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International Steels Seeks Shareholder Approval To Exit Chinoy Engineering & Construction
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International Steels Seeks Shareholder Approval To Exit Chinoy Engineering & Construction

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International Steels Limited (ISL) has proposed selling its entire 17% stake in Chinoy Engineering & Construction (Pvt) Limited (CECL) for a total consideration of Rs350 million. The company’s Board of Directors, at a meeting held on August 19, 2026, recommended the disposal of 4,845,000 ordinary shares, each carrying a face value of Rs10, at a proposed price of Rs72.24 per share. The transaction will require shareholder approval at ISL’s 19th Annual General Meeting scheduled for October 5, 2026, along with the completion of applicable regulatory requirements. International Steels Plans Complete Stake Disposal The proposed transaction would allow International Steels to completely exit its investment in Chinoy Engineering & Construction. At Rs72.24 per share, the proposed sale of 4.845 million shares results in total proceeds of approximately Rs350 million. For ISL, the disposal could represent an effort to streamline its investment portfolio and focus capital and management attention on its core steel operations. The company could potentially use the proceeds to strengthen liquidity, support working capital or meet other corporate requirements. Limited Disclosure Raises Investor Questions While the proposed sale has been formally disclosed, the announcement leaves several important questions unanswered. One of the biggest gaps is the identity of the purchaser. Without knowing who will acquire ISL’s 17% holding, investors have limited visibility into whether the transaction is an independent arm’s-length sale or a transaction involving another entity within the broader Chinoy business network. The disclosure also provides limited information about the methodology used to determine the Rs72.24-per-share valuation. This makes it difficult for minority shareholders to independently assess whether the proposed consideration reflects the underlying value of CECL. Non-Core Exit Or Value Extraction? From a strategic perspective, selling a non-core investment can make sense for a listed company. International Steels operates primarily in the steel sector, while an engineering and construction investment may not form part of its central business strategy. The proposed Rs350 million proceeds could provide additional financial flexibility at a time when Pakistan’s industrial sector continues to face challenges related to energy costs, financing conditions, import pressures and overall business uncertainty. However, the circumstances surrounding the proposed disposal warrant closer scrutiny. Where group companies have overlapping ownership or business relationships, investors generally expect greater transparency around the transaction, particularly when the buyer and valuation process are not fully explained. Valuation Requires Greater Clarity The proposed price of Rs72.24 per share produces a precise total consideration of Rs350 million. However, the announcement does not provide sufficient information about how this price was established. Investors would benefit from greater clarity regarding the valuation basis, including whether the company obtained an independent valuation, fairness opinion or other assessment of CECL’s underlying worth. Such information would help shareholders determine whether the proposed price adequately reflects the value of the shares being sold. This becomes particularly important when minority shareholders are being asked to approve a transaction involving an investment in another private company. Minority Shareholder Protection In Focus Transactions involving companies with overlapping ownership structures typically attract greater attention from investors because of potential conflicts of interest. The key concern is whether the transaction is being conducted on commercially reasonable terms and whether all shareholders are being treated fairly. ISL will therefore need to provide sufficient information for shareholders to evaluate the transaction before voting at the October AGM. Greater disclosure regarding the buyer, valuation process and commercial rationale could help address concerns and improve investor confidence. What Will ISL Do With The Rs350 Million? Another issue that deserves attention is the intended use of the proceeds. The Rs350 million inflow could be used for working capital, debt management, investment in core operations or general corporate purposes. For shareholders, understanding how the proceeds will be deployed is important because the value of a divestment does not depend solely on the sale price. If the proceeds are redirected toward profitable core operations or balance-sheet strengthening, the transaction could potentially create value for ISL shareholders. If the funds are simply absorbed into routine expenses without improving financial performance, the strategic benefit could be less significant. Broader Corporate Governance Implications The proposed disposal highlights a wider governance issue affecting diversified business groups. Asset rationalisation can be a legitimate strategy when companies want to exit non-core investments. However, incomplete disclosures can make it difficult for investors to determine whether a transaction is genuinely strategic or primarily driven by internal group considerations. For listed companies, maintaining investor confidence requires more than meeting minimum disclosure requirements. Clear information about transaction counterparties, valuation methodology, related-party relationships and the use of proceeds can help investors make informed decisions. Shareholders To Decide In October The final decision now rests with ISL shareholders, subject to the necessary regulatory approvals. The October 5 AGM will provide shareholders with an opportunity to assess whether the proposed disposal is in the company’s best interests. Before the vote, investors will likely want more information about the purchaser, the valuation process and the strategic rationale behind the sale. Until those details become clearer, the proposed transaction remains a largely procedural announcement rather than a fully explained value-creation strategy. International Steels Must Address Transparency Concerns International Steels’ plan to sell its 17% stake in Chinoy Engineering & Construction for Rs350 million could allow the company to simplify its investment portfolio and concentrate on its core steel business. However, the limited disclosure surrounding the transaction raises legitimate questions about valuation, the identity of the buyer and potential group relationships. For minority shareholders, transparency will be crucial. Providing fuller details before the AGM would allow investors to determine whether the Rs350 million disposal represents sound capital allocation and genuine value realisation, or simply a convenient restructuring of assets within a wider corporate group. The transaction should ultimately be judged on whether it strengthens ISL’s financial position and serves the long-term interests of all shareholders.

