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Saad Edhi Among 430 Volunteers Released After Gaza Aid Mission Detention
Pakistan

Saad Edhi Among 430 Volunteers Released After Gaza Aid Mission Detention

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Pakistani humanitarian activist Saad Edhi and 430 international volunteers associated with the Global Sumud Flotilla have been released after being detained by Israeli forces during a humanitarian mission aimed at delivering aid to Gaza. According to reports, Saad Edhi and other volunteers were transferred to Türkiye following their release from Israeli custody. The humanitarian workers were reportedly deported by Israeli authorities after their detention at sea. Ishaq Dar Confirms Saad Edhi’s Release Deputy Prime Minister Ishaq Dar confirmed that Saad Edhi had been released after what he described as illegal detention by Israeli occupation forces. In a statement shared on X, Ishaq Dar said the Pakistani government made concerted diplomatic efforts to secure the release of the humanitarian workers. He added that Saad Edhi and the other detained volunteers safely arrived in Istanbul after being released from custody. Global Sumud Flotilla Was Carrying Aid to Gaza The 430 volunteers, including Saad Edhi, were travelling aboard the Global Sumud Flotilla to deliver humanitarian assistance to civilians in Gaza. The mission aimed to transport relief supplies to Palestinians affected by the ongoing humanitarian crisis in the besieged territory. According to organisers, the aid convoy departed from Marmaris in Türkiye on May 14, 2026. More than 500 humanitarian workers and volunteers from different countries participated in the mission. Saad Edhi was representing the Edhi Foundation during the international humanitarian campaign. Activists Claim Israeli Forces Used Force Human rights organisation Adalah stated that Israeli authorities detained the humanitarian workers before deporting them. Moments before his detention, Saad Edhi reportedly released an emergency video statement from the vessel. The footage allegedly showed Israeli forces carrying out operations against the aid mission at sea. The Edhi Foundation and international volunteers described the flotilla as a peaceful humanitarian effort aimed at helping Palestinian civilians. Activists claimed Israeli forces used force to intercept the convoy and detain the aid workers despite the non military nature of the mission. Humanitarian Concerns Over Gaza Continue The interception of the Global Sumud Flotilla comes amid growing international concern over the humanitarian situation in Gaza. Aid organisations have repeatedly called for unrestricted humanitarian access to civilians facing shortages of food, medicine, fuel, and medical supplies. Human rights groups and international activists continue to demand safe humanitarian corridors for relief missions heading toward Gaza. The release of Saad Edhi and other volunteers has drawn widespread attention in Pakistan and among humanitarian organisations globally.

