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Pakistan Excluded From New US Visa Bond Programme Requiring Deposits Of Up To $20,000

Web Desk / August 4, 2026

Pakistan Not Included in New US Visa Bond Programme Pakistan has not been included in the new US visa bond programme, under which citizens from selected countries may be required to deposit as much as $20,000 before receiving a visitor visa. The policy officially came into effect on August 1 after the United States government decided to make the programme permanent following a review of the pilot scheme introduced in 2025. According to a list published in the US Federal Register, Pakistan is not among the 50 countries covered by the programme. In South Asia, Bangladesh and Nepal have been included, while India has been excluded from the new requirements. How the US Visa Bond Programme Works The US State Department said the US visa bond programme significantly reduced visa overstays and improved compliance with immigration regulations during the pilot phase. Officials reported that there were 45,488 visa overstays involving travellers from participating countries in 2024. However, fewer than 50 overstays were recorded during the first 10 months after the programme was introduced. Authorities also noted that the policy resulted in a decline in visa applications, as some individuals chose not to continue with the process after learning about the financial guarantee requirement. Diplomatic sources confirmed that Pakistani citizens will not be affected by the new rules. Who Will Be Required to Pay the Visa Bond? The programme applies to applicants seeking B-1 business visas and B-2 tourist visas from countries included in the scheme. Under the revised regulations, US consular officials may require applicants to provide a refundable financial guarantee ranging from $10,000 to $20,000 before issuing a visa. The State Department said the permanent framework replaces the temporary programme launched in 2025 while strengthening existing immigration enforcement measures. One of the most significant changes is the increase in the maximum bond amount from $15,000 to $20,000. Authorities have also removed the previous minimum bond requirement of $5,000 that existed under the pilot project. Countries Included in the Programme The programme covers 50 countries, including 30 African nations, along with several countries in Asia, the Caribbean and the Pacific Islands. Afghanistan and Iran have not been included because the United States does not maintain normal diplomatic relations with either country. The bond requirement will not automatically apply to every applicant. Instead, consular officers will assess each visa application individually and decide whether a financial guarantee is necessary before approving the visa. When Will the Bond Be Refunded? According to US officials, the full bond amount will be refunded if travellers comply with all visa conditions and leave the United States before their authorised stay expires. However, visitors who overstay their visas or violate immigration rules may forfeit the entire deposit. What Pakistan’s Exclusion Means for Travellers Pakistan’s exclusion from the US visa bond programme is expected to provide relief to thousands of Pakistanis who apply for business and tourist visas each year. While the decision means Pakistani applicants will not face the additional financial guarantee requirement, immigration experts continue to advise travellers to strictly follow all visa conditions and departure deadlines to avoid future complications with US immigration authorities.

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Colgate-Palmolive Pakistan Profit Edges Higher Despite Strong Sales Growth

Usman Khan / August 4, 2026

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.

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Goods Transport Strike in Pakistan: Nationwide Shutdown Announced From August 8 Over Soaring Diesel Prices

