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DIB Group Arranges $101 Million Islamic Financing for DG Khan Cement's Rafhan Maize Acquisition
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DIB Group Arranges $101 Million Islamic Financing for DG Khan Cement’s Rafhan Maize Acquisition

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DIB Group has successfully arranged a USD 101 million Shariah-compliant financing facility for D.G. Khan Cement Company Limited (DGKC) to support the acquisition of a majority stake in Rafhan Maize Products Company Limited (RMPL) from Ingredion Inc. The transaction highlights the growing role of Islamic investment banking in facilitating large-scale corporate acquisitions in Pakistan. Read More: https://theboardroompk.com/sbp-caps-minimum-savings-profit-protection-at-rs10-million-to-promote-investpak-and-government-securities/ KARACHI: DIB Group has announced the successful completion of a USD 101 million Islamic financing transaction for D.G. Khan Cement Company Limited (DGKC) to facilitate the acquisition of a majority stake in Rafhan Maize Products Company Limited (RMPL) from US-based Ingredion Inc. The financing was structured as a USD 101 million Commodity Murabaha Facility, enabling the Nishat Group to complete one of the notable corporate acquisition transactions in Pakistan’s industrial sector. DIB Acts as Sole Lead Arranger for Landmark Transaction DIB served as the Sole Mandated Lead Advisor, Shariah Advisor, Arranger, and Financier for the acquisition financing. The bank said the transaction demonstrates its capability to structure and execute complex Shariah-compliant financing solutions for Pakistan’s leading corporate groups while leveraging its international Islamic banking expertise. The financing also reflects DIB Group’s strong presence in Pakistan’s investment banking sector and its ability to support large-scale mergers and acquisitions through innovative Islamic financial structures. Financing Supports Nishat Group’s Strategic Expansion The Islamic financing facility enabled the Nishat Group to acquire a controlling stake in Rafhan Maize Products Company Limited, one of Pakistan’s leading food ingredients manufacturers, from Ingredion Inc., a US-based global ingredient solutions company. The acquisition marks a significant strategic expansion for the Nishat Group as it diversifies its business portfolio through investment in Pakistan’s food processing industry. DIB Highlights Strength in Islamic Investment Banking Commenting on the transaction, Muhammad Ali Gulfaraz, Chief Executive Officer of DIB Pakistan, said the financing represents another important milestone for the bank’s investment banking division. “This milestone represents another significant achievement for DIB’s Investment Banking team and further demonstrates our ability to deliver bespoke strategic financing solutions that support clients in executing transformational transactions while remaining fully compliant with the principles of Islamic finance.” He added that the transaction highlights DIB’s ability to provide customized financing solutions for complex corporate transactions while maintaining full compliance with Islamic finance principles. Multiple Advisors Supported the Acquisition The successful execution of the transaction involved collaboration among several advisory firms. Dada Partners acted as the buy-side mergers and acquisitions advisor, while Mohsin Tayebaly & Co. served as Pakistani legal counsel. Hogan Lovells acted as English law legal counsel for the transaction. DIB Reaffirms Commitment to Corporate Financing DIB Group said the successful completion of the financing further strengthens its position as a leading provider of Shariah-compliant investment banking solutions in Pakistan. The bank also acknowledged the cooperation of the management teams of D.G. Khan Cement Company Limited and the Nishat Group, stating that their collaboration played a key role in completing the transaction successfully. According to DIB, the financing demonstrates how Islamic banking can facilitate strategic corporate acquisitions while supporting long-term business growth and investment in Pakistan’s economy.