Pakistan’s Textile Exports Hit Record $1.81 Billion in July 2026
Pakistan

Pakistan’s Textile Exports Hit Record $1.81 Billion in July 2026

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Pakistan’s textile sector has started FY27 with a record-breaking export performance, with textile exports reaching US$1.814 billion in July 2026, according to the latest Pakistan Bureau of Statistics data analysed by AKD Securities. Record Textile Exports in July The July 2026 figure is the highest monthly textile export value ever recorded by Pakistan, surpassing the previous peak of US$1.739 billion recorded in November 2021, April 2022 and January 2026. The increase becomes even more significant when compared with June 2026. Textile exports stood at US$1.267 billion in June, meaning July exports jumped by approximately 43% month-on-month. July’s performance was also substantially above the sector’s five-year monthly average of around US$1.48 billion, highlighting the strength of the latest export momentum. Global Demand Supports Textile Growth Pakistan’s textile industry has experienced stronger export readings in several months since late 2025, with some monthly figures crossing the US$1.6 billion mark. The latest surge suggests that the sector may have moved beyond previous export ceilings. Improved global demand and stronger price competitiveness appear to have contributed to the record performance. The development is particularly important for Pakistan because textiles remain one of the country’s largest sources of export earnings and foreign exchange. Strong Start to FY27 The record July figure provides an encouraging start to Pakistan’s FY27 export performance. Higher textile receipts can support the country’s external account, improve foreign-exchange availability and contribute to industrial activity. However, maintaining such a high monthly export level will be the bigger challenge. The coming months will show whether July’s performance represents a sustained structural improvement or a temporary surge. Further PBS data will also be important in determining whether the growth was broad-based across major textile categories, including garments, knitwear, bedwear, towels and cotton-based products. For Pakistan, sustaining export momentum will depend not only on international demand but also on energy costs, production competitiveness, exchange-rate conditions, trade facilitation and access to major global markets.

Pakistan Power Generation Rises 7% in July as Coal Output Surges
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Pakistan Power Generation Rises 7% in July as Coal Output Surges

