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France to Close Karachi Consulate, Says Decision Driven Solely by Budget Reasons
Pakistan

France to Close Karachi Consulate, Says Decision Driven Solely by Budget Reasons

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France Confirms Karachi Consulate Closure Amid Global Diplomatic Restructuring France has announced the France Karachi Consulate Closure, confirming that its Consulate General in Karachi will shut down as part of a global diplomatic restructuring. French Consul General Alexis Chahtahtinsky clarified that the decision was taken exclusively for budgetary reasons and does not reflect any change in France’s long-standing commitment to Pakistan. The announcement was made during a ceremony in Karachi marking French National Day (Bastille Day), where the consul general assured diplomats, government officials, business leaders, and members of the French and Pakistani communities that France would continue strengthening its partnership with Pakistan through its Embassy in Islamabad while maintaining a presence in Karachi through other institutions. Closure Part of Global Budget Rationalization Addressing the gathering, Chahtahtinsky explained that the French government is streamlining its diplomatic network worldwide to make its overseas presence “thinner and leaner.” He emphasized that the France Karachi Consulate Closure is based solely on financial considerations and forms part of a broader restructuring affecting several countries rather than any shift in France’s diplomatic priorities toward Pakistan. The consul general stressed that bilateral relations between France and Pakistan remain strong and will continue to develop despite the closure of the diplomatic mission. France to Maintain Presence Through Key Institutions Although the Consulate General will close, France will continue engaging with Sindh and Balochistan through three key institutions. According to Chahtahtinsky, a newly appointed Honorary Consul General will continue providing consular services and coordinating with provincial governments. He added that the Pakistan France Business Alliance (PFBA) will remain active in promoting bilateral trade and investment, while Alliance Française Karachi will continue serving as the city’s leading institution for French language education, cultural activities, and academic exchanges. Bastille Day Celebrates Shared Values Speaking during what is expected to be one of his final Bastille Day celebrations in Karachi as consul general, Chahtahtinsky said it had been a privilege to represent France in Sindh and Balochistan. He noted that Bastille Day commemorates both the French Revolution and France’s Armed Forces Day, symbolizing the enduring values of liberty, equality, and fraternity. Recalling the storming of the Bastille on July 14, 1789, he described it as a defining moment in history that represented the rejection of oppression and arbitrary rule, adding that the ideals of the French Revolution continue to inspire societies around the world. France Reaffirms Long-Standing Partnership with Pakistan The consul general described France as one of Pakistan’s oldest and most reliable international partners. He noted that France became the first non-Muslim country to recognize Pakistan following its independence in 1947 and has since supported the country’s development across sectors including education, healthcare, archaeology, culture, and economic cooperation. Chahtahtinsky also highlighted the continued engagement between the leadership of both countries, noting that French President Emmanuel Macron and Prime Minister Shehbaz Sharif have held several meetings since the devastating floods that affected Sindh and Balochistan in 2022. According to him, these high-level engagements reflect the importance both governments attach to strengthening bilateral relations. French Companies Continue Investing in Pakistan The consul general said several major French companies continue operating successfully in Pakistan, contributing to investment, industrial development, and employment. He cited CMA CGM, Schneider Electric, L’Oréal, and Peugeot among the leading French companies with operations in the country. He particularly highlighted the local assembly of Peugeot vehicles at Lucky Motors’ manufacturing facility in Karachi’s Korangi Industrial Area as a successful example of industrial collaboration between France and Pakistan. Chahtahtinsky also acknowledged the growing contribution of Pakistani companies to bilateral trade. He noted that Gul Ahmed and Chottani Industries continue exporting textile products to France, while pharmaceutical company Martin Dow has expanded its investment footprint into the French market. He added that Pakistani exporters continue to benefit from preferential access to French and broader European markets. Cultural, Educational and Archaeological Cooperation to Continue Beyond trade and investment, the consul general emphasized the deep cultural and educational ties between the two countries. He said French archaeologists have worked alongside Pakistani experts for more than six decades to excavate and preserve historical sites across Sindh and Balochistan, contributing significantly to the preservation of Pakistan’s cultural heritage. Chahtahtinsky also highlighted partnerships with organizations including the Aga Khan Foundation and the Institute of Business Administration (IBA) in education and development initiatives. He noted that Alliance Française de Karachi, Pakistan’s oldest foreign cultural institution, will continue promoting French language education, cultural exchanges, and artistic collaboration despite the closure of the consulate. He further pointed out that Campus France now has a permanent representative in Karachi, helping Pakistani students explore higher education opportunities in France and strengthening academic cooperation between the two countries. Diplomatic Ties to Continue Beyond the Consulate Concluding his address, Chahtahtinsky reaffirmed that while the France Karachi Consulate Closure marks the end of the French Consulate General’s operations in Karachi, France’s diplomatic, economic, educational, and cultural engagement with Pakistan will continue through its Embassy in Islamabad and long-standing institutional partnerships across the country.

