Pakistan PM speaks to Iranian president after deadly port blast, discusses regional tensions

Thick, black smoke rises as rescuers arrive near the source of an explosion at the Shahid Rajaee port dock southwest of Bandar Abbas in the Iranian province of Hormozgan on April 26, 2025. (IRNA/AFP)
Short Url
Updated 26 April 2025
Follow

Pakistan PM speaks to Iranian president after deadly port blast, discusses regional tensions

  • The explosion that killed four took place at Iran’s largest commercial port in the southern Bandar Abbas city
  • The blast, likely caused by a fire at a hazardous materials depot, was felt by people within 50-kilometer radius

KARACHI: Prime Minister Shehbaz Sharif spoke with Iranian President Masoud Pezeshkian on Saturday, expressing condolences over a deadly explosion at Iran’s Shahid Rajaee port and discussing recent regional developments, including tensions with India.

At least four people were killed and more than 500 injured when a powerful blast ripped through the port in the southern city of Bandar Abbas earlier in the day, according to Iranian state media.

Authorities in Tehran said the explosion likely originated from a fire at a hazardous materials storage depot, with footage showing thick black smoke rising from the site and helicopters deployed to control the blaze.

“I spoke to my brother, Dr. Masoud Pezeshkian @drpezeshkian, President of Iran this evening, to express my deep shock at the tragic explosion at Shahid Rajaee Port, Bandar Abbas,” Sharif said in a social media post, adding that he expressed solidarity with the neighboring state on the loss of lives and prayed for early recovery of the injured.

The Shahid Rajaee port, located in Hormozgan province, is Iran’s largest commercial port. Iranian President Pezeshkian has ordered an investigation into the explosion, dispatching the interior minister to oversee the situation.

The blast caused significant damage to port infrastructure and was felt up to 50 kilometers away, according to Iranian news agencies.

During the call, Sharif also briefed Pezeshkian on Pakistan’s position regarding India’s recent actions following a deadly attack on tourists in Indian-administered Kashmir that killed 26 people earlier this week.

India has blamed Pakistan-based groups for the assault, expelled Pakistani diplomats and suspended the decades-old Indus Waters Treaty.

Islamabad has denied any involvement, offered a neutral investigation and warned that the use of water as a weapon was unacceptable and would be resisted.

Sharif said Pakistan desired regional peace and condemned militant violence in all forms and manifestations. He also reaffirmed Islamabad’s support for the Kashmiri people’s right to self-determination as enshrined in UN resolutions.

President Pezeshkian thanked Sharif for Pakistan’s message of solidarity and invited him to visit Tehran, according to the statement.

Pakistan and Iran share a long border and maintain complex political and economic ties.

Only a day earlier, Tehran had offered to mediate between Pakistan and India following the Kashmir attack, expressing readiness to help de-escalate tensions between the nuclear-armed neighbors.

– With input from AFP


Pakistan’s first non-life Shariah-compliant takaful operator says ‘historic’ IPO oversubscribed 21 times

Updated 9 sec ago
Follow

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.