Pakistan-IMF Talks September 2026: Crucial IMF Review May Shape Economy, Reforms and Stock Market
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Pakistan-IMF Talks September 2026: Crucial IMF Review May Shape Economy, Reforms and Stock Market

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Pakistan-IMF Talks September 2026 are expected to be among the most important economic events of the year, as the government prepares for crucial reviews under the International Monetary Fund’s Extended Fund Facility (EFF) and Resilience and Sustainability Facility (RSF). The outcome could determine future IMF disbursements, influence investor confidence, and shape Pakistan’s economic direction for the remainder of 2026. ISLAMABAD: Pakistan is expected to begin formal review discussions with the International Monetary Fund (IMF) in September 2026 under two major financing programmes that will assess the country’s progress on fiscal reforms, macroeconomic stability and climate-related commitments. The negotiations are expected to play a critical role in determining future IMF funding while providing investors and international financial institutions with an updated assessment of Pakistan’s economic performance. Pakistan-IMF Talks September 2026 to Cover Two Major IMF Programmes The IMF mission is expected to conduct simultaneous reviews of two key financial arrangements. The first is the fourth review of Pakistan’s more than $7 billion Extended Fund Facility (EFF), which serves as the country’s primary economic stabilization programme. At the same time, the IMF is expected to complete the third review of the $1.4 billion Resilience and Sustainability Facility (RSF), which supports reforms aimed at strengthening Pakistan’s resilience to climate-related economic risks. Conducting both reviews together reflects the IMF’s broader assessment of Pakistan’s fiscal management, structural reforms and climate policy commitments. Tax Collection and FBR Performance to Remain a Key Focus Revenue generation is expected to remain one of the IMF’s top priorities during the September review. Officials are likely to examine whether the Federal Board of Revenue (FBR) achieved its tax collection targets during the second half of FY2025-26 and assess progress in broadening the country’s tax base. Improving tax collection remains essential for reducing Pakistan’s reliance on borrowing and strengthening fiscal sustainability. Fiscal Discipline and Government Spending Under Review The IMF is also expected to closely evaluate Pakistan’s fiscal deficit, public expenditure and overall budget management. Maintaining fiscal discipline remains one of the central conditions attached to IMF financial assistance, making government spending and budget performance important areas of discussion. Energy Sector Reforms Expected to Receive Close Attention Pakistan’s energy sector is expected to remain another major focus of the review. The IMF will likely assess progress in addressing circular debt, improving governance, implementing electricity pricing reforms and enhancing the financial sustainability of the power sector. These structural reforms continue to be viewed as critical for Pakistan’s long-term economic stability. Privatization Progress to Be Assessed The government has repeatedly identified privatization as a key pillar of its economic reform agenda. During the review, the IMF is expected to evaluate progress in restructuring and privatizing selected state-owned enterprises, an initiative aimed at reducing fiscal pressures and improving the efficiency of public sector entities. Foreign Exchange Reserves and External Financing Pakistan’s external financial position will also remain under close scrutiny. The IMF is expected to assess the country’s foreign exchange reserves, external financing arrangements and ability to meet future debt obligations while maintaining exchange rate stability. Strong reserve levels are considered essential for sustaining investor confidence and protecting macroeconomic stability. Climate Reform Commitments Under the RSF Programme In addition to traditional macroeconomic indicators, the IMF will review Pakistan’s implementation of climate-related reforms under the Resilience and Sustainability Facility. The assessment is expected to cover initiatives aimed at improving climate resilience, strengthening sustainable economic planning and enhancing the country’s ability to respond to climate-related risks. Why Pakistan-IMF Talks September 2026 Matter for Investors Financial markets closely monitor IMF programme reviews because successful assessments often unlock additional funding while encouraging support from other multilateral lenders and international development partners. A positive outcome generally reinforces confidence in Pakistan’s reform programme, reduces uncertainty surrounding fiscal policy and improves the country’s standing among global investors. Conversely, delays in implementing agreed reforms or failure to meet programme targets could slow future IMF disbursements and create uncertainty in financial markets. Pakistan Stock Market Likely to Watch IMF Outcome Closely Investors at the Pakistan Stock Exchange (PSX) are expected to follow developments throughout the September negotiations. A successful review could improve market sentiment by strengthening confidence in Pakistan’s economic management, supporting external financing inflows and reinforcing expectations of continued macroeconomic stability. Banking, energy, cement, infrastructure and other economically sensitive sectors are likely to remain in focus as investors assess the outcome of the IMF discussions. While market performance depends on a range of domestic and international factors, IMF programme reviews have historically been among the most influential drivers of investor sentiment in Pakistan. Outlook The Pakistan-IMF Talks September 2026 are expected to provide one of the most comprehensive assessments of Pakistan’s economic reform agenda this year. The simultaneous reviews of the Extended Fund Facility and the Resilience and Sustainability Facility will evaluate progress on fiscal management, tax reforms, privatization, external financing and climate resilience. For policymakers, businesses and investors, the outcome of these discussions is likely to shape economic policy, influence future IMF disbursements and determine investor confidence in Pakistan’s economy for the months ahead.