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Pakistan’s electricity generation recorded a notable increase in July 2026, rising 7% year-on-year to 15,122 GWh, according to an AKD Securities report based on data from the National Electric Power Regulatory Authority (NEPRA). Generation also climbed 13% month-on-month from 13,431 GWh in June, reflecting stronger seasonal electricity demand. However, the increase in output came alongside higher generation costs, raising concerns about the financial pressure facing the power sector. Hydel Power Remains Pakistan’s Largest Generation Source Hydropower continued to dominate Pakistan’s electricity mix during July. Hydel generation reached 6,019 GWh, accounting for 39.8% of total generation. Output increased 6% compared with July 2025 and was 15% higher than the previous month. The strong contribution from hydropower highlights the continued importance of water-based generation in meeting Pakistan’s electricity requirements, particularly during periods of elevated seasonal demand. Coal Generation Records Sharp Increase Coal-fired power generation registered one of the strongest increases during the month. Coal generation rose 45% year-on-year to 3,819 GWh, giving it a 25.3% share of the overall generation mix. Imported coal was the main contributor to the increase, with generation from imported coal surging 90% to 2,169 GWh. Generation from local coal increased 10% to 1,650 GWh. The growing contribution of imported coal is significant because it can increase exposure to international fuel prices and foreign exchange movements. Electricity Generation Costs Continue to Climb Despite higher overall generation, the cost of producing electricity remained a major concern. Average generation cost increased 17% year-on-year to Rs9.61 per kWh in July. It was also 8% higher than June’s Rs8.91 per kWh. The increase indicates that stronger electricity production is not necessarily translating into cheaper power. A shift towards relatively expensive fuels could continue to place pressure on the power sector and ultimately consumers. RLNG Generation Falls as Furnace Oil Rises The fuel mix showed notable changes across different sources. RLNG-based generation declined 33% year-on-year to 1,629 GWh, while gas-fired generation dropped 9%. In contrast, furnace oil generation nearly doubled compared with the same month last year, reaching 215 GWh. Nuclear power generation increased 9%, while generation classified under the “Others” category rose 20% to 923 GWh. Higher Output Comes With Greater Cost Pressure The July figures present a mixed picture for Pakistan’s power sector. On one hand, the 7% annual increase in electricity generation and 13% monthly rise indicate stronger demand and greater utilisation of the power system. On the other hand, the 17% increase in generation costs highlights the financial challenges associated with the current fuel mix. The sharp rise in imported coal generation, together with higher furnace oil usage, has contributed to the increase in average generation costs. Power Sector Faces a Difficult Balancing Act Pakistan’s power planners will need to carefully monitor the fuel mix in the coming months. Sustained growth in electricity demand can be positive for generation companies and the wider energy sector, but rising production costs could create additional pressure on consumers and the power sector’s financial position. For Pakistan, the challenge will be to meet growing electricity demand while increasing the share of cost-efficient domestic and renewable sources and reducing reliance on expensive imported fuels. The July data therefore points to an electricity sector producing more power, but at a significantly higher cost—a trend that could remain important for tariffs, circular debt and the broader energy outlook.

Karachi Police Tighten Security Rules for Non-CPEC Projects Amid Rising Threats
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Karachi Police Tighten Security Rules for Non-CPEC Projects Amid Rising Threats

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Karachi police have introduced stricter security requirements for non-CPEC projects operating in Malir, particularly those involving Chinese nationals and other foreign personnel. The new measures reflect growing concerns over the security arrangements at foreign-linked industrial and infrastructure projects and place additional responsibilities on project operators to strengthen protection and coordination with law enforcement. Stricter Security Measures for Foreign-Linked Projects The directives, issued by Sub Divisional Police Officer Sukhan Ghulam Ahmed Sheikh on June 8, require projects to revise their existing security arrangements. Private security guards are to be replaced with ex-servicemen equipped with advanced weapons. Security personnel will also be required to carry walkie-talkies, while the use of mobile phones during duty hours has been prohibited. The authorities have also instructed project management to nominate a focal person who will remain responsible for coordination with the police and other law-enforcement agencies. Tighter Restrictions on Movement of Chinese Nationals Movement of Chinese nationals and other foreign personnel connected with the projects will now require at least eight hours’ advance notification to designated officials, including the China Desk and relevant police stations. Foreign nationals must travel in bulletproof vehicles accompanied by a Special Protection Unit squad. The directives further prohibit late-night movement and require personnel to follow approved travel routes without deviation. Projects Face Tougher Site Security Requirements The new protocols also establish specific physical security standards for project sites. These include the installation of vehicle scanners at entry and exit points, construction of boundary walls measuring 12 feet and topped with barbed wire, and installation of CCTV cameras with a minimum resolution of five megapixels. The CCTV systems must maintain recordings for at least 30 days, allowing authorities to review footage when required. Project operators have also been instructed to comply with the revised standard operating procedures issued in September 2024. Security Concerns Could Affect Investor Confidence The tighter requirements highlight the security challenges facing foreign-linked businesses operating outside the formal China-Pakistan Economic Corridor framework. According to the concerns outlined in the source material, persistent security risks can influence how international investors assess Pakistan as a destination for long-term industrial investment. Foreign companies may also face difficulties bringing technical experts and personnel to project sites when travel advisories or security restrictions are in place. Security Challenges Could Weigh on Export Growth Security concerns can extend beyond investment decisions and affect Pakistan’s export ambitions. International buyers may be cautious about relying on supply chains where security risks could potentially disrupt manufacturing, transportation or shipments. For export-oriented projects, this can become particularly important because industrial investments generally require sustained operations and long-term participation from international partners. Reliable Security Remains Critical for Industrial Investment The latest measures demonstrate the importance of maintaining a secure operating environment for foreign-linked projects in Karachi. While stronger security protocols can provide additional protection, the broader challenge is to create conditions in which international companies can operate with confidence over the long term. A sustained improvement in the security environment would help support investor confidence, facilitate foreign technical participation and strengthen Pakistan’s prospects for attracting export-oriented industrial investment.

