Business

KARACHI: President of the Korangi Association of Trade and Industry (KATI), Muhammad Ikram Rajput, has strongly condemned the terrorist attack on personnel of the Sindh Rangers, describing it as a cowardly act and an assault not only on law enforcement agencies but also on Pakistan’s peace, stability, and national security. Rajput said the attack was unacceptable and praised the swift and courageous response of the security forces, who neutralized the terrorists despite risking their own lives, preventing what could have been a major tragedy in the city. He paid tribute to the Rangers personnel who embraced martyrdom in the line of duty, calling them the nation’s true heroes. “Those who sacrifice their lives for the protection of the country deserve the highest respect. The entire nation will always remember their invaluable sacrifices and stands firmly with their families,” he said. Expressing heartfelt condolences to the families of the fallen personnel, Rajput prayed for the elevation of the martyrs’ ranks, the speedy recovery of the injured officers, and strength and patience for the bereaved families. The KATI president demanded the immediate arrest of all those involved in the attack and urged authorities to ensure they receive the strictest punishment under the law to deter any future attempts to undermine Pakistan’s peace and security. He emphasized that the country must continue to enforce a zero-tolerance policy against terrorism. Rajput reaffirmed the business community’s unwavering solidarity with the Pakistan Army, Sindh Rangers, police, and other law enforcement agencies, stating that the nation deeply values the extraordinary sacrifices made by the country’s security forces in maintaining peace and stability. He also expressed confidence that the people of Pakistan remain united in the fight against terrorism and vowed that the country’s enemies would never be allowed to succeed in their malicious designs.

ISLAMABAD – June 29, 2026 – Pakistan International Airlines (PIA) today marks a historic milestone in its aviation journey as the airline officially transitions to new management under PIA Equity Ltd, a special purpose vehicle of Arif Habib Consortium. This defining moment signifies a bold step forward in modernizing the national carrier and restoring its legacy of excellence on the global stage. This monumental takeover is the culmination of a rigorous and transparent privatization process engineered to breathe fresh life into the flag carrier. Following the completion of all local and international regulatory approvals, including vital permissions from global lenders and specialized tax concessions; the reins of PIACL have been fully handed over to a powerhouse consortium of Pakistan’s apex corporate leaders. PIA Equity Ltd, a SPV of winning consortium led by Arif Habib Corporation, has consolidated 100% private ownership of the airline, executing a comprehensive transaction valued at approximately Rs180 billion. The strategic alliance represents an unprecedented alignment of industrial, financial, and institutional strength. Composed of Arif Habib Group, Fatima Fertilizer Company Ltd, Fauji Fertilizer Company Ltd, Lake City Holdings (Pvt) Ltd, The City School (Pvt) Ltd and AKD Group Holdings, this private equity model removes bureaucratic friction, paving the way for streamlined, agile corporate decision-making. In a masterful structuring of the deal, Rs55 billion constitutes direct divestment proceeds to the Government of Pakistan, while a massive Rs125 billion is being injected directly into PIACL as fresh equity to aggressively fund operational restructuring, fleet renewal, route expansion and product improvement initiatives. Speaking on the occasion, the Chairman of the new ownership emphasized that while the corporate structure has evolved, the airline’s fundamental responsibility to the people of Pakistan remains paramount. He said, “As the new ownership officially takes over today, we deeply understand that the trust of a nation isn’t simply transferred on a document. Trust is earned—mile by mile, smile by smile, year by year. We know this. And we accept the challenge wholeheartedly.” He further added that, “As the airline enters this promising chapter under the new banner, the underlying promise to our passengers stays resolute. PIA will continue to honor its deep-rooted heritage while building a premium, modern aviation experience. The journey ahead is a collective commitment to excellence, proving once again why we are, and always will be, Great People to Fly With.” With the legacy liabilities managed and operating rights seamlessly transferred, the incoming management consortium is fully capitalized and prepared to elevate PIA’s service standards to compete with international benchmarks.