QR Code Electricity Bill Scam Alert Issued by Power Division
Pakistan

QR Code Electricity Bill Scam Alert Issued by Power Division

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The Ministry of Energy’s Power Division has issued a nationwide warning about a growing QR code electricity bill scam targeting electricity consumers across Pakistan. Officials said cybercriminals are attempting to misuse the newly introduced QR code verification system by creating fake subsidy registration links and stealing personal information from users. According to the Power Division, hackers and fraudsters are misleading consumers by pretending to offer government subsidy registration services. Authorities warned that several fraudulent campaigns are circulating online and through unofficial platforms to trap people into sharing sensitive data. Power Division Warns Consumers About Fraud A spokesperson for the Power Division said malicious actors are exploiting public awareness regarding the new QR code registration system introduced for electricity bill subsidies. These individuals reportedly ask consumers to click on suspicious links and complete a fake verification process. Officials explained that consumers are guided through a four step procedure in which they are asked to enter personal details. After providing information, users are allegedly instructed to submit a six digit verification code on the same fraudulent platform. The spokesperson strongly warned consumers against entering any information on unofficial websites, social media links, or paper based forms claiming to offer subsidy registration services. Authorities clarified that all legitimate verification procedures are connected only to the official QR code printed directly on electricity bills issued by distribution companies. Personal Information at Risk The Power Division emphasized that the QR code electricity bill scam is designed to steal personal and financial information from citizens. Cybercriminals may misuse the stolen data for illegal activities, including identity theft and financial fraud. Officials urged consumers to remain cautious and avoid sharing details such as CNIC numbers, mobile phone numbers, bank information, passwords, or verification codes with unknown individuals or websites. The spokesperson stated that law enforcement agencies have already been informed about the fraudulent activities. Authorities are reportedly working to identify those involved in the scam and prevent further exploitation of electricity consumers. Consumers were also advised not to trust calls, text messages, WhatsApp messages, or social media advertisements claiming to provide fast track subsidy registration services. New QR Code Verification System Explained The federal government recently introduced a new QR code verification mechanism for subsidised electricity users. Under the updated system, consumers receiving government electricity subsidies must complete registration through the QR code printed on their monthly electricity bills. According to officials, consumers need to scan the QR code and complete the registration process through the official online portal linked to the bill. The government says the initiative aims to improve transparency and ensure that electricity subsidies reach deserving households, especially low income and protected consumers. Officials clarified that the registration process should not be misunderstood as an attempt to end electricity subsidies. Subsidies for Protected Consumers Will Continue The Power Division reassured the public that subsidies for low electricity consuming households are not being removed. Instead, the registration system has been introduced to improve targeting and prevent misuse of government relief programs. “This registration process is only intended to ensure that relief reaches poor and low electricity consuming households,” the spokesperson said. Officials further stated that the system would help authorities identify genuine beneficiaries and improve accountability in the distribution of subsidies. The clarification came after concerns spread on social media suggesting that the government planned to discontinue subsidies for protected consumers. Consumers Asked to Use Only Official Channels The Power Division advised consumers to use only official channels linked directly to their electricity bills for QR code registration. Citizens were urged to avoid clicking on unknown links or scanning QR codes shared through social media platforms, emails, or messaging applications. Officials said awareness among consumers is essential to prevent online fraud and protect sensitive personal information. The ministry also encouraged consumers to report suspicious messages and fraudulent subsidy offers to relevant authorities immediately.

Pakistan to Build Strategic Oil Buffers with Gulf Partners at Gwadar
Pakistan

Pakistan to Build Strategic Oil Buffers with Gulf Partners at Gwadar

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Pakistan is moving forward with plans to establish strategic oil reserves in an upcoming Energy City at Gwadar Port. This initiative aims to enhance national energy security by inviting oil-producing nations to build crude oil buffers. Read More: https://theboardroompk.com/ecc-membership-expanded-as-pm-shehbaz-includes-khalid-maqbool-siddiqui/ Strategic Partnerships with Gulf Nations The government is actively engaging countries like Kuwait and Saudi Arabia for investment in these reserves. Kuwait has already shown strong interest in the project.Energy Security in Emergencies In case of crises such as war or supply disruptions, Pakistan will have priority access to these stored reserves. This setup will provide a reliable backup for domestic needs. The plan marks a shift from an earlier stalled oil city concept at Gwadar. Officials are now focusing on a broader Energy City that will include LNG and LPG terminals alongside oil storage facilities. A high-level committee is identifying suitable sites in Balochistan for new ports and the Energy City location. This comprehensive approach aims to boost Pakistan’s role as a regional energy hub. Federal Minister for Maritime Affairs Muhammad Junaid Anwar Chaudhry recently invited the Kuwaiti Ambassador to explore investment opportunities. Discussions covered fuel storage, bonded terminals, and port infrastructure projects.The minister highlighted Pakistan’s potential in logistics and energy transit. He proposed rental-based bonded storage facilities to support regional trade flows. Reviving Saudi Interest Pakistan is also hopeful about renewed engagement with Saudi Arabia following a recent defence pact. Earlier plans for a Saudi oil refinery at Gwadar had slowed down. The Pakistan Maritime Energy City (PMEC) initiative will cater to both domestic and international storage needs. It forms part of the government’s long-term “Hundred Years Vision 2047-2147”. A 12-member multi-agency committee is working on site selection for new deep-sea ports. This will strengthen maritime infrastructure along the coastline. Experts believe these reserves will reduce vulnerability to global oil supply shocks. The project could attract significant foreign investment and create jobs in Balochistan. Pakistan has already demonstrated its capability in handling transshipment cargo amid regional tensions. Officials aim to leverage this momentum for energy logistics. The government is consulting provincial stakeholders before finalizing plans. This inclusive approach seeks to ensure smooth implementation of the Energy City project.