S&P Global Pakistan and TiE Islamabad Launch Project Elevate to Mentor Over 600 Future Leaders
Pakistan

S&P Global Pakistan and TiE Islamabad Launch Project Elevate to Mentor Over 600 Future Leaders

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Three-Year Mentorship Initiative Aims to Build Pakistan’s Next Generation of Professionals ISLAMABAD: S&P Global Pakistan, in partnership with The Indus Entrepreneurs (TiE) Islamabad, has launched Project Elevate, a structured three-year mentorship initiative designed to equip more than 600 young Pakistanis with the professional skills, leadership capabilities, and career guidance needed to succeed in an increasingly competitive global economy. The initiative reflects a shared commitment to developing Pakistan’s emerging talent by connecting participants with experienced industry leaders and entrepreneurs through structured mentorship and professional development programs. Project Elevate to Support More Than 600 Participants Project Elevate will be delivered through three annual cohorts, with each cohort comprising approximately 200 participants. The program is open to a diverse group of individuals, including university students, early-career professionals, aspiring entrepreneurs, and freelancers, reflecting the changing dynamics of Pakistan’s workforce. Participants will receive one-on-one and group mentorship, corporate readiness training, career development workshops, and networking opportunities with senior leaders from S&P Global Pakistan and members of TiE Islamabad’s entrepreneurial network. S&P Global Invests in Pakistan’s Talent Pipeline Speaking at the launch, Mujeeb Zahur, Managing Director of S&P Global Pakistan, described Project Elevate as a long-term investment in the country’s future workforce. “Project Elevate is a strategic investment in the people we believe will drive economic value both locally and globally. We are committing our expertise because we truly believe in Pakistan’s talent pipeline and creating an ecosystem that will give individuals the platform, mentorship and exposure they deserve.” He said the initiative aims to empower talented individuals by providing them with practical guidance, professional exposure, and access to experienced mentors. Focus on Skills, Confidence and Professional Growth Atta Rehman, Senior Regional People Advisor at S&P Global Pakistan, highlighted the importance of mentorship in building future leaders. “At S&P Global, we believe that people are the most powerful driver of organizational success. Project Elevate is designed to give participants not just skills, but visibility, confidence, and a professional community that stays with them long after the program ends.” He noted that the initiative is intended to help participants develop the confidence and networks needed to advance their careers in a rapidly evolving professional landscape. Strengthening Leadership and Career Development Project Elevate aligns with S&P Global’s enterprise-wide commitment to investing in learning, leadership development, and professional growth. The program is designed to equip participants with leadership capabilities, practical workplace skills, and access to valuable professional resources that will help them excel in today’s evolving global economy. By bringing together corporate leaders, entrepreneurs, and emerging professionals, the initiative seeks to strengthen Pakistan’s talent ecosystem and support the country’s long-term economic development. Investing in Pakistan’s Future Workforce The collaboration between S&P Global Pakistan and TiE Islamabad underscores the growing role of public-private partnerships in nurturing young talent and promoting innovation. With more than 600 participants expected to benefit over the next three years, Project Elevate aims to create a lasting mentorship ecosystem that prepares the next generation of professionals, entrepreneurs, and leaders to contribute to Pakistan’s economic growth and global competitiveness.