Syed Shoaib / August 3, 2026

Pakistan’s logistics sector is heading toward another major disruption after leading goods transport organizations announced a nationwide strike beginning August 8, warning that the continued increase in diesel and petrol prices has made transport operations financially unsustainable. The announcement was made jointly by the Karachi Goods Carrier Association, Pakistan Goods Transport Alliance and several other transport organizations. Transport leaders stated that if the government fails to address their demands immediately, goods transportation across the country will be suspended indefinitely. The planned strike could significantly disrupt supply chains, wholesale markets, manufacturers, retailers, exporters and consumers, particularly if it continues for several days. Goods Transport Strike in Pakistan Triggered by Rising Fuel Costs According to transport representatives, rapidly increasing diesel prices have become the biggest challenge facing Pakistan’s freight industry. They argue that fuel expenses now account for such a large share of operating costs that transport businesses are no longer financially sustainable. Transport leader Malik Shehzad Awan announced that goods transporters across the country had unanimously agreed to suspend cargo movement from August 8. He said the strike would continue until the government takes meaningful steps to address the industry’s concerns. Industry representatives warned that every increase in diesel prices pushes up freight costs, reducing the competitiveness of transport companies while adding financial pressure to businesses already dealing with inflation and slowing economic activity. Transporters Present Key Demands to the Government Transport associations have outlined several demands that they want the federal government to address before they call off the strike. Their primary demand is an immediate reversal of recent increases in petrol and diesel prices. They have also urged the government to replace the current daily fuel pricing mechanism with a monthly pricing system, arguing that frequent price changes make it difficult to quote freight rates, negotiate contracts and manage operational expenses. The associations have further called for the abolition of the seven percent withholding tax imposed on the goods transport sector, describing it as an unfair financial burden on transport operators. Another major issue raised by transporters is the increase in motorway and highway toll charges. They have demanded that toll taxes be restored to the levels applicable in June 2024, saying the latest revisions have significantly increased operating costs. Supply Chains Could Face Fresh Disruptions If the strike proceeds as announced, businesses across Pakistan could face serious supply chain challenges. Manufacturers may experience delays in receiving raw materials, while wholesalers and retailers could struggle to replenish stocks of essential goods. Agricultural produce, food supplies, industrial inputs, construction materials and export consignments all rely heavily on uninterrupted road transport. A prolonged suspension of freight movement could increase transportation costs, disrupt production schedules and place additional inflationary pressure on consumers. Export-oriented industries may also encounter shipment delays, potentially affecting Pakistan’s trade commitments and weakening business confidence. Balancing Fiscal Needs and Economic Stability The concerns raised by the transport sector highlight the broader challenges associated with Pakistan’s fuel pricing and taxation policies. Road freight remains the backbone of the country’s domestic economy, and rising fuel prices, taxes and toll charges continue to increase operating costs across the logistics industry. While the government depends on fuel taxes and toll revenues to strengthen public finances, sustained cost increases without targeted relief measures risk placing additional pressure on one of the country’s most important economic sectors. At the same time, transport associations and the government will need to continue constructive dialogue to avoid a prolonged nationwide shutdown that could have far-reaching consequences for businesses and consumers alike. Long-term stability will require predictable fuel pricing policies, transparent negotiations and tax reforms that balance fiscal objectives with the operational sustainability of Pakistan’s transport industry. Negotiations Will Be Critical Before August 8 The Goods Transport Strike in Pakistan scheduled to begin on August 8 has the potential to become one of the country’s largest logistics disruptions in recent months. Unless both sides reach an agreement before the deadline, businesses should prepare for possible delays in cargo movement, supply shortages and higher transportation costs. The outcome of upcoming negotiations will determine whether the strike proceeds or a compromise can be reached to keep Pakistan’s supply chains operating smoothly.

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Carmakers Force Government to Scrap EV-Focused Auto Policy

