ISLAMABAD: Pakistan on Wednesday drew the second Test match in Karachi after losing wickets to Australia in quick succession during the last session of the day, putting the hosts in danger at one point of losing the match.
Chasing a daunting 506-run target, skipper Babar Azam’s 196-run knock breathed life into the hosts who almost seemed set for a defeat at the hands of the mighty Aussies after their first innings. Mohammad Rizwan stepped in after Abdullah Shafique departed for 96, just four runs short of yet another century against Australia.
Babar and Rizwan held off Australian bowlers Mitchel Starc, Nathan Lyon, Pat Cummins and Cameron Green by building a steady partnership. However, the skipper was dismissed by Lyon for 196 runs, missing out on his double-century and leaving millions of fans disappointed.
In came Faheem Ashraf to bat and was dismissed on the very first ball by Lyon, edging one straight into the hands of Steve Smith. He returned to the pavilion with a golden duck.
As he has done numerous times over the past couple of years, Rizwan rose to the occasion and scored a sensible century to see Pakistan through the match to a draw. Tailender Nauman Ali saw through 18 balls without scoring to ensure Pakistan ended the innings on 443/7 at the end of the fifth day of the Test match.
The two sides will next lock horns in the third and final Test match of the series in Lahore on March 21.
Rizwan helps Pakistan survive Australia scare to draw Karachi Test
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Rizwan helps Pakistan survive Australia scare to draw Karachi Test
- Australia set a target of 506 runs to win the second Test match, Pakistan finished at 443/7 at the end of the fifth day
- Rizwan scored an unbeaten 104 runs off 177 balls while skipper Babar Azam made 196 off 425 balls
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.