Pakistan Exporters Book Over $3bn In Forwards As Rupee Support Eases
Pakistan

Pakistan Exporters Book Over $3bn In Forwards As Rupee Support Eases

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Pakistan’s foreign exchange market is showing signs of moving towards a more normal trading environment as exporters’ outstanding forward contracts exceed $3 billion, providing significant support to the rupee in recent months. The level represents the highest outstanding exporter forward position in more than six years. However, fresh bookings have started to slow, raising questions about how long this source of dollar support can continue at its current strength. Exporter Forward Bookings Reach Six-Year High Exporters have accumulated more than $3 billion in forward contracts, creating a substantial pipeline of expected dollar inflows. These bookings have helped support the rupee by providing greater visibility over future foreign exchange receipts. However, market participants have recently observed a moderation in new forward bookings. If the slowdown continues, the exceptional support provided by exporter forwards could gradually diminish. This does not necessarily mean the rupee will weaken sharply, but it could shift greater importance towards actual export receipts and underlying foreign exchange demand. July Exports Deliver Strong Performance Pakistan’s export performance provides another important signal for the currency market. Exports rose to $2.90 billion in July, making it the highest monthly level in five years and the second-highest figure on record. The strong performance offers encouragement following a period of relatively subdued trade activity. However, questions remain over whether July represents the beginning of a sustained export recovery or an unusually strong month. Conditions in August and September could prove more challenging, particularly amid weaker global demand and stagflation concerns in the United States. SBP Swap Position Improves The State Bank of Pakistan’s swap book has also strengthened considerably. The central bank’s short position has improved from $1.89 billion to around $880 million, contributing to more comfortable dollar liquidity conditions. With the swap position improving, the SBP could potentially reduce purchases on the forward leg. This could place downward pressure on forward premiums in the months ahead. The development is another indication that some of the extraordinary foreign exchange support seen recently may begin to moderate. Three Signals Point Towards Normalisation The combination of exporter forward bookings, strong July exports and an improved SBP swap position provides a useful framework for assessing the rupee’s near-term outlook. Exporter forwards remain substantial, but new bookings are slowing. July exports were exceptionally strong, although upcoming months may face weaker external demand. Meanwhile, improved dollar liquidity gives the central bank greater flexibility in managing its forward position. Together, these factors suggest that the exceptional dollar support of recent months could gradually normalise. Importantly, normalisation does not automatically imply a weaker rupee. Sustainable Dollar Inflows Will Become More Important As extraordinary sources of foreign exchange support ease, the sustainability of Pakistan’s currency stability will increasingly depend on genuine export receipts and market-driven dollar flows. A recovery in domestic economic activity could also increase demand for foreign exchange as imports rise. Pakistan’s recent macroeconomic stabilisation has been supported by strong remittances, improved foreign exchange reserves, IMF-backed policy discipline and import compression. Maintaining stability over the longer term will require stronger exports, greater private foreign investment, increased foreign participation in domestic markets and improved private-sector credit growth. SBP Seeks To Avoid Another Boom-Bust Cycle SBP Governor Jameel Ahmad has reiterated the central bank’s intention to avoid another boom-bust cycle in the foreign exchange market. The improved external position gives policymakers greater room to focus on maintaining stability rather than responding to acute dollar shortages. For the rupee, the next phase could therefore be less about exceptional foreign exchange inflows and more about whether Pakistan can build sustainable sources of dollar earnings. Rupee Expected To Remain In A Narrow Range Market analysts expect the rupee to trade within a relatively narrow range in the coming months. Exporters are likely to continue seeking forward cover to protect against currency fluctuations, although the pace of new bookings may moderate from the exceptionally high levels seen recently. The key question for the currency market is whether stronger exports and other recurring dollar inflows can eventually replace the extraordinary support provided by forward bookings and policy-driven measures. If that transition occurs smoothly, Pakistan could move towards a more sustainable period of exchange-rate stability.

