ISLAMABAD: The top leader of a Pakistani religious party protesting against the rising cost of living threatened to occupy major highways around the country during a media interaction on Tuesday, demanding that the government reduce its own expenses and run the affairs of the state more transparently.
Jamaat-e-Islami (JI) decided to stage a sit-in in Pakistan’s garrison city of Rawalpindi to seek a reduction in power tariffs and overall taxes, with its protest entering the sixth consecutive day.
The top JI leaders, Hafiz Naeem-ur-Rehman, has asked the government to make its agreements with independent power producers (IPPs) public before renegotiating them.
“Amir Jamaat-e-Islami Hafiz Naeem-ur-Rehman has announced that in the next phase of their sit-in, the party will occupy major highways,” said a JI statement.
“The rulers claim they cannot disclose these agreements to the nation,” it added, quoting its top leader. “They can drain the public’s blood and increase bills, but they cannot make these agreements public. This oppression will no longer continue, and a forensic audit of the IPPs should be conducted.”
Naeem-ur-Rehman said demanded that Prime Minister Shehbaz Sharif declare that no minister or government officer will use a vehicle exceeding 1300 cc, suggesting that stopping the use of large vehicles would save 350 billion rupees.
He questioned why Sharif could not work on this issue, accusing his government of being unwilling to benefit the people.
“The public pays for their extravagances through bills and taxes,” he added.
He thanked former Prime Minister Imran Khan for praising the sit-in and mentioned ongoing contacts and meetings with the six-party opposition alliance, Tehreek-e-Tahaffuz-e-Ain Pakistan (Movement for the Protection of Pakistan’s Constitution).
While he noted that the JI would welcome its leaders at its protest demonstration, he said his party did not want to join any alliance.
The JI plans a protest sit-in in front of the Governor House in southern Sindh province later today.
Pakistani religio-political party threatens highway blockades as protests against inflation spiral
https://arab.news/848y5
Pakistani religio-political party threatens highway blockades as protests against inflation spiral
- Jamaat-e-Islami wants PM Shehbaz Sharif to declare no minister or official will use a vehicle exceeding 1300 cc
- The party has announced a protest sit-in in front of the Governor House in southern Sindh province later today
US-based firm sells 75 percent stake in Pakistan’s leading starch producer to Nishat Group
- Rafhan Maize, prominent Pakistani starch and food ingredients producer, has a market capitalization of $355 million, says brokerage firm
- Brokerage firm Arif Habib Ltd. says transaction ranks among largest mergers and acquisitions deals in Pakistan in nearly two decades
Karachi: US-based firm Ingredion Incorporated has formally agreed to sell up to 75% of its stake in Rafhan Maize Products, a leading Pakistani starch and food ingredients manufacturer, to Pakistan’s Nishat Group, Ingredion’s financial adviser said on Sunday.
Rafhan Maize is a subsidiary of Ingredion Incorporated, a prominent global corn refiner which began its operations in Pakistan as a pioneer of the corn refining industry in 1953. Over the last six decades, Rafhan Maize says it has expanded operations to become one of the country’s premier agro-based industries.
Nishat Group, meanwhile, is a Pakistani private sector business conglomerate. Brokerage firm Arif Habib Limited acted as the exclusive financial adviser to Ingredion Incorporated for the transaction.
“This landmark transaction ranks among the largest M&A deals in Pakistan in nearly two decades, giving the Nishat Group a controlling stake in Rafhan Maize,” Shahid Ali Habib, chief executive officer of Arif Habib Ltd., said in a statement.
He added that Rafhan Maize has a market capitalization of approximately Rs100 billion [$355 million].
Habib described Rafhan Maize as a “market leader” in Pakistan’s starch industry, operating three production facilities nationwide with a production capacity more than five times its nearest competitor.
“Ingredion shall retain a strategic stake in the company and continue to support the Nishat Group,” he added.
