ISLAMABAD: The Secretary-General of the International Maritime Organization, Arsenio Antonio Dominguez Velasco, arrived in Islamabad today, Thursday, to attend the International Maritime Sustainability Exhibition and Conference (IMSEC), the foreign ministry said in a statement.
This will be the first-ever visit to Pakistan by an IMO cheif. The IMO is a specialized agency of the United Nations responsible for regulating shipping and ensuring maritime safety, environmental protection and security on international waters. Established in 1948, its primary role is to develop and maintain a comprehensive regulatory framework for shipping, which includes standards for safety, pollution prevention and legal matters surrounding global maritime operations.
“The Secretary General’s visit will afford an opportunity for Pakistan and IMO to exchange views on the maritime sector and blue economy,” the statement said.
“As a founding member of IMO, Pakistan is deeply committed to IMO’s vision of safe, secure and efficient shipping on clean oceans … Pakistan has served for five terms on the IMO Council and has consistently contributed in upholding the IMO objectives.”
The foreign office said Velasco will be visiting Pakistan from September 12 to 14 and would hold meetings with Pakistani leaders and senior government officials.
He is scheduled to attend IMSEC, which will begin in Islamabad on Thursday before moving to Pakistan’s port city of Karachi for the next two days.
Pakistan is actively working to increase its global trade through sea-lanes and improve port facilities in Karachi and Gwadar. It also wants to position itself as a key transit hub for landlocked Central Asian states and is in talks with countries like Tajikistan, Uzbekistan and Kazakhstan who want to use Pakistani ports for international trade.
UN maritime chief in Pakistan on first-ever visit as Islamabad hosts international conference
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UN maritime chief in Pakistan on first-ever visit as Islamabad hosts international conference
- Secretary-General Velasco will attend three-day maritime sustainability conference, meet top officials
- Foreign office says visit will give Pakistan opportunity to discuss maritime sector and blue economy
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.