Web Desk / August 2, 2026

Pakistan’s proposed Auto Policy 2026-31 has been sent back to the drawing board after local automobile manufacturers raised strong objections to its heavy emphasis on electric vehicles (EVs). The government has restarted the policy drafting process following industry concerns that the original proposal placed conventional automakers and parts manufacturers at a competitive disadvantage. The policy reversal comes at a critical time for Pakistan’s automotive sector, as the previous Auto Industry Development and Export Policy 2021-26 expired on June 30, 2026. The absence of a replacement policy has already led to higher taxes on hybrid vehicles, price increases, and uncertainty across the industry. Government Reviews EV-Focused Auto Policy After Industry Objections The Ministry of Industries and Production had prepared the draft Auto Policy 2026-31 after consultations with various stakeholders, with a strong focus on accelerating the adoption of electric vehicles. Officials viewed the transition to EVs as a strategic response to Pakistan’s growing fuel import bill, particularly after renewed geopolitical tensions highlighted the country’s dependence on imported petroleum products. Pakistan currently imports around 80 percent of its petroleum requirements, making fuel security a major economic concern. However, local automobile manufacturers approached Prime Minister Shehbaz Sharif, arguing that the proposed policy disproportionately favoured electric vehicles while creating challenges for existing manufacturers of conventional and hybrid vehicles. According to sources, the prime minister directed that the draft be withdrawn and ordered the formation of a new committee to prepare a revised policy that addresses industry concerns. Policy Delay Triggers Higher Taxes and Vehicle Prices The delay in finalising the new policy has had immediate consequences for both manufacturers and consumers. With the expiry of the Auto Industry Development and Export Policy 2021-26 on June 30, the Federal Board of Revenue automatically restored the general sales tax on vehicles to 25 percent. Hybrid electric vehicles and plug-in hybrid electric vehicles, which previously benefited from a reduced GST rate of 8.5 percent, lost that concession from July 1. As a result, several automakers, including Toyota and Honda, increased the prices of hybrid models by more than Rs1.3 million in certain cases. Some manufacturers also temporarily suspended vehicle invoicing and deliveries while awaiting policy clarity. Auto Parts Industry Calls for Gradual EV Transition The Pakistan Association of Automotive Parts & Accessories Manufacturers (PAAPAM) and other industry stakeholders have expressed disappointment over the uncertainty surrounding the new policy. Rather than opposing electric vehicles, industry representatives have called for a gradual transition that balances environmental objectives with the protection of local manufacturing. PAAPAM has proposed maintaining an 18 percent GST on hybrid vehicles until Pakistan develops sufficient EV charging infrastructure and a domestic supply chain for electric vehicle components. The association also wants government incentives to be linked to progressively higher localisation targets, encouraging manufacturers to produce batteries, electric motors and electronic components within Pakistan instead of relying on imports. Industry representatives argue that existing auto parts manufacturers should receive financial and technical support to upgrade their facilities and transition toward EV production. Concerns Over Local Manufacturing and Employment One of the industry’s biggest concerns is that excessive incentives for imported EV kits could weaken Pakistan’s domestic manufacturing base. PAAPAM warned that without a well-planned transition strategy, generous concessions for imported electric vehicle components could undermine local investment, reduce value addition and threaten thousands of jobs in the automotive supply chain. The association stressed that all existing manufacturers should be given equal opportunities to introduce electric and hybrid vehicles while continuing to expand local production capabilities. Industry leaders believe that technology transfer and localisation should remain central objectives of any future automotive policy to strengthen Pakistan’s long-term industrial competitiveness. Future Auto Policy Must Balance Innovation and Industry Growth The government’s decision to redraft the Auto Policy 2026-31 highlights the challenge of balancing Pakistan’s transition toward cleaner transportation with the need to protect domestic manufacturing and employment. While expanding electric mobility remains an important objective for reducing fuel imports and lowering emissions, industry stakeholders argue that the shift must be supported by local production, infrastructure development and a realistic transition roadmap. The revised policy will be closely watched by manufacturers, investors and consumers alike, as it will shape the future direction of Pakistan’s automotive industry for the next five years. Future Success Depends on Balanced Policy Implementation Pakistan’s next auto policy will need to strike a careful balance between promoting electric vehicles and safeguarding the country’s existing automotive ecosystem. Encouraging localisation, supporting technology transfer and providing a gradual transition framework could help ensure that the industry remains competitive while advancing toward cleaner and more sustainable transportation.

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International Packaging Films to Establish Portugal Subsidiary for European Expansion