PIA Privatisation: Govt Transfers Rs14.2bn Properties to New Owners, Islamabad Set to Become Airline Hub
Pakistan

PIA Privatisation: Govt Transfers Rs14.2bn Properties to New Owners, Islamabad Set to Become Airline Hub

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Government Transfers Rs14.2 Billion in PIA Assets Under Privatisation Deal The federal government has transferred 11 Pakistan International Airlines (PIA) properties worth Rs14.2 billion, including seven overseas assets, to the airline’s new owners as part of the ongoing PIA privatisation process, the Privatisation Commission informed the Senate Standing Committee on Privatisation on Tuesday. The value of the transferred properties exceeds the Rs10 billion cash payment made by the new owners during the first phase of the transaction. The government has already completed the transfer of 75% of PIA’s shares, while the remaining 25% stake and an additional Rs45 billion payment will be completed during the second phase of the agreement. Privatisation Secretary Usman Bajwa briefed the parliamentary committee on the progress of the transaction, the transfer of PIA assets, the future of the Roosevelt Hotel in New York, and the government’s broader privatisation programme, including power distribution companies. He said the government completed the first closing of the PIA transaction on June 29, 2026, transferring management control of the national airline to the successful buyer. Buyer Injects Rs80 Billion to Strengthen PIA Under the agreement, the purchaser paid Rs10 billion to the government as the initial sale consideration while injecting Rs80 billion into PIA as fresh equity. According to Bajwa, the additional investment will strengthen the airline’s financial position, support fleet expansion and modernisation, improve operational performance, expand domestic and international routes, enhance customer services, and place the airline on a stronger footing for long-term growth. The committee was informed that the second phase of the agreement will take place within one year of the initial closing. During this stage, the buyer has committed to inject another Rs45 billion into PIA and exercise its option to acquire the remaining 25% shares for an additional Rs45 billion, completing the government’s divestment of the airline. Bajwa told lawmakers that out of 44 PIA-owned properties, only 11 assets, valued at Rs14.2 billion, were transferred to the new owners under the privatisation agreement. The remaining 33 properties have been retained by the PIA Holding Company. Local Properties Included in the Transaction Among the domestic assets transferred to the buyer is the PIA Booking Office on Mall Road, Rawalpindi, valued at approximately Rs2.3 billion. The PIA Sales Office on Arbab Road, Peshawar, is valued at around Rs5.1 billion, making it the most valuable local property included in the transaction. The package also includes the PIA Sales Office on Jinnah Avenue in Islamabad’s Blue Area, worth approximately Rs2.4 billion, and the PIA Sales Office building in Quetta Cantonment, valued at around Rs837 million. Seven Overseas Properties Handed Over The Privatisation Commission also disclosed details of seven overseas properties transferred as part of the PIA privatisation deal. Two of the properties are located in India. One is a residential flat in Mumbai’s Cuffe Parade, valued at 112.5 million Indian rupees, while the other comprises the fifth and sixth floors of Narain Manzil in New Delhi, valued at 121.92 million Indian rupees. Three properties are situated in Amsterdam, Netherlands. These include a commercial property on Leidsestraat valued at €2.1 million, another property on Koningsvaren valued at €750,000, and a third property on Van Nijenrodeweg worth €583,000. The package also includes a property in Tashkent, Uzbekistan, valued at 4 billion Uzbekistani som, and a residential property in Scarsdale, New York, valued at approximately $1.7 million. Islamabad to Become PIA’s Main Business Hub Bajwa informed the committee that the new management has expressed its intention to make Islamabad the airline’s primary business hub. The move is expected to centralise key corporate and operational functions in the federal capital as the airline begins implementing its post-privatisation business strategy. Roosevelt Hotel Attracts Interest from US Investors The committee was also updated on the future of the Roosevelt Hotel in New York, one of Pakistan’s most valuable overseas assets. According to Bajwa, several US-based financial institutions have shown interest in acquiring the hotel. He said the government plans to take the property to the market by December 2026 to ensure maximum competition among potential investors and secure the best possible value. However, important policy decisions regarding the structure of the proposed joint venture and the category of foreign investors eligible to participate are still under consideration. Foreign Investors Show Interest in Power Distribution Companies The committee also discussed the government’s ongoing privatisation of power distribution companies (Discos). Bajwa revealed that investors from Türkiye, China and Saudi Arabia have expressed interest in acquiring electricity distribution companies but have linked their participation to reforms in Pakistan’s power sector. According to the Privatisation Secretary, potential investors are seeking greater regulatory certainty, clearly defined performance targets and a level playing field before making investment decisions. He added that the deadline for submitting Expressions of Interest (EOIs) for the acquisition of Faisalabad Electric Supply Company (FESCO) is August 7, followed by Gujranwala Electric Power Company (GEPCO) on August 21, and Islamabad Electric Supply Company (IESCO) on September 7. Government Continues Broader Privatisation Programme Bajwa clarified that while investors may submit bids for multiple distribution companies, each successful bidder will be allowed to acquire only one Disco, a measure intended to encourage broader participation and maintain competition in the privatisation process. The latest developments mark another major milestone in the PIA privatisation process as the government advances its broader strategy of restructuring state-owned enterprises, attracting private investment and improving operational efficiency across key sectors of the economy.