SBP Formally Launches InvestPak Portal for Digital Investment in Government Securities
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SBP Formally Launches InvestPak Portal for Digital Investment in Government Securities

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The State Bank of Pakistan (SBP) has formally launched InvestPak, a digital investment platform that enables retail and corporate investors to invest directly in Government of Pakistan securities through a web portal and mobile application. The initiative aims to simplify access to sovereign investments, promote financial inclusion, and expand retail participation in Pakistan’s government securities market. KARACHI: The State Bank of Pakistan (SBP) has officially launched InvestPak, a dedicated digital platform that allows retail and corporate investors to invest directly in Government of Pakistan securities through an integrated web portal and mobile application. Alongside the platform’s launch, SBP also unveiled a nationwide media campaign to raise public awareness and encourage broader participation in the country’s sovereign debt market. InvestPak to Digitize Investment in Government Securities The launch ceremony was held at SBP’s headquarters in Karachi and was hosted by Governor SBP Jameel Ahmad. The event was attended by Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb as the chief guest, along with senior SBP officials, bank presidents, corporate leaders, insurance companies, mutual funds, and representatives from Pakistan’s banking and financial sector. InvestPak has been developed to fully digitize the investment process for Government of Pakistan securities, making it easier for individuals and institutions to access sovereign investment opportunities without extensive paperwork. Finance Minister Says InvestPak Will Democratize Investment Addressing the ceremony, Finance Minister Senator Muhammad Aurangzeb praised SBP’s efforts to leverage technology in support of the government’s vision for a digitally enabled and financially inclusive economy. He said: “InvestPak represents a decisive step toward democratizing investment in Pakistan by giving ordinary citizens especially youth, corporates, and institutions direct digital access to safe sovereign investment opportunities. This is about making participation in the formal financial sector simpler, more inclusive, and more accessible for every segment of society.” The finance minister added that a broader investor base would allow banks to devote greater resources to private sector lending, strengthening productive economic activity across the country. SBP Governor Calls InvestPak a Milestone for Pakistan’s Financial Sector In his welcome address, SBP Governor Jameel Ahmad described InvestPak as “a defining milestone in the evolution of Pakistan’s financial landscape.” He said the platform reflects the central bank’s commitment to promoting inclusive, sustainable, and digital financial services under its Strategic Vision 2028. According to the governor, InvestPak is more than a technology platform and represents the realization of a long-term vision to create a more inclusive, efficient, and transparent government securities market. He added that the initiative would usher in a new era of digital access and financial empowerment for investors across Pakistan. SBP Launches Nationwide Awareness Campaign Highlighting the importance of public engagement, the SBP governor said technology alone cannot drive adoption without awareness. He noted that the central bank aims to make sovereign investments a household topic through coordinated campaigns across print media, social media platforms, and FM radio stations. The governor reaffirmed SBP’s commitment to improving market efficiency through automation, transparency, and the adoption of international best practices. InvestPak Offers Easy Access for Retail and Corporate Investors According to SBP, the platform is expected to benefit individual investors, women investors, small savers, corporates, and other market participants by offering a streamlined and transparent investment process. Key features of InvestPak include: The platform enables investors to manage their investments conveniently from their homes or offices through both web and mobile applications. How to Access InvestPak SBP said investors can access the InvestPak portal through its official website, while the InvestPak mobile application is available on both the Google Play Store for Android devices and the Apple App Store for iPhone and iPad users.