Web Desk / August 1, 2026

International Packaging Films Limited (IPAK) has announced plans to establish a wholly owned subsidiary in Portugal, marking a strategic step toward strengthening its commercial presence across Europe. The move reflects the company’s broader expansion strategy and its ambition to build a stronger foothold in international packaging markets. The proposed entity will be incorporated through IPAK’s Dubai-based subsidiary, enabling the company to serve European customers more efficiently while expanding its regional distribution network. International Packaging Films Expands European Presence According to a disclosure submitted to the Pakistan Stock Exchange (PSX), International Packaging Films’ wholly owned subsidiary, IPAK Connect Packaging Materials Trading FZCO, has approved the incorporation of a new wholly owned subsidiary in Portugal. The incorporation remains subject to all required legal, regulatory, and corporate approvals in the relevant jurisdictions. Once established, the Portuguese entity will operate as an indirect wholly owned subsidiary of International Packaging Films under the IPAK Group. Portugal Unit to Support Growth Strategy The company said the new subsidiary is aimed at strengthening its commercial footprint across European markets. Having a direct presence in Portugal is expected to improve customer engagement, enhance marketing and distribution capabilities, and support future business development initiatives throughout Europe. The move also allows IPAK to expand beyond relying primarily on third-party distribution channels by establishing its own operational base within the European market. Expansion Reflects Growing International Ambitions The proposed subsidiary highlights International Packaging Films’ long-term strategy of increasing its international reach through its existing UAE platform. By leveraging its Dubai-based subsidiary, IPAK Connect Packaging Materials Trading FZCO, the company aims to create a more integrated supply and distribution network capable of serving customers across Europe more effectively. The expansion could also improve operational flexibility and strengthen relationships with regional clients as demand for packaging materials continues to grow. PSX Informed of Material Development International Packaging Films informed the Pakistan Stock Exchange of the decision under Section 96 of the Securities Act, 2015, and the applicable PSX regulations governing the disclosure of material information. The company stated that it would keep the exchange informed of any significant developments relating to the incorporation process. At present, management has not disclosed the expected investment value, operational timeline, or financial impact of the new subsidiary. Portugal Expansion Marks a Strategic Step for IPAK The planned Portugal subsidiary represents an important milestone in International Packaging Films’ international growth strategy. While the project remains subject to regulatory approvals, establishing a direct commercial presence in Europe could strengthen the company’s market access, improve customer service, and create new business opportunities. Investors will now be watching for further updates on the incorporation process and the subsidiary’s future operational plans.

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Pakistan To Prioritise High-Speed Internet For Small Villages And Remote Areas Under Proposed National Connectivity Plan

Web Desk / July 31, 2026

Pakistan is preparing to expand high-speed internet access across villages, small towns, and remote regions under the proposed National Connectivity Plan, with the government aiming to bridge the digital divide and create new opportunities for freelancers, businesses, and the wider digital economy. The plan was discussed during a high-level meeting chaired by Federal Minister for Economic Affairs Ahad Cheema, alongside Federal Minister for IT and Telecom Shaza Fatima Khawaja and senior government officials. Govt Prioritises High-Speed Internet For Remote Areas During the meeting, Ahad Cheema said expanding affordable and reliable internet connectivity to underserved areas is a key government priority. He noted that freelancers, e-commerce entrepreneurs, and digital professionals living in remote regions continue to face significant challenges due to slow and unreliable internet services. The minister said the government is committed to ensuring nationwide access to affordable, high-speed internet, enabling more Pakistanis to participate in the country’s growing digital economy. FTTH And 5G To Drive Digital Transformation Officials highlighted the importance of expanding next-generation Fiber-to-the-Home (FTTH) networks and 5G infrastructure to support economic growth, job creation, and digital inclusion. According to the briefing, Pakistan currently has: The government believes further investment in fibre infrastructure will strengthen broadband connectivity while preparing the country for wider 5G adoption. Ambitious National Connectivity Targets Announced Under the proposed National Connectivity Plan, the government has outlined several long-term objectives to improve Pakistan’s digital infrastructure. These targets include: Officials said achieving these goals would significantly improve internet quality and expand digital access nationwide. Tax Relief And Regulatory Reforms Under Consideration The meeting also focused on improving internet affordability and simplifying infrastructure deployment. Participants discussed introducing targeted tax relief for internet users in remote areas to encourage greater digital participation. Several regulatory reforms were also proposed, including: These measures are intended to accelerate broadband expansion while reducing administrative hurdles for telecom operators. Govt To Finalise National Connectivity Plan Through Stakeholder Consultation Ahad Cheema said the National Connectivity Plan will be finalised through extensive consultations with relevant stakeholders. He stressed that successful implementation will require a structured rollout focused on regulatory reforms, clearly defined operator obligations, and performance-based financial support to accelerate fibre deployment while ensuring long-term commercial sustainability. The proposed strategy aims to expand reliable internet access across Pakistan, particularly in underserved communities, while strengthening the country’s digital infrastructure and supporting future economic growth.

