Revival of diplomatic relations between Saudi Arabia, Iran to yield ‘positive results’ in region — Pakistan

In this file photo, taken on April 3, 2022, security personnel stand guard in front of the Parliament House building in Islamabad. (Photo courtesy: AFP/File)
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Updated 12 March 2023
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Revival of diplomatic relations between Saudi Arabia, Iran to yield ‘positive results’ in region — Pakistan

  • In talks brokered by China, Iran and Saudi Arabia announced reopening embassies, enhancing bilateral relations
  • Revival of diplomatic relations between Riyadh, Tehran to reduce problems of Islamic world, says PM Sharif’s aide

ISLAMABAD: Pakistan welcomed Saudi Arabia and Iran’s joint decision to revive diplomatic relations on Sunday, adding that the development would yield “positive results” for the region, the premier’s special representative on Middle East, Tahir Mehmood Ashrafi, said in a statement.

On Friday, Iran and Saudi Arabia issued a historic joint statement, announcing their decision to restore ties and reopen embassies and revive diplomatic missions after reaching an agreement brokered by Chinese authorities in Beijing.

The two sides also agreed to discuss means to enhance bilateral relations and cooperation in various fields. The joint statement said Riyadh and Tehran had also agreed to respect state sovereignty and not interfere in the “internal affairs of all states.”

“Prime Minister’s Special Representative for Interfaith Harmony and Middle East Hafiz Muhammad Tahir Mehmood Ashrafi on Sunday said the revival of diplomatic relations between Saudi Arabia and Iran would yield positive results in the region,” the state-run Associated Press of Pakistan (APP) said.

Ashrafi said the ease of the diplomatic row between the two countries would help reduce “the problems and sufferings of Islamic world.” Ashrafi, who is also the chairman of the Pakistan Ulema Council, appreciated Chinese President Xi Jinping’s efforts to bring the two countries closer.

He praised Saudi Arabia’s Crown Prince Mohammed bin Salman, saying that the Arab world had termed him as the “leader of peace” for his peace-building measures between the two countries.

Former prime minister Imran Khan welcomed the development as well, appreciating the Chinese president for the role he played in brokering the agreement.

“My govt had taken an initiative to bring KSA & Iran together for dialogue as part of our policy of wider engagement for peace & for unity of the Ummah,” he wrote on Twitter.

Hours after the agreement was reached, Pakistan’s foreign office praised the “sagacious leadership” of the two Middle Eastern countries in a statement.

“Pakistan will continue to play a constructive role in the Middle East and the region,” it added. “We hope this positive step would define a template for regional cooperation and harmony.”


Pakistan regulator amends law to facilitate capital raising by listed companies

Updated 19 January 2026
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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.