Chinese Firms To Sell 18.31% Stake In Masood Textile To UAE's Velora Over Three Years
Pakistan

Chinese Firms To Sell 18.31% Stake In Masood Textile To UAE’s Velora Over Three Years

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Chinese Shareholders Agree to Sell 18.31% Stake in Masood Textile Masood Textile Mills Limited has informed the Pakistan Stock Exchange (PSX) that two of its Chinese shareholders have entered into agreements to sell a combined 18.31% stake to UAE-based Velora Global Ventures – F.Z.C. over the next three years. The transactions will be carried out in phases and remain subject to regulatory approvals, including clearance from the Competition Commission of Pakistan (CCP). Phased Divestment Details Shanghai Challenge Textile Co., Ltd., which currently holds 17,396,833 shares representing approximately 25.77% of Masood Textile Mills, has agreed to sell a 7% stake in the company. According to the agreement, the transfer will be completed through 11 equal quarterly instalments, subject to contractual terms and regulatory compliance. Meanwhile, Zhejiang Xinao Industry Company Ltd., which owns 7,636,550 shares or around 11.31% of the company’s paid-up capital, has agreed to dispose of its entire shareholding. The sale will take place in 10 equal quarterly instalments over the agreed period. Velora to Complete Acquisition in Phases Velora Global Ventures – F.Z.C. confirmed that it has signed separate share purchase agreements with both Chinese shareholders for the acquisition of the combined 18.31% stake. The UAE-based company stated that the acquisition will be completed gradually over approximately three years. The transaction remains subject to approval from the Competition Commission of Pakistan, along with other applicable legal and regulatory requirements. Regulatory Approvals Required Velora said it will submit a pre-merger application to the Competition Commission of Pakistan and will share the official acknowledgment once it is issued. Masood Textile Mills stated that the disclosures were made in accordance with Section 96 of the Securities Act, 2015, and Clause 5.6.1(a) of the Pakistan Stock Exchange Regulations. The company received formal notifications from both selling shareholders dated July 31, 2026, while the buyer’s notification was received on August 3, 2026. Shareholding Structure to Change According to the disclosures, no further approval or action is required from Masood Textile Mills for the transactions to proceed. The phased divestment represents a significant change in the shareholding structure of the Faisalabad-based textile manufacturer, which has long counted Chinese investors among its major shareholders. Market participants are expected to closely monitor the Competition Commission’s review process and the scheduled quarterly share transfers over the coming years.

Colgate-Palmolive Pakistan Profit Edges Higher Despite Strong Sales Growth
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Colgate-Palmolive Pakistan Profit Edges Higher Despite Strong Sales Growth

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Higher Revenue Fails to Deliver Significant Earnings Growth Colgate-Palmolive (Pakistan) Limited reported a modest increase in annual profit for the financial year ended June 30, 2026, despite posting solid growth in sales as higher operating costs and tax expenses weighed on earnings. The company’s Board of Directors also announced a substantial final cash dividend, maintaining an attractive payout for shareholders even though profit growth remained limited. Sales Increase While Profit Growth Remains Modest Colgate-Palmolive (Pakistan) recorded net turnover of Rs125.22 billion, representing an 8 percent increase from Rs116 billion reported in the previous financial year. However, the stronger revenue translated into only a slight improvement in profitability. Profit after tax rose 1.3 percent to Rs18.63 billion, compared with Rs18.40 billion a year earlier, highlighting the impact of rising operating expenses on overall earnings. Rising Costs Weigh on Profit Margins The company’s gross profit increased to Rs43.84 billion, reflecting healthy sales performance across its product portfolio. However, higher selling and distribution expenses reduced the benefit of increased revenue. Selling and distribution costs climbed to Rs13.37 billion, while lower other income and a relatively high tax burden further limited earnings growth. The results demonstrate the ongoing challenge consumer goods companies face in protecting profit margins amid inflationary pressures and rising operating costs. Company Announces Strong Dividend Payout Despite modest earnings growth, the Board recommended a final cash dividend of Rs35 per share, equivalent to 350 percent. Combined with the interim dividend of Rs29 per share, shareholders will receive a total annual dividend of Rs64 per share. The sizeable payout reflects the company’s strong cash generation and commitment to delivering shareholder returns despite a challenging business environment. Balance Sheet Remains Financially Strong Colgate-Palmolive (Pakistan) continued to strengthen its financial position during the year. Total assets increased to Rs64.13 billion, while shareholders’ equity rose to Rs41.61 billion. The company also maintained significant short-term investments and cash reserves, providing a solid financial cushion and flexibility for future operations. Stable Performance in a Challenging Consumer Market Earnings per share (EPS) improved marginally to Rs76.74, compared with Rs75.78 in the previous year. Although revenue growth remained healthy, the limited increase in earnings highlights the pressure that inflation, higher operating costs and changing consumer spending patterns continue to place on Pakistan’s fast-moving consumer goods (FMCG) sector. The FY26 results suggest that Colgate-Palmolive (Pakistan) successfully maintained financial stability and rewarded shareholders through a generous dividend policy, even as cost pressures prevented stronger bottom-line growth.