AGP Exposes Rs254bn Outstanding Subsidy in Costly RLNG Diversion to Consumers
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AGP Exposes Rs254bn Outstanding Subsidy in Costly RLNG Diversion to Consumers

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ISLAMABAD: The Auditor General of Pakistan (AGP) has uncovered massive irregularities in the diversion of expensive Re-gasified Liquefied Natural Gas (RLNG) to domestic and commercial consumers, exposing significant financial mismanagement in the country’s gas sector. According to the 2025-26 Audit Report tabled in the National Assembly, unjustified costs amounting to hundreds of billions of rupees were transferred to gas consumers through tariffs and fixed charges, raising serious concerns about governance and regulatory oversight. RLNG Diversion Created Massive Subsidy Gap The audit report states that Sui Northern Gas Pipelines Limited (SNGPL) diverted more than 188 million MMBTUs of RLNG between November 2018 and October 2023. To compensate for supplying the higher-cost imported gas at subsidized indigenous gas prices, the company claimed Rs370.36 billion in government subsidies. However, only Rs116.06 billion was released, leaving Rs254.3 billion in outstanding subsidy claims. Summer RLNG Diversion Raised Audit Concerns Auditors found that substantial volumes of RLNG were diverted during the summer months when sufficient indigenous gas was available at a much lower cost. According to the report, this practice alone resulted in an irregular subsidy claim of Rs73.03 billion. The AGP estimated that the total financial impact of these unjustified practices exceeded Rs100.9 billion. Audit Highlights Governance Failures The report notes that RLNG diversion was introduced in 2018 as an emergency measure to address declining indigenous gas production. However, auditors concluded that the system lacked proper planning, transparent costing mechanisms, and effective oversight from the outset. The audit further revealed that RLNG diversion extended beyond the categories approved for domestic and commercial consumers. In addition, Rs30.8 billion in unbudgeted subsidies was released without following the required approval process. Weak Oversight Increased Financial Risks The AGP found that no pre-audit or independent verification of subsidy claims had been conducted after the 2019-20 fiscal year. The report also pointed to weak financial controls, inadequate monitoring, and non-compliance with decisions of the Economic Coordination Committee (ECC). By March 2025, SNGPL’s revenue shortfall had reached Rs529.34 billion, highlighting the growing financial pressure on Pakistan’s gas sector. Although the Oil and Gas Regulatory Authority (OGRA) had issued various directives, auditors observed that no comprehensive policy framework was developed to recover the accumulated losses. AGP Calls for Immediate Reforms The Auditor General has recommended strict verification of all future subsidy claims to improve transparency and accountability. The report also calls for subsidies to be limited strictly to approved consumer categories and urges the government to introduce transparent adjustment mechanisms to prevent similar financial irregularities in the future. The findings underscore the need for stronger governance, improved regulatory oversight, and better financial management to protect both public finances and gas consumers from unnecessary costs.

Arif Habib-Backed Naya Nazimabad REIT Seeks Listing with PKR 18 Floor Price
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Arif Habib-Backed Naya Nazimabad REIT Seeks Listing with PKR 18 Floor Price

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KARACHI: Pakistan Stock Exchange Limited (PSX) has placed the Draft Offer for Sale Document of the Naya Nazimabad Apartment REIT on its website, inviting public comments until the close of business on Monday, July 13, 2026. The move marks another milestone for Pakistan’s growing real estate investment trust (REIT) sector, offering investors an opportunity to participate in a large-scale property development project. REIT to Offer 44 Million Units Through Book Building The Naya Nazimabad Apartment REIT plans to offer 44,062,500 units with a par value of PKR 10 each through the book-building process at a floor price of PKR 18 per unit. The total offer represents 15 percent of the REIT’s units. Arif Habib Limited has been appointed as the Lead Manager for the transaction. Developmental REIT Focused on Karachi and Lahore The REIT is a limited-life, closed-end, Shariah-compliant developmental REIT comprising three real estate assets located in Karachi and Lahore. Its portfolio includes: The project aims to develop these properties into residential apartments, commercial spaces, and retail units for sale. According to the draft document, the overall project is expected to reach completion around 2032. Investors Should Consider Project Risks The draft offer document highlights several risks associated with the developmental REIT. These include potential construction delays, rising commodity and construction costs due to economic uncertainty, and the successful sale of completed units, which will determine future dividend distributions to investors. As with any developmental real estate project, returns will depend on project execution, market conditions, and demand for the completed properties. Backed by Established Sponsors Arif Habib Dolmen REIT Management Limited will serve as the REIT Management Company. Javedan Corporation Limited is the principal sponsor and currently holds 74 percent of the REIT’s units before the public offering. The scheme has already completed the transfer of assets into the REIT structure and secured Musharaka financing to support project development. PSX Invites Public Feedback Pakistan Stock Exchange has encouraged investors and stakeholders to review the complete draft offer document available on its website and submit comments before July 13, 2026. The proposed IPO represents another step in the expansion of Pakistan’s REIT market, providing investors with exposure to real estate development projects in prime locations across Karachi and Lahore.

