ISLAMABAD: Pakistan Planning Minister Ahsan Iqbal on Monday launched the country’s first locally made ventilator, Pakistani state media reported, describing it as a step toward technological self-reliance.
The Drug Regulatory Authority of Pakistan (DRAP) last month approved the ‘AlnnoVent’ ventilator, which has been developed by the Alsons Group precision manufacturing firm in Karachi. After successfully passing clinical trials, the ventilator has been officially licensed for production.
The AlnnoVent AVB-100 is an electro-mechanical ICU ventilator that meets international standards of quality and reliability. It supports adult patients across five invasive and two non-invasive ventilation modes, making it suitable for a range of critical care scenarios. The ventilator was created in response to the acute shortage of respiratory aid devices during the COVID-19 pandemic.
Speaking at the launching ceremony, Iqbal praised the company for its efforts and emphasized that Pakistan needed more such innovators to succeed in a rapidly evolving world, the Associated Press of Pakistan (APP) news agency reported.
“We require an army of such individuals – people who combine skill, hard work, ambition and the intelligence that defines our nation,” the minister was quoted as saying.
The development comes as Pakistan’s government attempts to steer the country out of a prolonged macroeconomic crisis that has weakened the South Asian country’s currency and drained its foreign exchange reserves over the past few years.
Finance Minister Muhammad Aurangzeb has consistently emphasized the need for Islamabad to adopt an export-led economy to achieve sustainable, long-term economic growth.
Iqbal emphasized that Pakistan’s economic success depended on its ability to innovate and produce new products, which would help shift the country to a more export-driven economy.
He urged private sector leaders to leverage Pakistan’s affordable human resource to produce high-quality goods that could compete in global markets.
“You are the drivers of Pakistan’s future and the government will stand behind every private sector initiative that helps bring in exports and dollars,” the minister said.
Pakistan launches first locally made ventilator in bid to achieve technological self-reliance
https://arab.news/9q46k
Pakistan launches first locally made ventilator in bid to achieve technological self-reliance
- The AlnnoVent AVB-100 ventilator supports adult patients across five invasive and two non-invasive ventilation modes
- The ventilator was created in response to the acute shortage of respiratory aid devices during the COVID-19 pandemic
Pak-Qatar becomes Pakistan’s first dedicated family takaful operator to list on PSX
- Pak-Qatar Family Takaful Limited’s initial public offering raises $3.2 million, says company
- Company says remains committed to strengthening Pakistan’s Islamic financial eco-system
KARACHI: The Pak-Qatar Family Takaful Limited (PQFTL) became the first dedicated family Takaful operator to be listed on the Pakistan Stock Exchange (PSX), the company announced on Thursday, saying the development would strengthen the ecosystem for Islamic financial products and services in the stock market.
PQFTL is the country’s first and largest dedicated shariah-compliant family risk-protection provider, holding 44 percent of the total family takaful market and more than 90 percent of the fully dedicated segment, with a nationwide presence of 73 branches and 1,971 field representatives.
The company announced in a statement last month it would offer 50 million shares, starting at a floor price of Rs14 per share ($0.05), with a ceiling of Rs21 per share ($0.07). Of the total issue, 37.5 million shares will be allocated to institutional investors, while 12.5 million shares will be offered to the general public.
In its latest statement, the PQTFL said the book building and public subscription portions of its Initial Public Offering (IPO) were oversubscribed by 3.2 times and 3.8 times, respectively, reflecting strong investor confidence in the company and Pakistan’s Islamic financial ecosystem.
“The IPO raised Rs901 million [$3.2 million], achieving a 29 percent premium, reflecting strong investor interest and positive market perception,” the statement said.
“This historic milestone and response from investors underscore PQFTL’s exceptional financial resilience, strategic foresight, and unwavering commitment to Shariah-compliant excellence,” it added.
The company said over 8,200 investors participated in the IPO, making it one of the highest investor turnouts in Pakistan’s insurance and Takaful sector.
“The offering attracted a diverse mix of institutional investors, insurance companies, family offices, corporate investors, and a significant number of individual investors,” it said.
Muhammad Kamran Saleem, a member of the board of directors of the PQFTL, said the company’s listing on the stock exchange was a “historic achievement.”
“The overwhelming response from investors demonstrates deep trust in our business fundamentals, Shariah governance standards and strategic vision,” he said.
“We are grateful to Allah Almighty for this historic achievement and we remain committed to strengthening the Islamic financial eco-system and long-term sustainable value creation to all our stakeholders.”
PQFTL said the IPO proceeds will help it in meeting regulatory capital requirements, expand digital distribution channels, enhance product innovation and drive customer-centric growth initiatives.