Shadab Textile Uses 79% of Right Issue Funds for Expansion and Solar Project
Pakistan

Shadab Textile Uses 79% of Right Issue Funds for Expansion and Solar Project

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Shadab Textile Utilises 79% of Right Issue Proceeds Shadab Textile Mills Limited (PSX: SHDT) has utilised nearly four-fifths of the funds raised through its recent Shadab Textile right issue, with the company investing the proceeds in machinery upgrades, renewable energy infrastructure and working capital to strengthen its operations. According to the company’s first quarterly progress report on the utilisation of right issue proceeds, covering the period from April 13, 2026, to June 30, 2026, SHDT had utilised Rs197.59 million, representing 79.04% of the Rs250 million net proceeds raised through the issue. The report has been submitted in line with regulatory requirements to keep shareholders informed about how the company is deploying the funds raised from investors. Right Issue Completed Successfully The Shadab Textile right issue was successfully completed on April 13, 2026, after the company’s Board of Directors approved the allotment of right shares. The transaction generated Rs250 million in net proceeds, providing the company with additional capital to support operational expansion and improve efficiency. According to the report, the subscription proceeds became available in two stages after being released by the company’s banker and the Central Depository Company (CDC). The banker transferred the funds on April 16, 2026, while the CDC released the remaining proceeds on April 22, 2026. The company stated that utilisation of the funds began immediately after they became available. Machinery Upgrades Receive the Largest Allocation SHDT had previously outlined three major objectives for the use of the proceeds in its offer document: investment in plant and machinery, installation of a solar power system and strengthening working capital. The largest allocation was made for the purchase of new plant and machinery, reflecting the company’s focus on improving manufacturing capacity and operational efficiency. Out of the Rs131.5 million earmarked for machinery purchases, the company utilised Rs79.09 million during the reporting period. This represents 60.14% of the amount allocated for machinery investment, leaving an unutilised balance of Rs52.41 million, which the company is expected to spend in the coming months as planned. The report indicates that the remaining machinery-related investments are progressing according to schedule. Solar Project Completed and Working Capital Strengthened Another major component of the Shadab Textile right issue proceeds was the installation of a solar energy system. The company allocated Rs47.5 million for the project and confirmed that the entire amount had been utilised by June 30, 2026. The successful completion of the solar investment is expected to help reduce electricity costs, improve energy efficiency and lessen the company’s dependence on conventional power sources amid rising energy prices. Like many manufacturers in Pakistan, textile companies have increasingly turned to renewable energy solutions to manage production costs and ensure more reliable electricity supplies. The third area of investment involved strengthening the company’s working capital position. SHDT had allocated Rs71 million for working capital requirements, and the report confirmed that the full amount had been utilised during the reporting period. The additional working capital is expected to support the company’s day-to-day business operations, improve liquidity and facilitate smoother procurement of raw materials and production activities. Company Confirms No Deviation in Use of Funds Overall, the company utilised Rs197.59 million out of the total Rs250 million raised through the right issue by the end of June. This leaves an outstanding balance of Rs52.41 million, which remains allocated exclusively for the purchase of plant and machinery. Importantly, the company confirmed that there has been no deviation or variation in the utilisation of funds compared with the objectives disclosed in the right issue offer document. The confirmation provides assurance to shareholders that the proceeds are being spent exactly as approved when the company sought additional capital from investors. Maintaining transparency in the use of right issue proceeds is a key regulatory requirement for companies listed on the Pakistan Stock Exchange (PSX), ensuring investors receive regular updates on how their funds are being utilised. The quarterly utilisation report demonstrates SHDT’s compliance with these disclosure obligations while providing investors with visibility into the progress of its capital expenditure plans. Remaining Machinery Investment to Complete Expansion Plan The company’s investments in machinery and renewable energy also reflect broader trends within Pakistan’s textile sector, where manufacturers are increasingly focusing on modernising production facilities, improving productivity and reducing operating costs to remain competitive in both domestic and export markets. Energy efficiency has become an important priority for textile exporters as electricity tariffs and fuel prices continue to affect manufacturing costs. Similarly, investments in modern machinery can improve product quality, increase production capacity and enhance operational efficiency, helping textile companies strengthen their market position. With nearly 80% of the proceeds from the Shadab Textile right issue already deployed, the company has made significant progress in implementing its investment plans. The remaining Rs52.41 million will be utilised for additional machinery purchases, completing the objectives outlined in the right issue and supporting SHDT’s long-term strategy of expanding production capacity, improving operational efficiency and strengthening its financial position.