Pakistan Banking Summit 2026 to Drive Dialogue on the Future of Pakistan's Financial Sector
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Pakistan Banking Summit 2026 to Drive Dialogue on the Future of Pakistan’s Financial Sector

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KARACHI: The Pakistan Banks Association (PBA) has announced the second edition of the Pakistan Banking Summit 2026 (PBS’26), its flagship annual banking industry event, which will take place on July 7–8, 2026, in Karachi. Organized under the aegis of the PBA, the Pakistan Banking Summit has become the banking industry’s premier platform for promoting collaboration, sharing global best practices, and advancing policy dialogue aimed at strengthening Pakistan’s financial sector. Building on the success of its inaugural edition, PBS’26 will bring together senior leaders from banking, government, and the corporate sector for two days of discussions on the opportunities, challenges, and policy priorities shaping Pakistan’s economy. Banking Leaders Unveil Summit Details The summit was formally announced during a press conference in Karachi by Atif Bajwa, Chairman of the Pakistan Banking Summit Steering Committee and President & CEO of Bank Alfalah; Zafar Masud, Chairman of the Pakistan Banks Association and President & CEO of The Bank of Punjab; and Muneer Kamal, CEO & Secretary General of the PBA. They were joined by Steering Committee members Yousaf Hussain, Vice Chairman of the PBA and President & CEO of Faysal Bank, and Habib Yousuf, Citi Country Officer and Banking Head for Citi Pakistan. Nine Sessions to Focus on Financial Sector Priorities Across nine thematic sessions, the Pakistan Banking Summit 2026 will examine major issues influencing Pakistan’s financial landscape. Topics include: The discussions aim to identify practical solutions and policy recommendations to support sustainable economic growth. More Than 1,200 Participants Expected PBS’26 is expected to attract more than 1,200 participants, including policymakers, regulators, banking executives, corporate leaders, academics, and development partners. The summit will feature over 15 international speakers participating in person, alongside more than 20 Pakistani thought leaders. The programme will also include a special video address by Syed Babar Ali, Founding Pro Chancellor of the Lahore University of Management Sciences (LUMS), while representatives from more than 48 financial institutions are expected to participate. Finance Minister, SBP Governor Among Keynote Speakers Confirmed keynote speakers include: The two-day event will combine international perspectives with local expertise to support policy discussions on the future of Pakistan’s banking and financial sectors. Summit Follows Federal Budget Announcement Speaking at the launch ceremony, Atif Bajwa said the timing of PBS’26 is particularly significant because it comes immediately after the announcement of the Federal Budget. He said the summit provides an opportunity for policymakers, regulators, banking leaders, and international experts to discuss Pakistan’s economic priorities and focus on implementing policy initiatives through collaboration and practical solutions. According to Bajwa, the summit aims to contribute to building a stronger, more competitive, and future-ready financial sector capable of supporting Pakistan’s long-term economic growth. PBA Seeks Stronger Industry Collaboration PBA Chairman Zafar Masud said the Pakistan Banking Summit brings together the collective leadership of the banking industry with government institutions, regulators, and international partners under one platform. He noted that the summit is designed to build consensus, exchange global best practices, and strengthen collaboration on the future direction of Pakistan’s financial sector. Banking Industry Promotes Innovation and Growth PBA CEO Muneer Kamal said the summit reflects the banking industry’s commitment to continuous learning, innovation, and collective progress. He added that bringing together experts from Pakistan and abroad would help generate practical insights, strengthen partnerships, and contribute to a more resilient and future-ready financial ecosystem. As the banking sector’s flagship annual event, Pakistan Banking Summit 2026 aims to foster closer cooperation between the public and private sectors while encouraging meaningful policy dialogue that supports Pakistan’s long-term economic development.

