ISLAMABAD: Chief of Army Staff (COAS) General Asim Munir visited the impoverished and insurgency-prone Balochistan province in southwestern Pakistan on Friday, interacting with farmers and evaluating the security situation, while emphasizing the region’s development as imperative for the success of the entire country.
Balochistan, which lies at the heart of Pakistan’s economic development plans, has been a scene of low-level insurgency for several decades.
Despite being rich in natural resources like gas, oil and minerals, the province remains one of the poorest places in Pakistan, prompting a separatist movement by armed nationalist groups that accused the central government in Islamabad for not letting the region get its fair share of the wealth.
Baloch nationals have also blamed Pakistani security forces for enforced disappearances and extrajudicial killings, though these allegations have been frequently denied by the country’s civilian and military authorities.
The army chief visited Balochistan’s Awaran district earlier in the day where he was briefed about the efforts made by the security forces to ensure the socioeconomic development and enhancement of the province’s agriculture potential.
“Success of Balochistan is success of Pakistan,” he was quoted as saying in an official statement released by the military’s media wing, ISPR. “People of Pakistan are proud of the brave people of Balochistan who have stood tall against all odds. Armed Forces of Pakistan and Law Enforcement Agencies will continue to render their services in support of the people of Balochistan for peace and prosperity.”
General Munir interacted with the local elders and farmers in the area, emphasizing the significance of agriculture and the army’s commitment to the Green Pakistan Initiative, an environmental project aimed at combating climate change and deforestation in the country.
He said that farmers would be given all kinds of agricultural facilities, including the provision of easy loans, seeds, fertilizers, solar tube wells and guidance from experts, to help them cultivate their lands and become partners in the progress and development of their country.
The army chief also inaugurated Cadet College Awaran and interacted with its students and faculty members.
General Munir was received by the corps commander of the Balochistan Corps upon arrival to the district.
Pakistan’s army chief visits Balochistan, stresses region’s development as key to country’s success
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Pakistan’s army chief visits Balochistan, stresses region’s development as key to country’s success
- General Munir was briefed about the efforts made by the security forces to ensure the region’s socioeconomic development
- He promises all agricultural facilities to farmers to help them cultivate their lands and become partners in country’s progress
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.
