ISLAMABAD: A leading Chinese automotive company signed an agreement with a Pakistani firm this week to introduce advanced electric vehicle (EV) technology in Pakistan and scale up domestic production, state media reported on Tuesday.
The memorandum of understanding (MoU) was signed on February 22 in Beijing between Shanghai Launch Automotive Technology Co., Ltd. (LAUNCH) and Yousuf Dewan Companies (YDC), a pioneer in EV assembly in Pakistan.
The deal is part of broader cooperation between Pakistan and China in technology and industrial development, following recent efforts to enhance investment and collaboration in the automotive sector.
YDC, which has been active in Pakistan’s automobile industry, will work with LAUNCH, a Chinese firm specializing in EV technology, to develop vehicles for Pakistan using LAUNCH’s expertise in design and innovation.
The agreement also includes setting up a completely knocked-down (CKD) assembly operation for battery electric vehicles (BEVs), producing both right-hand drive and left-hand drive models for domestic sales and exports.
“This agreement marks a significant step toward bringing advanced electric vehicle (EV) technology to Pakistan and promoting sustainable mobility solutions in the region,” the Associated Press of Pakistan (APP) news agency reported.
“The cooperation includes the creation of a technology partnership focused on EV innovation, battery life cycle management and recycling solutions, as well as exploring a joint venture for manufacturing and scaling BEV production in Pakistan,” it added.
The partnership is expected to drive EV adoption in Pakistan and contribute to the country’s sustainable energy and mobility goals, aligning with broader government efforts to promote clean transportation.
Pakistani, Chinese firms sign deal to boost electric vehicle production
https://arab.news/nqy95
Pakistani, Chinese firms sign deal to boost electric vehicle production
- The Pakistani firm will develop vehicles with the help of Chinese expertise for domestic sales and exports
- Agreement will help bring advanced electric vehicle technology to Pakistan, provide sustainable mobility
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.