Cement Despatches Rise 7.21% in FY26 on Strong Domestic Demand
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Cement Despatches Rise 7.21% in FY26 on Strong Domestic Demand

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Pakistan’s cement industry recorded solid growth during the fiscal year ended June 30, 2026, with Cement despatches FY26 increasing 7.21% as robust domestic demand more than compensated for a slight decline in exports. According to data released by the All Pakistan Cement Manufacturers Association (APCMA), total cement despatches reached 50.515 million tons during FY26, compared with 47.116 million tons in the previous fiscal year. Domestic Cement Sales Drive Growth The industry’s performance was largely supported by stronger local demand. Domestic cement sales increased 9.5% to 41.507 million tons during FY26, up from 37.906 million tons in FY25. However, export performance remained under pressure. Cement exports declined 2.19% to 9.008 million tons, compared with 9.210 million tons recorded in the previous fiscal year. The figures indicate that rising construction activity within Pakistan more than offset weaker export demand. June Cement Despatches Jump Over 18% The industry also posted strong growth during June 2026. Total cement despatches reached 4.331 million tons, representing an 18.38% increase compared with 3.658 million tons dispatched in June 2025. Domestic despatches climbed 26.78% to 3.541 million tons, up from 2.793 million tons a year earlier. Meanwhile, export despatches declined 8.73% to 789,840 tons, compared with 865,387 tons in the corresponding month last year. North and South Region Performance North-based cement mills despatched 3.019 million tons during June 2026, an increase of 16.39% from 2.594 million tons in June 2025. South-based mills also recorded strong performance, with total despatches rising 23.23% to 1.31 million tons from 1.065 million tons during the same period last year. In the domestic market: Export Trends Remain Mixed No cement exports were recorded from North-based mills during June 2026. South-based mills, however, increased exports by 20.12%, shipping 789,840 tons compared with 657,527 tons in June 2025. For the full fiscal year: South-based mills continued their steady growth throughout FY26: APCMA Optimistic About Demand Outlook An APCMA spokesperson expressed confidence that cement demand will remain strong in the coming months across both domestic and international markets. The association also said that resolving geopolitical tensions through collective efforts would help ensure stable and competitive energy supplies. It added that lower energy and fuel costs would reduce production expenses and further improve the competitiveness of Pakistan’s cement industry.

Bitget Wallet Launches Crypto Card in South Asia
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Bitget Wallet Launches Crypto Card in South Asia

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South Asia’s first Bitget Wallet Card links self-custody with global acceptance, offering up to 3% cashback. Mutsamudu, Comoros, July 2, 2026 – Bitget Wallet, a self-custodial wallet for everyday finance, announced the launch of the Bitget Wallet Card in South Asia, marking the card’s first rollout in South Asia. The card allows users to top up with USDT and USDC and spend globally. The launch brings self-custodial wallet-linked crypto payments to a region with some of the world’s most active digital economies, where demand for cross-border online payments continues to grow. Users can apply digitally through the Bitget Wallet app and add the virtual card to their mobile wallet within minutes. Bitget Wallet operates as a self-custodial wallet, allowing users to manage assets independently and maintain better control over their broader wallet holdings before choosing how much to top up to a separate card account for spending. The card supports global online and in-store purchases across hundreds of millions of Mastercard acceptance locations and digital access points globally, covering everyday scenarios from subscriptions, cloud services, AI tools, gaming, and e-commerce to travel, dining, and offline retail. Users may receive up to 3% cashback on card transactions, subject to a monthly limit. South Asia consistently ranks among the highest in global crypto adoption, underscoring the region’s position as a major crypto market. Its large base of freelancers, creators, and digitally connected businesses also points to growing demand for global payment access across work, commerce, travel, and online services. “With Bitget Wallet Card, our focus is to provide users with a simpler way to connect wallet-based assets to global payment infrastructure, while keeping the experience accessible and easy to use.” said Alvin Kan, COO of Bitget Wallet. The rollout is supported by Bitget Wallet’s Onchain Payments Matrix, an infrastructure layer that connects wallets, stablecoins, card networks, and payment providers to make digital assets usable across real-world payment scenarios. For more information, visit the Bitget Wallet website. Disclaimer: For informational purposes only. Cryptocurrencies are subject to high market risk and volatility. No profit is guaranteed. You are strongly advised to conduct own research before investing at your own discretion. Nothing on this page shall be construed as financial advice or solicitation. Past performance does not indicate future results.