Pakistan Launches South Asia's First National Gender-Responsive AI School
Pakistan

Pakistan Launches South Asia’s First National Gender-Responsive AI School

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MoITT, UN Women and KOICA Partner to Promote Inclusive AI Development Pakistan has launched South Asia’s first national Gender-Responsive AI School, marking a significant milestone in the country’s digital transformation agenda. The initiative, introduced by the Ministry of Information Technology and Telecommunication (MoITT) in partnership with UN Women Pakistan and supported by the Korea International Cooperation Agency (KOICA), aims to strengthen national capacity for developing ethical, inclusive and gender-responsive artificial intelligence. The programme is designed to equip policymakers, government institutions, parliamentarians, United Nations personnel, academia, civil society, private sector representatives and community leaders with the knowledge and practical skills needed to ensure women and girls participate equally in Pakistan’s rapidly evolving digital economy. Pakistan Sets a Regional Benchmark for AI Education Speaking at the launch ceremony, UN Women Pakistan Country Representative Jamshed M. Kazi described the initiative as a landmark achievement for the Asia-Pacific region. He said Pakistan had become the first country in South Asia to introduce a national Training of Trainers (ToT) programme under the UN Women AI School, with customised learning pathways for the executive, legislative and judicial branches, as well as civil society and the private sector. According to Kazi, the programme establishes a new regional benchmark by moving beyond existing models and creating a comprehensive national framework for gender-responsive AI education. Curriculum Covers AI Governance, Ethics and Practical Skills The Gender-Responsive AI School combines theoretical learning with hands-on training to help participants understand both the opportunities and challenges presented by artificial intelligence. The curriculum includes modules on: Before the official launch, specialised training sessions had already been conducted for parliamentarians, government officials, UN personnel, academic institutions and civil society organisations, creating an initial network of AI champions across the country. KOICA Backs Inclusive Digital Innovation KOICA Pakistan Deputy Country Director Sodam Baek said the initiative represents an investment in Pakistan’s inclusive digital future. She noted that strengthening digital skills while promoting responsible AI would help build an innovation ecosystem where women and girls can participate equally and contribute to sustainable economic development. Addressing the Global Gender Gap in AI Policy The initiative also responds to a significant gap in global AI governance. According to UN Women, only a small number of nearly 140 national AI policies worldwide explicitly address gender considerations. The new AI School aims to help Pakistan develop policies and institutions that integrate gender equality into future AI development. The programme aligns with several international commitments, including the Global Digital Compact, the CSW67 Agreed Conclusions and the Beijing+30 agenda, translating global policy objectives into practical national action. MoITT and UN Women Sign Long-Term Partnership During the ceremony, MoITT and UN Women Pakistan signed a Memorandum of Understanding (MoU) to institutionalise the Gender-Responsive AI School. The platform was formally handed over to the ministry, reinforcing Pakistan’s ownership of the initiative and supporting its long-term sustainability. Federal Minister for Information Technology and Telecommunication Shaza Fatima Khawaja said artificial intelligence is transforming every sector of society and emphasised the government’s commitment to ensuring that transformation remains inclusive. She said the partnership with UN Women and KOICA would strengthen institutional capacity, promote ethical AI governance and create greater opportunities for women and girls to lead in Pakistan’s digital economy. Supporting Pakistan’s Digital Transformation Agenda Pakistan has become the first country in South Asia to host the complete national Training of Trainers programme under the UN Women AI School initiative. Since its regional launch in 2024, the broader programme has trained more than 5,000 policymakers, UN officials, civil society leaders and young innovators across Asia and the Pacific. The launch supports Pakistan’s wider digital transformation strategy while contributing to the United Nations Sustainable Development Goals, particularly SDG 5 (Gender Equality) and SDG 9 (Industry, Innovation and Infrastructure). MoITT, UN Women and KOICA said they will continue working with development partners, universities, civil society organisations and the private sector to ensure artificial intelligence becomes a driver of innovation, equality and sustainable development across Pakistan.

