ISLAMABAD: Pakistan and China have agreed to enhance cooperation between their air forces, focusing on joint exercises and advanced tactical training, during a visit by the Pakistani air chief to Beijing, according to an official statement released on Friday.
The two countries maintain close defense, diplomatic and economic relations. Their strategic partnership is exemplified by their collaboration on the JF-17 Thunder fighter jets, co-developed by Pakistan Aeronautical Complex and China’s Chengdu Aircraft Corporation. The aircraft has been inducted into Pakistan’s fleet and exported to countries including Myanmar, Nigeria, and Azerbaijan.
The Pakistan military’s media wing, Inter-Services Public Relations (ISPR), said in a statement that Air Chief Marshal Zaheer Ahmed Baber Sidhu held a meeting with China’s Defense Minister Admiral Dong Jun wherein both officials reaffirmed the joint commitment of the two countries to revitalize the existing bilateral military ties strategic cooperation.
“Both sides agreed on enhancing Air Force-to-Air Force cooperation, particularly through complex and aggressive tactical-level scenarios during aerial exercises,” the ISPR said. “The cooperation is aimed at addressing challenges in multiple domains during joint exercises, equipping air and ground crew of both Air Forces with the skills necessary to counter modern Air and Space Warfare challenges effectively.”
During his visit, the Pakistani air chief also met with China’s Air Force Commander General Chang Dingqiu and Major General Cao Xiaojian, Director General of the Bureau of Military Equipment and Technical Cooperation.
Sidhu’s conversation with the Chinese officials focused on technology transfer and collaborative development of advanced military hardware.
He also invited Chinese defense companies to participate in its National Aerospace Science & Technology Park, offering incentives for developing projects in unmanned aerial systems, electronic warfare and space programs.
The air chief’s visit underscored the strategic partnership between Pakistan and China, which extends beyond defense to include economic initiatives like the China-Pakistan Economic Corridor.
Pakistan, China agree to boost air force ties with joint drills, tactical training
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Pakistan, China agree to boost air force ties with joint drills, tactical training
- The two countries reaffirm commitment to revitalizing military ties during Pakistan air chief’s Beijing visit
- The air chief invites Chinese firms to collaborate on drones, electronic warfare and space programs
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.