Former TRG CEO Zia Chishti Wins US Court Ruling in Legal Dispute With TRG Pakistan
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Former TRG CEO Zia Chishti Wins US Court Ruling in Legal Dispute With TRG Pakistan

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TRG CEO Zia Chishti Wins US Court Ruling in Cross-Border Legal Dispute Former TRG Pakistan Limited (PSX: TRG) Chief Executive Officer Zia Chishti has secured a significant legal victory in his long-running dispute with The Resource Group International Limited (TRGI) and its affiliates after a United States court rejected an attempt to stop his legal proceedings in Pakistan. In an order dated July 1, 2026, the US District Court for the Southern District of New York (SDNY) denied a motion filed by TRGI, TRG Pakistan Chairman Mohammed Khaishgi, CEO Hasnain Aslam, and TRG Pakistan Limited, collectively referred to as the “Resource Group,” seeking an anti-suit injunction against Chishti. Judge Louis L. Stanton ruled that the applicants failed to satisfy the legal requirements necessary to prevent Chishti from pursuing litigation before Pakistani courts. Dispute Centers on Pakistan Court Proceedings The latest ruling stems from efforts by TRG Pakistan’s current management to stop Chishti from pursuing a criminal contempt petition before the Supreme Court of Pakistan. According to court filings, Resource Group argued that Chishti’s legal action in Pakistan was prohibited under a release agreement signed on January 10, 2022. However, Chishti maintained that his contempt petition sought to enforce Supreme Court orders issued on May 11, 2026, relating to earlier proceedings involving TRG Pakistan. Those orders upheld a Sindh High Court decision directing TRG Pakistan to hold overdue board elections and requiring its affiliate Greentree to return shares that the court found had been acquired using TRG Pakistan’s own funds. US Court Rejects Request for Anti-Suit Injunction Judge Stanton applied the legal test governing anti-suit injunctions and concluded that Resource Group did not establish the necessary grounds for relief. Although the court acknowledged sufficient overlap between the parties involved, it found that its earlier ruling issued on May 12, 2026, did not resolve the legal issues currently before Pakistani courts. The court noted that claims concerning delayed board elections had never been addressed in the previous US proceedings. It also found that allegations relating to Greentree’s acquisition of TRG Pakistan shares arose after the 2022 release agreement and therefore could not automatically be considered released claims. As a result, the court declined to block the Pakistani litigation. Court Questions Litigation Arguments The SDNY order also included observations regarding the conduct of the litigation. Judge Stanton stated that the court was led “to suspect” that previous US rulings had been inaccurately presented before Pakistani courts. The order further observed that Resource Group waited more than a year before seeking emergency relief despite being aware that certain claims involving Greentree’s share acquisition fell outside the scope of the release agreement. The court reiterated that anti-suit injunctions should be granted only in exceptional circumstances where foreign litigation substantially duplicates domestic proceedings, concluding that this standard had not been met. Pakistan Proceedings to Continue The ruling allows Chishti to continue pursuing proceedings before Pakistani courts, including the Sindh High Court case concerning TRG Pakistan’s board elections and the related contempt petition before the Supreme Court. The SDNY also formally disposed of letters filed by TRG Pakistan supporting TRGI’s motion. According to the information available, TRG Pakistan had not issued a corresponding disclosure to the Pakistan Stock Exchange (PSX) following the July 1 order at the time of reporting. Latest Development in Ongoing Legal Battle The decision represents the latest chapter in a complex cross-border legal dispute between Chishti and Resource Group. Earlier this year, several SDNY rulings had favored TRGI, including a May 12 decision concerning pre-2022 claims, a temporary restraining order issued on June 10, and a June 18 turnover order directing Chishti to satisfy a $9.1 million judgment related to share pledges and asset transfers. The July 1 ruling, however, marks a significant procedural victory for Chishti by allowing the Pakistani court proceedings to move forward while the broader legal dispute continues in multiple jurisdictions.