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SECP Cracks Down Hard: Rs4.73bn Fines Slapped In Five Months

Web Desk / July 30, 2026

SECP Intensifies Enforcement Drive Across Corporate Sector The Securities and Exchange Commission of Pakistan (SECP) has imposed more than Rs4.73 billion in penalties across 531 adjudication proceedings between February and June 2026, marking a significant escalation in regulatory enforcement following the appointment of new Commissioners in February. The regulator said the enforcement campaign aims to strengthen compliance with corporate governance standards and regulatory requirements across listed and unlisted companies, financial institutions and the insurance sector, while reinforcing market integrity and protecting investors. Listed Companies Face Corporate Governance Penalties The SECP concluded 99 proceedings involving listed companies for violations of the Companies Act, 2017, and related regulations, imposing penalties exceeding Rs9.10 million. Common violations included failure to hold statutory meetings on time, non-compliance with disclosure and reporting requirements, breaches of corporate governance provisions and failures to meet financial reporting obligations. The regulator also cited non-compliance with board composition requirements, including the appointment of independent and female directors, which it said are essential for protecting shareholder rights, particularly those of minority investors. Capital Markets And NBFCs Also Under Scrutiny Under the capital markets regulatory framework, the SECP concluded 69 proceedings involving violations of the Securities Act, 2015, and the Anti-Money Laundering Act, 2010. The cases resulted in regulatory directions for corrective action and penalties exceeding Rs1.61 million. Violations included non-compliance with takeover regulations, beneficial ownership disclosure requirements and corporate governance rules. The SECP also concluded 53 proceedings against Non-Banking Finance Companies (NBFCs), imposing penalties of more than Rs1.47 million. The violations included deficiencies in customer verification, compliance with targeted financial sanctions, Anti-Money Laundering requirements and other regulatory obligations. Insurance Sector Penalised For Compliance Failures The regulator concluded 25 adjudication proceedings in the insurance sector, resulting in penalties exceeding Rs2.11 million. The cases mainly involved delays in settling policyholders’ claims, breaches of solvency requirements, shortcomings in reinsurance arrangements, violations of the Anti-Money Laundering Act, 2010, and other regulatory requirements. Private Companies Receive Majority Of Penalties The largest share of enforcement action targeted private and unlisted companies. The SECP concluded 285 adjudication proceedings, imposing penalties amounting to approximately Rs4.7 billion. Among these were penalty orders against three companies and their directors for engaging in illegal deposit-taking activities in violation of Section 84 of the Companies Act, 2017. The Commission also focused on improving compliance among State-Owned Enterprises (SOEs). A total of 117 adjudication orders were issued against SOEs, with 87 entities receiving financial penalties, while 30 companies were issued warnings after rectifying identified non-compliances during the proceedings. SECP Reaffirms Zero-Tolerance Approach SECP Chairman Dr. Kabir Ahmed Sidhu said compliance with the law is mandatory and that the regulator’s enforcement actions send a clear message that violations will not be tolerated. He added that the Commission will continue to uphold high standards of corporate governance, protect investors and ensure transparent, fair and accountable markets.

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Zinedine Zidane Appointed France Coach After End of Didier Deschamps’ Historic Era

