ISLAMABAD: Table-toppers Multan Sultans defeated Karachi Kings by 20 runs in their Pakistan Super League (PSL) 9th edition match at the National Stadium in Karachi.
Multan decided to bat first after they won the toss. Usman Khan played a brilliant innings of 106 runs not out to build momentum for his side.
Along with Khan, Mohammad Rizwan scored a half century to power Multan to 189 runs. In response, Karachi could only score 169 runs from their 20 overs.
“Sultans Supremacy in Karachi,” the PSL commented on X after the match. “Multan keep their place at the top of the standings after achieving a commanding win over Karachi.”
Blessing Muzarabani took two wickets for 32 runs, while Hasan Ali dismissed one for 34 runs.
Chasing 190 runs to win, Shoaib Malik and Shan Masood scored 38 (28) and 36 (29) respectively. Mohammad Nawaz chipped in with 27 runs not out as Karachi reached 169 at the end of 20th over.
Usama Mir dismissed two for 29, while Khushdil Shah and David Willey took one wicket each.
This was Multan’s sixth win from their seven matches, while Karachi have won only two of their six games this season.
Table-toppers Multan Sultans defeat Karachi Kings by 20 runs in PSL clash
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Table-toppers Multan Sultans defeat Karachi Kings by 20 runs in PSL clash
- Usman Khan played a brilliant innings of 106 runs not out to build momentum for Multan
- Chasing 190 runs to win, Karachi Kings could barely reach 169 runs at the end of 20th over
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.
