ISLAMABAD: Pakistan’s navy chief Admiral Naveed Ashraf met the top leadership of the Royal Saudi Armed Forces in Riyadh on Wednesday to discuss bilateral defense collaboration and regional maritime security, Pakistan Navy said in a statement.
During his visit, Ashraf met General Fayyadh bin Hamed Al-Ruwaili, the chief of general staff of the Saudi Armed Forces, at the Ministry of Defense. He also met the commander of the Royal Saudi Naval Forces (RSNF) Vice Admiral Fahd Bin Abdullah Al-Ghofaily at the RSNF headquarters, the statement said.
“Matters of bilateral naval collaboration and regional maritime security were discussed,” the Director-General of Public Relations Navy said of the meetings.
Al-Ghofaily appreciated Pakistan Navy’s role in supporting collaborative maritime security in the region and acknowledged the significance of strong bilateral defense collaboration, the DGPR Navy said.
Ashraf was presented with a guard of honor and briefed on the RSNF’s training setups and ongoing operations upon his arrival at the headquarters.
“Pakistan and Saudi Arabia historically enjoy brotherly relations and the visit of the naval chief will further augment and expand defense ties between the two countries in general and navies in particular,” the statement added.
On Sept. 20, Ruwaili visited Pakistan’s Naval Headquarters in Islamabad where he discussed matters of mutual interest, including regional security and bilateral cooperation, with Ashraf.
Pakistan’s navy chief discusses regional maritime security with Saudi Armed Forces leadership
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Pakistan’s navy chief discusses regional maritime security with Saudi Armed Forces leadership
- Admiral Naveed Ashraf visits Royal Saudi Naval Forces headquarters in Riyadh
- Visit to further ‘augment and expand’ between the two countries, says Pakistan Navy
Pakistan’s first non-life Shariah-compliant takaful operator plans share sale in January
- Pak-Qatar General Takaful Limited plans to raise up to $1.5 million through initial public offering
- Institutional investors will get 75% of shares, while the remaining 25% will go to retail investors
KARACHI: Pakistan’s first dedicated non-life Shariah-compliant takaful operator said on Monday it will launch an initial public offering this month, seeking to raise up to Rs 420 million ($1.5 million) as Islamic finance gains traction in the country’s capital markets.
The company, Pak-Qatar General Takaful Limited, said 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% of the shares on offer, while the remaining 25% will be allocated to retail investors.
“Arif Habib Limited has been mandated by Pak-Qatar General Takaful Limited to act as the consultant and book runner for raising funds through the initial public offering,” it announced in a statement.
The book-building process for the offering will take place on Jan. 21-22, it added, with investor registration opening on Jan. 16, while public subscriptions are scheduled for Jan. 28-29.
The offering follows the recent listing of Pak-Qatar Family Takaful Limited, which raised Rs 901 million ($3.23 million) last month in Pakistan’s first Islamic insurance sector IPO, an issue that was oversubscribed several times.
Proceeds from the IPO will be used to strengthen the company’s capital base and support investments in technology, infrastructure and branch expansion, said the statement.
Pak-Qatar General Takaful Limited is part of Pakistan’s pioneer Islamic financial services group and is backed by Qatar-based financial institutions.