Pakistan's FX Reserves Surge to $22.6 Billion on IMF and Panda Bond Inflows
Pakistan

Pakistan’s FX Reserves Surge to $22.6 Billion on IMF and Panda Bond Inflows

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Pakistan’s foreign exchange reserves recorded a strong recovery in mid-May 2026, with total liquid reserves reaching $22.6 billion, reflecting a notable improvement in the country’s external financial position. Read More: https://theboardroompk.com/ecc-membership-expanded-as-pm-shehbaz-includes-khalid-maqbool-siddiqui/ According to the State Bank of Pakistan, the central bank’s reserves increased by $1.214 billion during the week ended May 15, taking total SBP reserves to $17.081 billion. The increase was primarily supported by disbursements received from the International Monetary Fund under the Extended Fund Facility and Resilience and Sustainability Facility. The reserves were also strengthened by proceeds from Pakistan’s inaugural Panda Bond issued in the Chinese market. Meanwhile, commercial banks held approximately $5.5 billion in reserves, contributing to the country’s total liquid reserves of $22.6 billion. The improvement in reserves is expected to reduce immediate pressure on Pakistan’s external account and provide greater flexibility in managing import payments and external debt obligations over the coming months. Analysts believe the development sends a positive signal regarding foreign exchange market stability, although dependence on external financing and borrowings remains a concern due to ongoing debt servicing requirements. The Pakistani rupee also showed relative stability in the interbank market, gaining slightly to close at Rs278.55 against the US dollar. Analysts say stronger reserve buffers could improve investor confidence and support future negotiations with international lenders and financial institutions. Market experts noted that fluctuations in global commodity prices are likely to continue influencing reserve movements in the coming months. Despite weakness in international markets, gold prices in Pakistan rose sharply due to domestic market adjustments. Higher reserves have also improved Pakistan’s import cover ratio, a key indicator for sustaining economic activity in an import-dependent economy. Experts emphasized that while multilateral inflows have provided short-term relief, long-term foreign exchange stability will depend on sustained growth in exports and remittances.

ECC Membership Expanded as PM Shehbaz Includes Khalid Maqbool Siddiqui
Pakistan

ECC Membership Expanded as PM Shehbaz Includes Khalid Maqbool Siddiqui

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Prime Minister Shehbaz Sharif on Thursday approved an increase in ECC membership by including Federal Minister for Education Khalid Maqbool Siddiqui in the Cabinet’s Economic Coordination Committee. The move comes as the government continues efforts to strengthen economic decision making and coordination at the federal level. According to an official statement, the prime minister expressed confidence that Khalid Maqbool Siddiqui would actively participate in the committee’s work and contribute toward national development and economic progress. “I am hopeful that Khalid Maqbool Siddiqui will play an active role as a member of the ECC and will make his full contribution toward the development of the country and the nation,” the prime minister said. ECC Holds Key Role in Economic Decisions The Economic Coordination Committee remains one of the most influential cabinet bodies in Pakistan. The committee handles major economic and financial matters and reviews urgent policy decisions before they receive formal approval from the federal cabinet. The ECC membership includes senior federal ministers and top government officials linked to finance, trade, energy, planning, and economic affairs. The committee works as a fast track platform for addressing pressing economic challenges facing the country. Officials say the body plays a central role in decisions related to subsidies, import policies, energy pricing, financial approvals, and economic reforms. Finance Minister Usually Chairs ECC Meetings The committee operates under the federal cabinet and is generally chaired by the Finance Minister. However, Prime Minister Shehbaz Sharif may chair meetings when necessary, especially during periods of major economic importance or policy discussions. The addition of Khalid Maqbool Siddiqui is being viewed as an effort to broaden representation within the committee and strengthen coordination between different ministries. Government officials believe expanding ECC membership can improve policy consultation and help ministries work more closely on economic priorities linked to education, development, and public welfare. Government Focuses on Economic Stability The development comes at a time when Pakistan continues to face economic challenges linked to inflation, fiscal reforms, and global financial uncertainty. The government has recently increased efforts to stabilise the economy through policy reforms and coordination with international financial institutions. Analysts say decisions taken by the ECC directly influence economic management and investor confidence. The committee’s role has become increasingly important as Pakistan works on fiscal planning, development projects, and economic recovery measures. The latest inclusion in the ECC membership reflects the government’s attempt to strengthen institutional participation in economic governance and decision making.

