Pakistan to hold next month’s England Tests in Multan and Rawalpindi — report

Groundmen cover the pitch owing to dark clouds as poor light halts play during the fourth day of the second and last Test cricket match between Pakistan and Bangladesh, at the Rawalpindi Cricket Stadium in Rawalpindi on September 2, 2024. (AFP/File)
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Updated 09 September 2024
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Pakistan to hold next month’s England Tests in Multan and Rawalpindi — report

  • Reports earlier said schedule for next month’s series can be altered due to construction at proposed grounds
  • England are scheduled to arrive in Pakistan on October 2, with the first Test match starting on October 7

ISLAMABAD: The Pakistan Cricket Board (PCB) will be holding a three-Test series between Pakistan and England in Pakistan, an international cricket website reported on Sunday, citing a spokesperson of PCB Chairman Mohsin Naqvi.

England last week sought clarity from the PCB over their upcoming Test tour of Pakistan following reports that matches could be moved to another country.

The development came amid ongoing construction work as Pakistan prepares to bring its stadiums at par with international standards before Champions Trophy next year.

“The ECB [England and Wales Cricket Board] has given the go-ahead to hold the series in Multan and Rawalpindi,” ESPNcricinfo quoted Naqvi’s spokesperson Mohammad Rafiullah as saying.

The ECB is satisfied with the venues, Rafiullah added.

England are scheduled to play the first Test in Multan from October 7, followed by matches in Karachi and Rawalpindi, but renovations ahead of next year’s Champions Trophy appear to be causing issues at the latter two venues.

However, there has been no official comment from the PCB and the board has yet to officially finalize venues for each of the three Test matches for the series, according to the report.

England coach Brendon McCullum addressed the issue on Thursday while speaking to reporters at The Oval ahead of the third Test against Sri Lanka.

“We don’t really know (what is happening in Pakistan) but we can’t pick a team until we know where we’re going to play,” he said. “It would be nice if, over the next couple of days, we found out.”

England are scheduled to arrive in Pakistan on October 2, with the first Test starting on October 7.


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.