ISLAMABAD: Pakistan and Bangladesh started their first Foreign Office Consultations (FOC) in 15 years on Thursday, according to a media report from a Dhaka-based newspaper, signaling a thaw in relations long strained by historical grievances and regional alignments.
The meeting in Dhaka comes amid significant political shifts in Bangladesh following the ouster of its pro-India Prime Minister Sheikh Hasina Wajid in the wake of a popular student uprising in August last year. Her departure opened avenues for Islamabad to reengage with Dhaka.
The two nations have shared a tumultuous history, as Bangladesh gained independence from Pakistan in 1971.
The complicated past between the two countries has often hampered their diplomatic relations, though recent developments, including Bangladesh’s interim government’s outreach to Pakistan and cooling ties with India, suggest a recalibration of regional partnerships.
“The Foreign Office Consultations (FOC) between Bangladesh and Pakistan started in Dhaka this morning (17 April), marking the first such meeting since 2010,” the Business Standard, a prominent English-language daily published from Dhaka, reported.
“Foreign Secretary [Muhammad] Jashim Uddin and Pakistan’s Foreign Secretary Amna Baloch are leading their respective sides at the FOC being held at the foreign ministry,” it continued.
The consultations are expected to pave the way for a visit by Pakistan’s Deputy Prime Minister and Foreign Minister Ishaq Dar to Bangladesh later this month, which would mark the first such visit by a Pakistani foreign minister since 2012.
While Pakistani authorities have not yet issued a statement regarding Baloch’s visit, the renewed diplomatic engagement highlights a mutual interest in strengthening bilateral ties.
In recent months, Pakistan’s Prime Minister Shehbaz Sharif and Bangladesh’s Chief Adviser Muhammad Yunus have met on the sidelines of international forums, including the United Nations General Assembly in New York and the D-8 Summit in Cairo.
These interactions have been described as cordial, with both leaders expressing a desire to deepen bilateral cooperation.
Yunus has also met with Indian Prime Minister Narendra Modi in Bangkok, where discussions included Bangladesh’s request for the extradition of ex-premier Wajid, who has gone into exile in India and issued multiple anti-government statements against Yunus’s interim administration.
Pakistan and Bangladesh hold first Foreign Office Consultations in 15 years — media
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Pakistan and Bangladesh hold first Foreign Office Consultations in 15 years — media
- Media reports from Bangladesh say Pakistan’s Foreign Secretary Amna Baloch is in Dhaka for talks
- The consultations are expected to pave the way for Pakistan’s deputy PM’s Dhaka visit later this month
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.
