PCB to follow government’s advice on touring India for 2023 World Cup — Sethi

Chairman of the Pakistan Cricket Board (PCB) Management Committee, Najam Sethi, meets with former players at National Bank Cricket Arena, Karachi, Pakistan, on December 26, 2022. (Photo courtesy: PCB)
Short Url
Updated 26 December 2022
Follow

PCB to follow government’s advice on touring India for 2023 World Cup — Sethi

  • Pakistan says won’t travel to neighboring country if India decides against attending Asia Cup 2023 in Pakistan
  • Cricket matches between political foes Pakistan and India are among the most intense sporting rivalries on the planet

ISLAMABAD: Chairman of the Pakistan Cricket Board (PCB) Management Committee, Najam Sethi, said on Monday the board would follow the government’s advice on whether to go to India for next year’s Cricket World Cup.

The quadrennial One Day International (ODI) cricket tournament is scheduled to be hosted by India during October and November 2023 and will be the first time the competition is held entirely in the South Asian nation.

Last month, Pakistan’s then PCB Chairman Ramiz Raja said his team would not travel to the neighboring country if India decided against attending the Asia Cup 2023 to be held in Pakistan. Pakistan and India are bitter political arch-rivals and cricket matches between the two countries are among the most intense sporting rivalries on the planet.

Speaking to media in Karachi, Sethi, who was appointed to head a new 14-member management committee of the PCB last week, said Pakistan and India’s cricket issues were beyond the board’s control and had always been decided by the government.

“We will obey whatever the government will suggest to us and we will seek the government’s advice when the time arrives,” he said. “As far as Asia Cup is concerned, I will go to the ACC [Asian Cricket Council] and see what the situation is … We’ll take a decision which is in the better interest of the game.”

Sethi said the PCB would not take “any step which can cause any isolation.”

The Sethi-headed new management committee has given 120 days by the government to restore department teams in the domestic setup and form a new board of governors. The government also repealed the PCB constitution and restored it to the 2014 position, aiming to bring back department teams. The current constitution, formed in 2019, did not recognize department teams.

The appointment of Sethi followed the Pakistan test team’s first 3-0 whitewash at home on Tuesday, inflicted by England.

New Zealand arrived on Thursday for two tests and three one-day internationals, starting with the first test today, Monday, in Karachi.

During Ramiz’s tenure, Pakistan reached the T20 World Cup final this year and the semifinals last year, and qualified for the final of the T20 Asia Cup. However, Pakistan didn’t fare well in test matches at home.


Pakistan’s first non-life Shariah-compliant takaful operator says ‘historic’ IPO oversubscribed 21 times

Updated 9 sec ago
Follow

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.