KAPCO Approves $47.5m Financing to Acquire Attock Cement Shares
Pakistan

KAPCO Approves $47.5m Financing to Acquire Attock Cement Shares

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Shareholders Approve Financing for KAPCO Attock Cement Acquisition Kot Addu Power Company Limited (KAPCO) has received shareholder approval to secure financing facilities and incur debt obligations of up to $47.5 million to support its planned acquisition of shares in Attock Cement Pakistan Limited (ACPL). The decision marks a significant step in the company’s investment strategy and corporate restructuring efforts. The approval was granted through a special resolution passed during KAPCO’s 15th Extraordinary General Meeting (EGM), held on July 13, 2026. The resolution was adopted under Article 41(c) of the company’s Articles of Association and in accordance with the applicable provisions of the Companies Act, 2017. KAPCO Attock Cement Acquisition Receives Shareholder Backing The KAPCO Attock Cement acquisition proposal allows the company to obtain financing of up to $47.5 million, together with all related debt obligations required to complete the transaction. The approved financing package also includes the authority to provide guarantees, indemnities, charges, mortgages, security interests and other ancillary financing arrangements that lenders may require. The approval reflects shareholder support for KAPCO’s plan to invest in Attock Cement, one of Pakistan’s leading cement manufacturers. While the company has not disclosed further details regarding the number of shares to be acquired or the expected completion timeline, the financing authorization provides KAPCO with the financial flexibility needed to proceed once all necessary conditions are met. Senior Management Authorized to Execute Financing Documents As part of the resolution, shareholders also authorized senior company officials to execute all documents related to the financing arrangements. Any two of the Chief Executive Officer, General Manager Finance/Chief Financial Officer (CFO), and Company Secretary, acting jointly, have been empowered to act on behalf of the company. Their authority includes negotiating and signing financing agreements, loan documents, security documents, undertakings, guarantees, notices, declarations and any other agreements or instruments required to complete the financing process. They may also take all necessary actions related to the borrowing arrangements and the acquisition transaction. In addition, shareholders ratified and approved all actions already taken by the company’s management in connection with arranging the proposed financing and debt obligations. This ensures that all previous decisions and steps undertaken in preparation for the transaction are formally recognized by the company’s members. The financing approval represents an important corporate milestone for KAPCO as it seeks to diversify its investment portfolio beyond its traditional power generation business. The acquisition of an equity stake in Attock Cement would provide the company with exposure to Pakistan’s construction and building materials sector, which remains closely linked to infrastructure development and economic activity. Shareholders Approve Revised Articles of Association Besides approving the financing arrangements, KAPCO shareholders also voted in favour of adopting a revised set of Articles of Association. The proposed Articles of Association, presented during the Extraordinary General Meeting and identified by the initials of the Company Secretary, were formally approved and adopted by the company’s members. The revised Articles are intended to update the company’s governing framework in line with current regulatory requirements and corporate governance practices. To facilitate the implementation of the approved changes, shareholders authorized the Chief Executive Officer and/or the Company Secretary, acting individually, to complete all required legal and regulatory formalities. This includes filing the necessary forms, returns and supporting documents with the Securities and Exchange Commission of Pakistan (SECP) and any other relevant regulatory authorities. The authorization enables the company to complete all procedural requirements without requiring further shareholder approvals for administrative matters associated with the implementation of the resolutions. SECP-Directed Changes to Be Incorporated Automatically The shareholders also approved a provision allowing future amendments to the Articles of Association if required by the SECP during the review process. Under the resolution, any modifications, amendments, additions or deletions directed by the regulator will automatically become part of the approved Articles of Association without the need to convene another Extraordinary General Meeting or seek a fresh special resolution from shareholders. This approach is commonly adopted by listed companies to streamline regulatory approvals and avoid delays in implementing governance-related changes. KAPCO Moves Ahead with Strategic Investment Plan With the resolutions now approved, KAPCO’s management has the authority to finalize financing arrangements, complete all regulatory filings and move forward with the proposed KAPCO Attock Cement acquisition, subject to the fulfilment of all applicable legal, regulatory and commercial requirements. The approvals provide the company with both the financial authority and corporate governance framework needed to execute the proposed investment while ensuring compliance with Pakistan’s corporate laws and regulatory standards. If completed, the acquisition would represent another significant corporate transaction in Pakistan’s listed sector and could further reshape KAPCO’s investment portfolio beyond its core power generation operations.