Punjab Government Tightens Airport Safety Under Section 144
Pakistan

Punjab Government Tightens Airport Safety Under Section 144

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The Punjab home department has imposed Section 144 within a 13 kilometer radius around Pakistan Air Force bases and commercial airports across the province for a period of 30 days. The restrictions were introduced to improve aviation safety and prevent activities that could endanger aircraft operations and passenger security. According to the official notification, authorities have banned pigeon flying, the use of laser lights, and the throwing of meat or waste materials near airport areas. Officials warned that such activities attract birds and create debris hazards that can interfere with aircraft movement and flight safety. The order was issued under Section 144 subsection 6 of the Criminal Procedure Code. Authorities said the measures are necessary to protect human lives, public property, and aviation operations throughout Punjab. Restrictions Introduced for Flight Safety Officials stated that bird activity near airports remains a major concern for aviation authorities because bird strikes can damage aircraft engines and create dangerous situations during take off and landing. The use of laser lights has also been prohibited because laser beams can distract pilots and affect visibility during critical stages of flight operations. Authorities further warned against dumping meat, garbage, or other waste near airports because such waste attracts birds and stray animals toward runways and airport surroundings. Special cleanliness arrangements will now be implemented around airports to reduce safety risks. Law enforcement agencies have been directed to strictly enforce the restrictions during the 30 day period. Authorities Increase Monitoring Around Airports Officials said airport security and local administration teams will monitor airport surroundings closely to ensure compliance with the newly imposed restrictions. The government believes stronger monitoring and preventive measures are essential to maintaining safe aviation operations, especially around busy commercial airports and sensitive military installations. The decision also reflects growing concerns over incidents involving animals and birds near airport runways in different parts of the country. Dog Incident at Karachi Airport Raised Safety Concerns The latest safety measures come shortly after a dog was spotted on the runway at Jinnah International Airport moments before the departure of a domestic flight. According to sources, the captain of an Airblue flight informed air traffic control after noticing the animal on the runway before take off. The Karachi to Islamabad flight PA 208 had already reached the take off point and was waiting for final clearance on Monday night when the incident occurred. Sources said air traffic control had initially cleared the aircraft for departure. However, safety procedures were activated immediately after the animal was reported near the runway. A spokesperson for the Pakistan Airports Authority confirmed that airport officials handled the situation according to aviation safety protocols. The runway was secured and the flight later departed safely for Islamabad. Aviation Safety Remains Priority Aviation experts say strict monitoring around airports is necessary because even small disruptions can create serious safety risks during aircraft operations. Bird strikes, laser interference, and animal intrusions remain common aviation concerns globally. Authorities in Pakistan are now increasing preventive measures to reduce such incidents and improve operational safety standards at airports. Officials added that public cooperation will play an important role in ensuring the success of the restrictions imposed under Section 144.