KARACHI: President Karachi Chamber of Commerce & Industry (KCCI), Muhammad Rehan Hanif, while expressing deep concern over the continued sealing and forceful occupation of the historic Cotton Exchange Building, stated that it has inflicted severe damage on Pakistan’s cotton trade, disrupted the operations of hundreds of businesses, and created an atmosphere of uncertainty that threatens the country’s export economy and investment climate. In a statement issued, Rehan Hanif stated that KCCI continues to receive overwhelming number of complaints from its member firms who have been directly affected by the abrupt closure of the Cotton Exchange Building. A total of 209 commercial offices, many of which have been operating continuously since the creation of Pakistan in 1947, have been rendered dysfunctional overnight. These offices comprise importers, exporters, cotton brokers, traders, commission agents, textile-related businesses and numerous enterprises associated with Pakistan’s cotton value chain. The sudden sealing has not only brought their commercial activities to a standstill but has also caused enormous financial losses, contractual complications, reputational damage and uncertainty regarding the future of their businesses. President KCCI observed that the Cotton Exchange Building wherein the Karachi Cotton Association (KCA), operated has historically remained the backbone of Pakistan’s organized cotton marketing system and has played an indispensable role in bringing together growers, ginners, textile manufacturers, exporters, brokers and other stakeholders under a transparent and internationally recognized trading framework. He pointed out that Pakistan now finds itself in an unprecedented and highly embarrassing position of becoming perhaps the only cotton-producing country in the world without a functioning cotton exchange. Such a situation, he remarked, sends an extremely disturbing message to international buyers, foreign investors and global trading partners regarding the institutional stability of Pakistan’s agricultural and export sectors. Rehan Hanif recalled that the Karachi Cotton Exchange had served as the country’s principal platform for organized cotton trading and transparent price discovery since 1934, even before Pakistan’s independence. Following the creation of Pakistan in 1947, it continued to play a pivotal role in the cotton economy until its operations came to a complete halt nearly a year ago. Although hedge trading was discontinued in 1976, the Exchange continued to perform the critical responsibility of announcing daily cotton spot rates that served as the benchmark for the entire cotton economy. These rates were relied upon by cotton growers, ginners, textile mills, exporters, financial institutions and policymakers throughout Pakistan. Approximately 320 registered cotton brokers remained actively associated with the Exchange until its abrupt closure. “The suspension of these vital market functions has disrupted price transparency, weakened market confidence and created unnecessary uncertainty within Pakistan’s cotton trading system at a time when the country desperately needs stronger institutions to revive agricultural exports and industrial growth”, he added. Rehan Hanif noted that historical records clearly indicate that the land upon which the Cotton Exchange Building stands was originally leased in 1883, while the Karachi Cotton Association formally acquired the property through a registered conveyance deed in 1936, with the lease subsequently renewed until 2081. These longstanding legal arrangements, he said, further reinforce the need for resolving the matter strictly through lawful procedures, judicial fairness and institutional transparency. Rehan Hanif also expressed concern over the reported non-compliance with the Sindh High Court’s order dated 18 June 2026, which had allowed the Karachi Cotton Association to continue its business activities from the Cotton Exchange Building until final adjudication of the matter. He urged the concerned authorities to ensure immediate implementation of the Court’s directions and uphold the rule of law. President KCCI also highlighted that the internationally acclaimed KCA HVI Laboratory, recognized for its excellence in cotton fiber testing and quality assessment, has also been adversely affected by the closure. The laboratory has earned international recognition for maintaining world-class testing standards and has significantly contributed towards enhancing the quality, credibility and competitiveness of Pakistani cotton in international markets. Any prolonged disruption of its operations could have far-reaching implications for Pakistan’s textile exports and quality assurance systems. Calling for immediate corrective measures, Rehan Hanif urged the Federal Government and all concerned authorities to intervene without delay to ensure the earliest possible restoration of possession of the Cotton Exchange Building to the KCA and its lawful occupants. He stressed that the matter should be resolved strictly in accordance with the Constitution and applicable laws, while ensuring complete protection of the legitimate rights and business interests of all affected stakeholders.