student-built payload carries two optical cameras to image lunar surface and will be part of China’s mission to the Moon

ISLAMABAD: Pakistan is scheduled to send its “historic” lunar mission (ICUBE-Q) on board China’s Chang’e6 which is scheduled to be launched on May 3, reported the state-owned Associated Press of Pakistan (APP) news agency on Tuesday.
ICUBE-Q has been designed and developed by the Institute of Space Technology in collaboration with China’s Shanghai University and Pakistan’s national space agency SUPARCO.
“ICUBE-Q orbiter carries two optical cameras to image the lunar surface,” the APP reported. “Following successful qualification and testing, ICUBE-Q has now been integrated with the Chang’e 6 mission.”
China is set to launch a first ever attempt to collect samples from the far side of the Moon.
The Chinese mission aims to grab samples containing material ejected from the lunar mantle and thus provide insight into the history of the Moon, Earth and Solar System.
According to the website of the Institute of Space Technology, China’s national space agency allowed Asia Pacific Space Cooperation Organization member states to send student-built payload to the Moon with its mission.
The Pakistani institution built a device that was selected for the purpose after rigorous evaluation.


At least 143 killed in Pakistan’s unusually heavy April rains

Updated 01 May 2024
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At least 143 killed in Pakistan’s unusually heavy April rains

  • Pakistan has become vulnerable to unpredictable weather, often-destructive monsoon rains that usually arrive in July
  • The largest death toll for April was in Khyber Pakhtunkhwa province, where 83 people died, including 38 children

ISLAMABAD: At least 143 people died in Pakistan from lightning strikes and other storm-related incidents in April, with the country receiving more than twice as much rain as usual for the month, officials said Tuesday.
April brought flash floods, landslides and inclement weather that caused houses to collapse in some areas and destroyed crops in others.
Pakistan saw a rainfall “increase of 164 percent above the normal levels in April, which is very unusual,” said Zaheer Ahmad Babar, spokesperson for the Pakistan Meteorological Department.
“We’ve observed these erratic weather patterns as a direct result of climate change,” he told AFP.
Pakistan is increasingly vulnerable to unpredictable weather, as well as often-destructive monsoon rains that usually arrive in July.
The largest death toll for April was in northwestern Khyber Pakhtunkhwa, where 83 people died, including 38 children, and where more than 3,500 homes have been damaged.
“The fatalities resulted from roof collapse and landslide incidents,” Anwar Shahzad, spokesman for the province’s disaster management authority, told AFP on Tuesday.
In some northern parts of Punjab, the country’s most populous province, harvests of wheat, a staple food, were spoiled by hailstorms.
Environmental expert Maryam Shabbir Abbasi told AFP that overall weather patterns had shifted by “about a month and a half, and we should shift our calendars for the agriculture sector accordingly to avoid damages caused by unprecedented rainfall.”
Officials earlier this month said several people, including farmers harvesting wheat, were killed by lightning in Punjab, and that a total of 21 people were killed in different rain-related incidents.
Another 21 deaths were reported in Balochistan province in April, including seven people who were struck by lightning, with rain disrupting life in some districts and causing school closures.
In parts of Azad Kashmir, 14 people were killed, and at least four were killed in road accidents linked to floods in southern Sindh province.
In the summer of 2022, a third of Pakistan was submerged by unprecedented monsoon rains that displaced millions of people and cost the country $30 billion in damages and economic losses, according to a World Bank estimate.
As several parts of the country were battered by heavy rains this month, Karachi, the largest city, experienced its hottest day of the year on Sunday, with temperatures soaring to 37 degrees Celsius (99 degrees Fahrenheit).


Pakistan reduces petrol and diesel prices amid favorable global energy market conditions

Updated 01 May 2024
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Pakistan reduces petrol and diesel prices amid favorable global energy market conditions

  • The government has announced to bring down the petrol and diesel prices by Rs5.45 and Rs8.42 respectively
  • Rising fuel cost in Pakistan led to inflationary pressure in economy, though things are said to be improving

ISLAMABAD: The government announced a reduction in the petrol price in Pakistan by Rs5.45 per liter on Tuesday night, bringing the overall rate down to Rs288.49 for the next 15 days following a recommendation of the Oil and Gas Regulatory Authority (OGRA).
Pakistan typically adjusts petroleum prices on a fortnightly basis, taking into account fluctuations in the international energy market and the rupee-dollar exchange rate.
According to an official notification, the diesel price has also seen a downward revision of Rs8.42 per liter, setting it at Rs281.96.
“The prices of Petroleum products have seen a decreasing trend in the international market during the last fortnight,” the notification announced. “The Oil & Gas Regulatory Authority (OGRA) has worked out the consumer prices, based on the price variations in the international market. The prices of Motor Spirit [petrol] & HSD [high-speed diesel] for the next fortnight, starting from 1st May, 2024, are accordingly being lowered.”
Earlier, the government increased the petrol and diesel prices by Rs4.5 and Rs8.1 per liter, respectively, on April 15.
Pakistan significantly increased fuel prices after securing a short-term, $3 billion loan from the International Monetary Fund (IMF) last year.
The rising rates also led to spiraling inflation in the country, though the government started offering relief to the people by gradually bringing down the petroleum prices.
Pakistan is in the process of securing yet another IMF loan which is expected to be bigger in terms of size and duration.


Rana Sanaullah, another Nawaz Sharif loyalist, appointed adviser to Pakistan PM

Updated 01 May 2024
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Rana Sanaullah, another Nawaz Sharif loyalist, appointed adviser to Pakistan PM

  • Sanaullah’s appointment comes two days after foreign minister Ishaq Dar was named deputy prime minister
  • Analysts believe the appointments indicate Nawaz Sharif is trying to assert indirect control over the government

ISLAMABAD: President Asif Ali Zardari on Tuesday appointed Rana Sanaullah adviser to Prime Minister Shehbaz Sharif, according to a post on the Pakistan president’s official account on platform X.
Sanaullah is considered a close aide of PM Sharif’s elder brother, Nawaz Sharif, who is also a three-time former prime minister.
Sanaullah has previously served as the federal interior minister and provincial law minister for Pakistan’s most populous Punjab province.
“President Asif Ali Zardari has approved the appointment of Rana Sanaullah Khan as Adviser to the Prime Minister on Political and Public Affairs,” read the post on President Zardari’s official social media account.
“The President approved the appointment of Rana Sanaullah Khan on the advice of the Prime Minister under Article 93 (a) of the Constitution.”
Sanaullah’s appointment comes two days after Foreign Minister Ishaq Dar was named the country’s deputy prime minister. Dar, a 73-year-old chartered accountant, is another close Nawaz Sharif ally.
The elder Sharif, who returned to Pakistan in October 2023 after years of self-exile, was widely seen as the favorite candidate for the prime minister’s office ahead of the February 8 national polls, and was believed to be backed by the country’s powerful army.
However, the three-time former prime minister decided against taking the PM’s office after the elections failed to produce a clear winner, leading to speculation that his role in the country’s politics had come to an end.
Analysts widely believe that the recent appointments of Dar and Sanaullah indicate Nawaz Sharif is attempting to assert control over the government through indirect means.