PTCL Confirms Nadeem Khan as Chief Executive Officer
Pakistan

PTCL Confirms Nadeem Khan as Chief Executive Officer

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Board of Directors Formally Appoints Nadeem Khan as PTCL CEO Karachi: The Board of Directors of Pakistan Telecommunication Company Limited (PTCL) has confirmed Nadeem Khan as the company’s Chief Executive Officer (CEO), formalizing his appointment after he assumed charge on an interim basis earlier this month. Nadeem Khan’s telecommunications career spans more than two decades with PTCL and Ufone, in addition to over seven years of international assignments with Millicom International Cellular. Extensive Leadership Experience in Telecom and Finance He joined Ufone as Chief Financial Officer (CFO) in 2003, a position he held for a decade. In 2017, he was appointed Group Chief Financial Officer for PTCL and Ufone, where he led the company’s financial strategy through a period of significant transformation, including the acquisition of Telenor Pakistan. Nadeem also serves on the Board of U Microfinance Bank. He is a Chartered Accountant and a member of both the Institute of Chartered Accountants of Pakistan (ICAP) and the Institute of Chartered Accountants in England and Wales (ICAEW). He currently serves as a Member of the Accounting Standards Board of the Institute of Chartered Accountants of Pakistan. Focus on Fiber Expansion and Digital Transformation In his role as Chief Executive Officer, Nadeem Khan will lead PTCL’s efforts to expand and modernize its wireline network, with a strong focus on fiberization and the rollout of next-generation digital services across Pakistan. He will also oversee initiatives aimed at strengthening PTCL’s leadership in the business-to-business (B2B) segment. As Pakistan’s largest integrated ICT company, PTCL continues to invest in broadband infrastructure, fiber networks, data centers and submarine cable systems to reinforce its position as the backbone of the country’s digital economy. Permanent Appointment Takes Effect Nadeem Khan initially assumed the role of PTCL Chief Executive Officer for a 14-day period effective July 2, 2026. His confirmation by the Board of Directors now makes him the company’s permanent Chief Executive Officer.

Habib Rice Secures $500,000 Sponsor Loan to Strengthen Liquidity and Working Capital
Pakistan

Habib Rice Secures $500,000 Sponsor Loan to Strengthen Liquidity and Working Capital