Web Desk / July 29, 2026

The long-awaited appointment has finally become reality. Zinedine Zidane Appointed France Coach is now official after the French Football Federation (FFF) confirmed the legendary former midfielder as the new head coach of the French national team. The decision marks one of the most significant managerial changes in international football and signals the beginning of a new chapter for one of the world’s strongest football nations. After years of speculation, Zidane has secured the role many believed was destined to be his. The appointment follows the departure of Didier Deschamps, whose remarkable 13-year reign transformed France into a global football powerhouse and established one of the most successful eras in the country’s history. Zinedine Zidane Appointed France Coach After Years of Expectation The announcement comes as little surprise to football fans. Zidane had long been regarded as the leading candidate to manage France and had patiently waited for the opportunity since leaving Real Madrid in 2021. His appointment represents the fulfilment of a career ambition that has been widely discussed across European football. Rather than returning to club management, Zidane chose to remain available for the national team role, reinforcing his commitment to leading the country he helped make world champions as a player. The French Football Federation’s decision reflects confidence in Zidane’s proven leadership, tactical intelligence and ability to manage elite footballers on the biggest stages. End of the Didier Deschamps Era Didier Deschamps officially leaves the position after serving as France head coach since 2012. During his tenure, France consistently ranked among the world’s elite national teams, highlighted by winning the 2018 FIFA World Cup and reaching multiple major tournament finals. His final tournament concluded earlier this month, with France finishing fourth at the World Cup. Although the result fell short of expectations, Deschamps departs after establishing an enduring legacy built on consistency, discipline and international success. Interestingly, Deschamps and Zidane share one of French football’s greatest achievements. Both were teammates in France’s historic 1998 FIFA World Cup-winning squad, making this transition symbolic as one World Cup champion hands responsibility to another. Why Zidane’s Appointment Could Transform French Football Zidane arrives with one of the most impressive managerial resumes in modern football despite spending relatively few years in coaching. During his time at Real Madrid, he guided the Spanish giants to multiple major honours and demonstrated an exceptional ability to handle high-pressure situations while managing some of football’s biggest personalities. His experience working with world-class talent is expected to benefit France’s current generation of international stars. Supporters and analysts alike will closely watch how Zidane reshapes the squad, develops younger players and prepares the team for upcoming international competitions. The appointment also creates renewed optimism among French supporters, who believe Zidane’s winning mentality and calm leadership could inspire another successful era. What Comes Next for France With Zinedine Zidane Appointed France Coach, expectations will immediately rise. France possesses one of the deepest talent pools in world football, and supporters will expect the new manager to challenge for every major international trophy. The transition from Deschamps to Zidane represents more than a managerial change. It is a passing of the torch between two icons who have shaped French football both as players and leaders. Whether Zidane can replicate his club success on the international stage will become one of football’s most closely watched stories in the coming years.

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Listed Firms Face Daily Penalties for Missing Shariah Reporting in FY26 Statements

Web Desk / July 28, 2026

The Pakistan Stock Exchange (PSX) has directed 449 listed companies whose nature of business has been identified as Shariah-compliant to ensure full compliance with mandatory Shariah disclosure requirements in their half-yearly and annual financial statements. Shariah Disclosure Requirements for FY26 Financial Statements In Notice PSX/N-939 issued on July 27, 2026, the exchange said the requirements under Clauses 5.6.9A and 5A.13(e)(ii) of the PSX Regulations will apply to the financial statements for the periods ended June 30, 2026 and September 30, 2026, as applicable. The notice is a continuation of earlier directives issued in November 2025, December 2025 and January 2026. It reiterates that companies must also follow the clarification issued through PSX Notice No. PSX/N-435 dated April 17, 2026 to maintain uniformity, comparability and consistency in disclosures. 449 Listed Companies Covered by the Directive PSX has attached the latest list of companies as Annexure A. The same list is available on the exchange’s website under listed companies data. Companies whose business nature is marked “Compliant” are required to make the disclosures; those marked “Non-Compliant” fall outside the mandatory reporting net. Daily Penalties for Non-Compliance Failure to comply will attract a fine of Rs100,000, with an additional Rs2,000 charged for every day the non-compliance continues. The move is aimed at strengthening transparency around Shariah-related information for investors and market participants. The list covers a wide range of sectors including textiles, cement, sugar, chemicals, engineering, energy, food and pharmaceuticals, while conventional banks, insurance companies and certain financial institutions appear in the non-compliant category. Impact on Listed Companies and Investors Companies on the compliant list have been advised to ensure meticulous adherence to the prescribed disclosure format in the upcoming reporting cycle.