Cross-Border Pollution Requires Regional Cooperation, Says Environmental Expert
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Cross-Border Pollution Requires Regional Cooperation, Says Environmental Expert

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Cross-Border Pollution Pakistan Requires Regional Cooperation, Says Environmental Expert An environmental expert has urged South Asian countries to adopt a coordinated regional strategy to combat cross-border pollution, warning that Pakistan cannot effectively tackle worsening smog, water shortages, and climate-related disasters through domestic measures alone. Speaking to a state-owned television channel, Dr. Zainab Naeem stressed that environmental challenges affecting Pakistan demand sustained diplomatic engagement, stronger public awareness, and increased private-sector participation to build long-term climate resilience. Pakistan Faces Growing Climate Risks According to Dr. Naeem, Pakistan remains one of the countries most vulnerable to climate change and its associated disasters. She said trans-boundary smog and poor water management continue to pose serious environmental and public health challenges. She noted that seasonal crop residue burning across the border contributes to declining air quality in Pakistan. Combined with rising temperatures and prolonged heatwaves, these factors have intensified environmental pressures across the region. Dr. Naeem emphasized that environmental degradation is not confined by national borders and therefore requires practical cooperation among neighboring countries. Urgent Action Needed on Environmental Policies The environmental expert called for the swift implementation of effective environmental policies, saying governments must prioritize long-term ecological resilience over short-term considerations. She argued that stronger environmental governance would not only protect public health but also strengthen economic stability by reducing the long-term costs associated with climate-related disasters. According to Dr. Naeem, policymakers should treat environmental protection as a national and regional priority rather than a political issue. Public Awareness Plays a Key Role Dr. Naeem also highlighted the importance of expanding climate awareness campaigns across society. She said citizens, government institutions, and policymakers must recognize that environmental protection is a shared responsibility. Greater public understanding of climate challenges can encourage sustainable practices and support stronger environmental policies. She added that increasing awareness is essential for promoting long-term behavioral change and strengthening national resilience against climate risks. Government Initiatives Acknowledged Dr. Naeem acknowledged that the Government of Pakistan, under Prime Minister Shehbaz Sharif, and the Punjab government led by Chief Minister Maryam Nawaz Sharif have introduced various environmental policies and mitigation measures. She said these initiatives aim to address pollution and climate-related challenges while considering the country’s fiscal constraints. However, she maintained that domestic efforts alone cannot fully resolve environmental issues that originate beyond Pakistan’s borders. Call for a Permanent Regional Climate Mechanism To strengthen regional collaboration, Dr. Naeem proposed establishing a permanent climate-focused diplomatic mechanism for South Asia. She said such a platform would enable neighboring countries to maintain continuous dialogue on shared environmental concerns, exchange scientific data, and coordinate responses to cross-border pollution, water management, and climate adaptation. The expert also stressed the need for greater private-sector investment alongside effective regulatory enforcement. She said businesses can play a significant role in reducing pollution and promoting sustainable development if supported by clear environmental regulations. Dr. Naeem concluded that lasting environmental progress will depend on collective action among regional stakeholders, emphasizing that cooperation is essential to safeguard public health, protect natural resources, and ensure sustainable economic development across South Asia.

The Boardroom PK delivers trusted business news, analysis, and insights from Pakistan and beyond, keeping readers informed, inspired, and ahead in the evolving world of business and leadership.

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