ISLAMABAD: Pakistan concluded its five-day 8th International Pakistan Army Team Spirit Exercise 2025 this week featuring 20 nations, among them Gulf countries, the military’s media wing said on Saturday.
The 60-hours-long ‘patrolling exercise’ began on Monday, aiming to enhance military-to-military cooperation, and ended on Friday.
Seven teams from the Pakistan Army along with a team from the Pakistan Navy and fifteen teams from friendly countries including Bahrain, Belarus, China, Kingdom of Saudi Arabia, Maldives, Morocco, Nepal, Qatar, Sri Lanka, Türkiye, the United States and Uzbekistan participated in the exercise, the Inter-Services Public Relations (ISPR) said.
Representatives from Bangladesh, Egypt, Germany, Kenya, Myanmar and Thailand witnessed the exercise as observers.
“The 60 hours-long rigorous patrolling exercise was aimed at enhancing combat skills through the sharing of innovative ideas/experiences by the participants of the forum,” the ISPR added.
The army said the exercise was carried out in the semi-mountainous terrain of Punjab. It said that the exercise has gained much prominence as a “very competitive professional military activity” for the friendly countries over the past couple of years.
Pakistan Army Chief General Syed Asim Munir was the chief guest at the closing ceremony. He lauded participating teams for their professionalism, physical and mental endurance, and high morale.
Munir distributed individual and team awards to participants at the closing ceremony, which was also attended by international observers and defense attachés of participating countries.
Pakistan concludes ‘team spirit’ military exercise featuring 20 nations, including Gulf countries
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Pakistan concludes ‘team spirit’ military exercise featuring 20 nations, including Gulf countries
- Saudi Arabia, Bahrain, China, US, Turkiye, Bahrain and others participate in five-day exercise
- Exercise aimed at enhancing combat skills through sharing of ideas/experiences, says army
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.