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Ufone e& Rebranding Faces Government Scrutiny as Legal Questions Stall Telecom Merger Plan

Web Desk / July 27, 2026

Pakistan’s telecom sector is witnessing fresh uncertainty as the proposed Ufone e& Rebranding initiative has reportedly encountered resistance from the federal government. What was expected to become the next major milestone following the merger of Ufone and Telenor Pakistan has instead evolved into a legal and governance controversy that could significantly delay one of the country’s largest telecommunications integrations. According to informed sources, the government has intervened after concerns emerged over whether the Ufone Board of Directors had the legal authority to approve replacing the long-established Ufone identity with the global “e&” brand before the merger process is legally completed. The development has also triggered wider debate over corporate governance standards, board accountability and the future identity of a strategically important national telecom operator. Why the Ufone e& Rebranding Is Facing Government Review The proposed Ufone e& Rebranding was approved by the Ufone board following the integration process initiated after Pakistan Telecommunication Company Limited (PTCL) acquired Telenor Pakistan. The merger is expected to create one of Pakistan’s largest mobile network operators with millions of subscribers nationwide. However, the approval reportedly raised concerns at the highest levels of government because the PTCL Board had previously deferred the same proposal. The contrasting decisions between the parent company and its subsidiary have prompted officials to question whether the subsidiary board possessed the authority to approve such a significant corporate identity change independently. Government officials are now considering seeking a formal legal opinion from the Law Division before allowing the branding exercise to proceed. Until that opinion is received, the entire rebranding initiative may remain suspended. Legal Authority Becomes the Centre of the Debate At the heart of the controversy lies a critical legal question. Officials are examining whether the board of a subsidiary company can legally approve the branding of a merged organisation before all regulatory, corporate and legal requirements governing the amalgamation have been fully completed. Legal experts believe the outcome could establish an important precedent for future mergers involving state-owned enterprises and regulated industries. If authorities determine that the board exceeded its powers, the branding exercise could require fresh approvals from higher corporate and regulatory forums. Governance Questions Put State-Owned Enterprise Boards Under Pressure The controversy has expanded beyond branding into a broader discussion about governance within Pakistan’s state-owned enterprises. Critics argue that board members responsible for overseeing strategic national assets must exercise greater caution before approving decisions with long-term commercial and national implications. The issue has attracted particular attention because the board includes government-appointed directors, including senior federal secretaries and a sitting senator. The debate has intensified public scrutiny over whether sufficient legal due diligence was conducted before approving the proposed corporate identity. The matter has also revived discussion regarding accountability mechanisms for government-nominated directors serving on public-sector company boards, particularly given reports that some directors receive compensation of up to USD 5,000 per board meeting. Removal of “Pakistan” from the Brand Raises Strategic Concerns One of the most sensitive aspects of the proposed Ufone e& Rebranding is the replacement of a well-established Pakistani telecom identity with an international corporate brand. Government circles have reportedly expressed concern that removing the word “Pakistan” from the identity of one of the country’s most significant telecommunications operators may carry symbolic as well as strategic implications. Brand identity plays a vital role in customer trust, national recognition and market positioning. Any decision affecting a telecom company serving millions of Pakistani consumers is therefore expected to undergo comprehensive legal and policy review. PTA Approval Came With Important Conditions The Pakistan Telecommunication Authority (PTA) had earlier approved the proposed brand name through a letter dated 16 June 2026. However, the regulator attached clear conditions to its approval. The authority directed the company to formally notify the regulator only after the legal completion of the merger and before launching any commercial branding or marketing campaign under the “e&” identity. In a subsequent communication dated 2 July, the PTA reiterated that notification must follow the lawful completion of the amalgamation process before any public rollout of the new brand. These conditions indicate that regulatory approval alone does not automatically permit the immediate commercial use of the new identity. What Happens Next? The future of the Ufone e& Rebranding now depends largely on the government’s legal review. If the Law Division determines that the board acted within its authority, the branding exercise could proceed after completing all remaining merger formalities. If not, the proposal may require reconsideration by PTCL, regulators and other relevant authorities. For Pakistan’s telecom industry, the outcome will extend beyond a simple name change. It will influence how major corporate restructurings, state-owned enterprise governance and regulatory approvals are handled in future strategic transactions. As one of the country’s most significant telecom mergers enters its final stages, the branding dispute has become a test case for legal compliance, corporate governance and public accountability. The proposed Ufone e& Rebranding has evolved from a marketing decision into a significant legal and governance issue with implications for Pakistan’s telecom sector. While the merger between Ufone and Telenor Pakistan promises to reshape industry competition, the government’s intervention highlights the importance of regulatory compliance, transparent decision-making and protecting strategic national interests before implementing transformative corporate changes.

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