ISLAMABAD: Uzbekistan Airways is set to launch direct flights between Tashkent and Islamabad starting May 24 in a “significant step toward enhancing bilateral connectivity,” state-run APP news agency reported on Tuesday.
The new route is expected to bolster people-to-people exchanges, trade and tourism between Uzbekistan and Pakistan, APP said, quoting the Uzbek Embassy in Islamabad. The airline already operates bi-weekly flights between Tashkent and Lahore on Wednesdays and Fridays.
“In the initial phase, the airline will operate weekly flights every Saturday,” the state news agency said.
“Discussions are currently ongoing with Pakistan’s Civil Aviation Authority to finalize the necessary logistical and regulatory arrangements. Subject to demand and operational considerations, the frequency of flights is expected to increase over time.”
In addition to the Tashkent-Islamabad route, Uzbekistan Airways is also exploring plans to introduce direct flights to Karachi, Pakistan’s largest city and economic hub, in the near future.
“The expansion of Uzbekistan Airways’ flight network is anticipated to offer greater convenience for travelers, while simultaneously contributing to increased tourism and stronger economic and cultural exchanges between Uzbekistan and Pakistan,” the APP report said.
Uzbekistan Airways to launch direct flights between Tashkent, Islamabad from May
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Uzbekistan Airways to launch direct flights between Tashkent, Islamabad from May
- Airline already operates bi-weekly flights between Tashkent and Lahore on Wednesdays and Fridays
- Uzbekistan Airways also exploring plans to introduce direct flights to Karachi in the near future, APP reports
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.