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Habib Rice Products Limited (PSX: HRPL) has approved an interest-free sponsor loan of up to $500,000 from its principal shareholder, Mr. Gaffar A. Habib, to strengthen the company’s liquidity position and support its working capital requirements. The decision was approved by the company’s Board of Directors during a meeting held on July 14, 2026, according to a notice submitted to the Pakistan Stock Exchange (PSX). The Habib Rice sponsor loan will provide the company with additional financial flexibility at a time when maintaining sufficient working capital remains essential for supporting day-to-day business operations and meeting operational commitments. Habib Rice Sponsor Loan Approved by Board Under the board’s approval, HRPL will obtain an unsecured loan of up to $500,000 (United States Dollars Five Hundred Thousand Only) from its sponsor shareholder. The loan amount will be converted into Pakistani rupees using the US dollar to Pakistani rupee (US$/PKR) exchange rate prevailing on the date the funds are disbursed. The company emphasized that the financing facility will be provided entirely without interest, reducing financing costs compared with conventional borrowing from commercial banks or financial institutions. Unlike secured financing arrangements, the sponsor loan will not require the company to pledge assets or provide collateral, giving HRPL greater flexibility in managing its financial resources. Flexible Repayment Terms According to the company, the loan will be repayable only upon the lender’s request and with the mutual consent of both parties. However, repayment will remain subject to the company’s assessment that it has sufficient cash flows available at the time any repayment is made. This provision is intended to ensure that loan repayments do not adversely affect the company’s operational liquidity or its ability to meet ongoing financial obligations. HRPL further stated that whenever repayment takes place, the amount returned to the sponsor shareholder will be paid in Pakistani rupees based on the US$/PKR exchange rate prevailing on the actual repayment date. As a result, the value of the repayment will reflect currency movements between the date the loan is disbursed and the date it is repaid. Funding to Support Working Capital The company said the Habib Rice sponsor loan is expected to improve its liquidity position and provide additional resources to finance working capital requirements. Working capital financing is generally used to support routine business operations, including the purchase of raw materials, inventory management, payments to suppliers, operating expenses and other short-term funding needs. Maintaining adequate working capital is particularly important for manufacturing and export-oriented businesses that must manage fluctuations in inventory levels, procurement costs, customer payments and foreign exchange movements. Interest-Free Financing Enhances Financial Flexibility Interest-free financing from a sponsor shareholder can significantly reduce a company’s financing expenses while improving its financial flexibility. Unlike conventional bank loans, which typically involve interest charges, collateral requirements and fixed repayment schedules, shareholder financing often provides companies with more adaptable funding arrangements tailored to operational needs. The unsecured nature of the facility also means HRPL will not need to mortgage assets or create charges over company property as security for the borrowing. Corporate governance experts generally view sponsor-backed financing positively when transactions are conducted transparently, approved by the board of directors and properly disclosed to shareholders and the stock exchange. Such financial support can demonstrate the sponsor’s confidence in the company’s long-term prospects and willingness to provide additional resources during periods when liquidity enhancement is considered beneficial. Sponsor Support Strengthens HRPL’s Financial Position The latest disclosure also highlights the important role sponsor shareholders can play in strengthening the financial position of listed companies without increasing interest expenses. For HRPL, the additional liquidity is expected to provide greater financial stability while supporting operational requirements and maintaining business continuity. The company did not disclose whether the entire approved amount would be drawn immediately or utilized in phases depending on funding requirements. Similarly, no specific timeline for repayment was provided, with repayment remaining contingent upon both the lender’s request and the company’s cash flow position. By structuring the facility as an interest-free, unsecured loan, the company has preserved financial flexibility while minimizing borrowing costs. The arrangement also provides management with greater discretion in determining the appropriate timing for repayment based on future cash generation and operational performance.

ABHI Microfinance Bank Partners with Saif Group to Introduce Earned Wage Access for Employees
Pakistan

ABHI Microfinance Bank Partners with Saif Group to Introduce Earned Wage Access for Employees

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ABHI Microfinance Bank has entered into a strategic partnership with Saif Group to introduce its Earned Wage Access (EWA) solution for the Group’s workforce. The collaboration aims to enhance workplace financial wellness by enabling employees to access a portion of their earned wages before payday through a secure digital platform. The initiative represents another step toward expanding technology-driven financial services that improve employee financial well-being and promote greater financial inclusion across Pakistan. Partnership Brings Earned Wage Access to Saif Group Employees The agreement was signed by Mariam Pervaiz, Chief Commercial Officer of ABHI Microfinance Bank, and Abid Hussain, Executive Director Finance & Operations at Saif Textile Mills Ltd. The signing ceremony was attended by Kabeer Naqvi, Entrepreneur in Residence at ABHI, Asad Saifullah Khan, CEO of Saif Textile Mills Ltd. and Kohat Textile Mills Ltd., along with senior representatives from both organizations. The collaboration reflects the shared commitment of ABHI Microfinance Bank and Saif Group to providing employees with innovative financial solutions that enhance financial stability and flexibility. Employees to Access Earned Salaries Before Payday Under the partnership, employees of Saif Group will be able to access a portion of their earned salaries in real time before their scheduled payday. The Earned Wage Access solution is designed to provide employees with greater financial flexibility, allowing them to manage planned and unexpected expenses without relying on traditional short-term borrowing. The initiative is expected to strengthen financial resilience by giving employees timely access to wages they have already earned. Promoting Financial Wellness Through Technology Earned Wage Access is increasingly being adopted as a responsible alternative to conventional borrowing by allowing employees to receive part of their earned income before payday. The solution supports improved financial planning, reduces financial stress, and contributes to a healthier and more financially secure workforce. By integrating digital financial services into the workplace, ABHI Microfinance Bank aims to expand access to innovative financial products while supporting employee well-being. Shared Vision for Financial Inclusion The partnership reflects the shared vision of ABHI Microfinance Bank and Saif Group to leverage financial technology in addressing the evolving needs of employees. Both organizations believe that technology-driven financial solutions can play a significant role in promoting financial empowerment, improving workplace satisfaction, and expanding financial inclusion across Pakistan. Advancing Workplace Financial Empowerment The collaboration between ABHI Microfinance Bank and Saif Group reinforces the growing adoption of Earned Wage Access solutions in Pakistan. By enabling employees to access their earned wages before payday, the initiative supports better financial management while contributing to a more inclusive and financially resilient workforce.