Ghandhara Tyre (GTR) Secures GSO Certification for Exports to Six Gulf Countries
Pakistan

Ghandhara Tyre (GTR) Secures GSO Certification for Exports to Six Gulf Countries

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GTR Tyres Receive Gulf Standardization Organization Approval Ghandhara Tyre and Rubber Company Limited has secured official certification from the Gulf Standardization Organization (GSO), allowing its GTR Tyres brand to export products to six Gulf Cooperation Council (GCC) member countries. The company disclosed the development to the Pakistan Stock Exchange (PSX) on August 3, 2026, in compliance with applicable regulatory requirements. Certification Opens Access to Six Gulf Markets The GSO certification covers the company’s tyre products and enables exports to the following Gulf countries: The approval confirms that GTR Tyres meet the common quality and technical standards required across GCC markets, creating new opportunities for the company to expand its international footprint. Company Calls Certification a Major Milestone In its notification, Ghandhara Tyre described the certification as an important milestone in its export strategy. The company said the approval reflects its continued commitment to expanding its export portfolio while entering new international markets with products that meet globally recognised quality standards. Management added that it remains focused on strengthening its position in the international tyre industry by maintaining compliance with global manufacturing and safety requirements. Export Strategy Gains Momentum The GSO certification is expected to support Ghandhara Tyre’s broader strategy of increasing overseas sales and diversifying its customer base beyond Pakistan. Access to Gulf markets could provide the company with additional revenue opportunities, particularly as demand for quality automotive products continues to grow across the GCC region. By meeting the unified regulatory standards required by Gulf countries, GTR Tyres can market its products more efficiently across multiple destinations without undergoing separate certification processes for each country. Certification Strengthens International Expansion Plans The latest approval highlights Ghandhara Tyre’s efforts to position itself as a competitive exporter in regional and international markets. As Pakistani manufacturers increasingly focus on export-led growth, internationally recognised certifications such as GSO approval can play an important role in improving market access and enhancing buyer confidence. With exports now approved for six Gulf countries, the company is well positioned to strengthen its presence in one of Pakistan’s key regional export markets while continuing to build its reputation for producing tyres that meet international quality standards.

PSX Revises Target Size for 10-Year GOP Hybrid Sukuk Auction to PKR200 Billion
Pakistan

PSX Revises Target Size for 10-Year GOP Hybrid Sukuk Auction to PKR200 Billion

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The Pakistan Stock Exchange (PSX) has announced a significant upward revision in the target auction size for the 10-Year Variable Rental Rate (VRR) Government of Pakistan (GoP) Hybrid Sukuk (GHS). The target has been increased from PKR 50 billion to PKR 200 billion, reflecting strong demand and the government’s financing strategy. Revised Auction Parameters This change was communicated through PSX Notice PSX/N-694 dated June 08, 2026, referencing the earlier revised auction calendar. The Debt Management Office (DMO) advised the adjustment, and the per-investor maximum limit for Non-Competitive Bidding (NCB) has also been updated in the PSX Auction System. All other terms from the previous notice PSX/N-680 dated June 3, 2026 remain unchanged. Key Terms of the Sukuk The sukuk features a hybrid structure with 55% Ijarah Sale and Lease Back and 45% Commodity Murabaha. The face value per sukuk is PKR 5,000, with a bid price mechanism and a fixed Price Premium of PKR 89.8953 per sukuk for new investors. The benchmark rate for the first period is 11.3685%, plus a +35 bps spread. Profit payments are semi-annual, and the sukuk matures on April 16, 2036. It is tradable on PSX and 100% SLR eligible. The reopening on June 11, 2026 allows investors to bid for additional shares in the underlying assets. Successful bidders will pay the cut-off price plus the premium. The issuance is managed under Shariah-compliant guidelines with joint financial advisors including Meezan Bank, Dubai Islamic Bank, Bank Islami, and Bank Alfalah. Eligible investors include individuals, institutions, foreign investors, and RDA customers. Market participants are advised to review the full term sheet and transaction structure for risks and rewards. This revision signals robust government sukuk market activity and provides expanded investment opportunities in Shariah-compliant instruments.

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