LARKANA, Sindh: Police in Pakistan’s southern Sindh province have arrested two suspects in connection with the theft of a private company’s mobile phone tower in Larkana district, an official statement informed Saturday, saying that part of the scrap of the stolen tower had been recovered.
The statement said a case had been registered at the Naudero Police Station in Larkana following a complaint filed by the regional security manager of Telenor Pakistan about the theft of the tower.
“The suspect nominated in the case, along with a scrap dealer, was caught and arrested,” the statement continued. “Some of the stolen material was also recovered.”
It added that investigations had revealed the tower had not been used for nearly six months.
The statement mentioned that Muhammad Rakhiyal Abro, the owner of the private land where the tower had been installed, said after his arrest that the mobile company had not paid rent to him or salary to the watchman during this period.
“Rakhiyal said individuals claiming to be Telenor company’s employees approached him about a week ago, saying the company had decided to shut down and remove the tower,” it said.
A police official informed a portion of the scrap of the stolen tower had been recovered and a scrap dealer, Saadullah Brohi, had been taken into custody.
“The recovered scrap weighs around 20 maunds [746.5 kilograms], while an equal amount of scrap remains to be recovered,” Station House Officer of Naudero Police, Shahid Memon, told Arab News.
According to the police complaint, the incident occurred earlier this month on June 7, and the stolen tower valued about Rs2 million ($7,196).
Police say two people arrested in southern Sindh for stealing mobile phone tower
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Police say two people arrested in southern Sindh for stealing mobile phone tower
- The unique incident took place in Larkana earlier this month on June 7, and the stolen tower valued about $7,196
- The owner of the land where the tower was installed says he had not been paid rent by the company for six months
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.