Select Technologies Limited Successfully Completes Initial Public Offering, Raising PKR 3.02 Billion
Pakistan

Select Technologies Limited Successfully Completes Initial Public Offering, Raising PKR 3.02 Billion

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Select Technologies Limited (SELECT), a leading Pakistani technology company engaged in the manufacturing and assembly of smartphones and consumer appliances, has successfully completed its Initial Public Offering (IPO), raising PKR 3.02 billion after receiving a strong response from investors during both the Book Building and General Public Subscription phases. The IPO comprised 88.9 million ordinary shares, representing 10% of SELECT’s post-issue paid-up capital, making it one of the most notable equity offerings in Pakistan’s technology sector. SELECT IPO Attracts Strong Investor Demand The IPO floor price was set at PKR 28.00 per share. Following healthy demand during the Book Building process, the strike price was discovered at PKR 34.00 per share, representing a 21% premium over the floor price. According to the company, the IPO attracted participation from a wide range of investors, including commercial banks, mutual funds, insurance companies, investment banks, pension and employees’ funds, brokerage houses, high-net-worth individuals, corporate investors, and retail investors. The broad-based participation reflects investor confidence in SELECT’s business fundamentals, growth strategy, and long-term prospects. IPO Proceeds to Support Expansion and Innovation The funds raised through the IPO will be used to support Select Technologies’ strategic growth initiatives, including expanding its manufacturing capabilities, strengthening product innovation, and enhancing its market presence. The company aims to further develop its portfolio of locally manufactured smartphones and consumer appliances while contributing to import substitution and the promotion of high-quality “Made in Pakistan” technology products. PSX Highlights Strong Capital Market Performance Speaking at the gong ceremony, Pakistan Stock Exchange (PSX) Managing Director and CEO Farrukh H. Sabzwari welcomed Select Technologies as the first company to list in the new fiscal year. He noted that FY2026 was a landmark year for the PSX, with 11 IPOs—the third-highest number in the past 25 years—raising approximately USD 66 million. Sabzwari added that average daily traded value reached a record USD 205 million (around PKR 57 billion) across 537 listed companies, while market capitalization touched a record PKR 21 trillion in January 2026 before closing the fiscal year at PKR 20.20 trillion, equivalent to 16% of Pakistan’s GDP. He also highlighted the expansion of the investor base to an all-time high of 583,052 accounts, with approximately 16,000 new accounts being opened every month. SECP Reaffirms Commitment to Capital Market Growth SECP Commissioner Zeeshan Rehman Khattak said the regulator remains committed to making the listing process more efficient while balancing regulatory requirements with investor protection. He noted that the successful listing of Select Technologies demonstrates continued progress in diversifying Pakistan’s economy and strengthening the country’s capital market ecosystem. Company Leadership Welcomes Successful Listing AirLink Communication Limited Chairman Aslam H. Piracha described the PSX listing as a significant milestone for both Select Technologies and the AirLink Group. He said the successful IPO reflects strong investor confidence in the company’s strategy and reaffirmed its commitment to maintaining high standards of corporate governance and transparency. Select Technologies CEO Adnan Aftab called the listing a proud moment for the company, saying it validates its position as a leading local manufacturer in Pakistan’s consumer technology sector. He added that the company remains focused on innovation, quality, customer trust, and delivering sustainable long-term value to shareholders. IPO Oversubscribed More Than Three Times Arif Habib Limited CEO Shahid Ali Habib said the IPO received an overwhelmingly positive response from both institutional and retail investors. According to him, the offering was 3.23 times oversubscribed and attracted participation from approximately 13,000 investors, highlighting growing confidence in Pakistan’s capital markets and Select Technologies’ future growth potential. Milestone for Pakistan’s Technology Sector The successful completion of Select Technologies Limited’s IPO represents a significant milestone for Pakistan’s technology and manufacturing industries. By raising PKR 3.02 billion and securing strong investor participation, the company is well-positioned to expand its manufacturing operations, invest in innovation, and strengthen its role in Pakistan’s growing consumer technology market.

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