Rescue teams reach site of deadly Afghanistan landslide close to Pakistan border

Villagers and rescue personnel search for survivors amid debris in a mountainside at Nakre village in the Dara Tateen area of Noorgram district in Nuristan province on February 20, 2024, after a heavy snowfall triggered a landslide. (AFP)
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Updated 20 February 2024
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Rescue teams reach site of deadly Afghanistan landslide close to Pakistan border

  • Snowfall overnight Sunday caused rubble, earth and snow to rip through the village of Nakre in Nuristan province, killing at least 25
  • Images on social media from the site showed dozens of men standing between giant fallen boulders, using bare hands to remove rocks

KABUL: Rescue teams on Tuesday reached the remote valley where a landslide buried dozens of people in eastern Afghanistan, a provincial official said, after responders were slowed by snow and blocked roads.

Snowfall overnight Sunday caused rubble, earth and snow to rip through the village of Nakre in mountainous Nuristan province, killing at least 25 people.

“There were no facilities yesterday but today there is the military’s equipment,” said provincial information and culture head Jamiullah Hashimi.

“The rescue operation might speed up. The biggest problem is that the fallen rocks are huge and the area is mountainous,” he told AFP.

Images circulating on social media from the site showed dozens of men standing between giant fallen boulders, using their bare hands to remove rocks and dig out the piled earth.

Disaster ministry spokesman Janan Sayeq said his ministry, the public works ministry and non-governmental groups had reached the area with medical teams and other equipment.

On Monday, he put the death toll at 25 people but warned it could rise.

Hashimi said 16 bodies had been pulled from the rubble and around ten more people were still buried, presumed dead.

Another 10 people had been injured and about 20 houses were damaged or destroyed, he added.

Nuristan province, which borders Pakistan, is mostly covered by mountainous forests and hugs the southern end of the Hindu Kush mountain range.

Mountainous areas of Afghanistan have long been vulnerable to landslides and floods, but in recent years risks have increased due to deforestation and drought, worsened by climate change, experts say.


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

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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.