Pakistan, West Indies postpone three-match T20I series to 2024

Pakistan's Mohammad Wasim celebrates after taking the wicket of West Indies' Oshane Thomas (L) during the first Twenty20 international cricket match between Pakistan and West Indies at the National Stadium in Karachi, Pakistan, on December 13, 2021. (AFP/File)
Short Url
Updated 20 October 2022
Follow

Pakistan, West Indies postpone three-match T20I series to 2024

  • Decision taken to prepare both sides for T20 World Cup 2024, says PCB
  • T20 World Cup 2024 will be held in West Indies and US

ISLAMABAD: Pakistan and the West Indies have decided to postpone their three-match T20I series due to take place in January 2023 to the first quarter of 2024, the Pakistan Cricket Board (PCB) confirmed on Wednesday. 

In a statement, the PCB confirmed it had taken the decision in consultation with Cricket West Indies so that both sides can prepare for the ICC Men’s T20 World Cup in 2024. 

“The decision has been made considering 2024 is an ICC Men’s T20 World Cup year, with the event due to be hosted in the West Indies and USA in June 2024, and the shortest format matches will, therefore, help both the sides to prepare for the tournament,” the PCB stated. 

The decision is also likely to free up players from both countries to partake in various cricket leagues around the world. The International League T20 (ILT20) in the UAE, the SA20 in South Africa, the Big Bash League (BBL) in Australia and the Bangladesh Premier League (BPL) are all taking place in January 2023.

The three-match T20I series in January 2023 is not part of the recently announced 2023-2027 ICC Future Tours Programme— the international cricket calendar for permanent ICC members. 

The West Indies have visited Pakistan twice over the past 10 months. They played their ICC Men’s Cricket World Cup Super League matches against Pakistan in Multan in May 2022, while the December 2021 series comprised three T20Is in Karachi.

Pakistan are busy preparing for their high-octane T20 clash against India for the ICC T20 World Cup 2023. The two sides will square off at the huge Melbourne Cricket Ground (MCG) on October 23. 


US-based firm sells 75 percent stake in Pakistan’s leading starch producer to Nishat Group

Updated 4 sec ago
Follow

US-based firm sells 75 percent stake in Pakistan’s leading starch producer to Nishat Group

  • Rafhan Maize, prominent Pakistani starch and food ingredients producer, has a market capitalization of $355 million, says brokerage firm 
  • Brokerage firm Arif Habib Ltd. says transaction ranks among largest mergers and acquisitions deals in Pakistan in nearly two decades

Karachi: US-based firm Ingredion Incorporated has formally agreed to sell up to 75% of its stake in Rafhan Maize Products, a leading Pakistani starch and food ingredients manufacturer, to Pakistan’s Nishat Group, Ingredion’s financial adviser said on Sunday. 

Rafhan Maize is a subsidiary of Ingredion Incorporated, a prominent global corn refiner which began its operations in Pakistan as a pioneer of the corn refining industry in 1953. Over the last six decades, Rafhan Maize says it has expanded operations to become one of the country’s premier agro-based industries. 

Nishat Group, meanwhile, is a Pakistani private sector business conglomerate. Brokerage firm Arif Habib Limited acted as the exclusive financial adviser to Ingredion Incorporated for the transaction. 

“This landmark transaction ranks among the largest M&A deals in Pakistan in nearly two decades, giving the Nishat Group a controlling stake in Rafhan Maize,” Shahid Ali Habib, chief executive officer of Arif Habib Ltd., said in a statement.

He added that Rafhan Maize has a market capitalization of approximately Rs100 billion [$355 million].

Habib described Rafhan Maize as a “market leader” in Pakistan’s starch industry, operating three production facilities nationwide with a production capacity more than five times its nearest competitor.

“Ingredion shall retain a strategic stake in the company and continue to support the Nishat Group,” he added.