Pakistan Agrees to IMF Primary Surplus Target for FY2027 28
Pakistan

Pakistan Agrees to IMF Primary Surplus Target for FY2027 28

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Pakistan has reaffirmed its commitment to economic reforms after the IMF mission concluded talks in Islamabad with a pledge to achieve an IMF primary surplus target of 2% of gross domestic product in fiscal year 2027 28. The discussions focused on fiscal discipline, monetary policy, structural reforms, and the broader economic outlook amid regional and global challenges. The International Monetary Fund mission completed its visit on Wednesday after holding detailed discussions with officials from the finance ministry and other economic institutions. The talks mainly reviewed Pakistan’s economic progress, reform implementation, and fiscal plans for the upcoming financial year. The IMF delegation was led by advisor Iva Petrova. The mission remained in Islamabad from May 13 to May 20. Officials discussed the economic impact of the ongoing conflict in the Middle East and its effect on energy prices and market stability. Pakistan Commits to Fiscal Discipline According to the IMF statement, Pakistani authorities agreed to maintain strict fiscal discipline by targeting a primary surplus of 2 percent of GDP in FY2027 28. The lender described the discussions as constructive and appreciated the government’s continued commitment to economic reforms. The IMF primary surplus target reflects the government’s attempt to strengthen public finances and improve investor confidence. A primary surplus means the government plans to collect more revenue than its non interest spending. Officials believe this target will help reduce economic vulnerabilities and improve Pakistan’s financial position under the ongoing IMF programme. Earlier this month, the IMF approved fresh funding of nearly 1.32 billion dollars for Pakistan. The country remains under a 7 billion dollar IMF support programme designed to stabilise the economy and support reforms. State Bank Maintains Tight Monetary Policy The IMF also highlighted the role of the State Bank of Pakistan in controlling inflation and stabilising the economy. According to the statement, the central bank has committed to maintaining an appropriately tight monetary policy stance. The IMF said the SBP will closely monitor inflation risks, especially after the increase in global energy prices. Officials fear that rising fuel and commodity prices could create second round inflationary effects in the local economy. The lender stressed that exchange rate flexibility should continue to absorb external shocks. It also encouraged Pakistan to deepen its foreign exchange interbank market to improve financial stability and investor confidence. Economic experts believe stable exchange rate management and controlled inflation remain critical for Pakistan as the country continues to recover from previous financial pressures. Structural Reforms Remain Key Focus During the visit, both sides also reviewed progress on structural reforms under the IMF supported programmes. The discussions included reforms in the energy sector, state owned enterprises, product markets, and the financial sector. The IMF said these reforms are necessary to support long term growth and attract quality private investment into Pakistan. Energy sector reforms remained a major point of discussion. Pakistan continues to face circular debt issues and pressure from rising subsidy costs. Officials also reviewed progress on power subsidy reforms under the Resilience and Sustainability Facility programme. The IMF further discussed climate related financial planning with Pakistani authorities. The talks included plans to adopt a disaster risk financing framework and integrate climate considerations into budget and investment decisions. These reforms aim to strengthen Pakistan’s economic resilience against climate related disasters and financial shocks. IMF Sees Significant Progress in Pakistan Economy Last week, the IMF stated that Pakistan had made significant progress under the reform programme supported by the Extended Fund Facility and the Resilience and Sustainability Facility. The lender said Pakistan’s policy implementation helped preserve macroeconomic stability despite challenges created by global uncertainty and the Middle East conflict. According to the IMF, fiscal performance remained strong and Pakistan is expected to achieve a primary surplus of 1.6 percent of GDP during FY2026 in line with programme targets. The report noted that inflation increased due to higher global commodity prices and rising domestic energy costs. However, the IMF acknowledged that overall economic indicators showed improvement. Pakistan’s growth momentum improved during the first half of the current fiscal year. The current account also remained broadly balanced while foreign exchange reserves increased beyond earlier expectations. The IMF said Pakistan’s reserves reached nearly 16 billion dollars by the end of December compared to 14.5 billion dollars earlier in the year. Total disbursements under both IMF programmes now stand at around 4.8 billion dollars. Budget Talks to Continue The IMF confirmed that discussions on Pakistan’s FY2027 budget will continue in the coming days. Another IMF mission is expected during the second half of 2026 for the Article IV consultation and further reviews under the Extended Fund Facility and the Resilience and Sustainability Facility. Officials hope continued cooperation with the IMF will help Pakistan maintain economic stability, strengthen financial discipline, and attract international investment in the coming years.

Pakistan’s Hajj Flight Operation Enters Final Phase with 96% Pilgrims Already in Saudi Arabia
Pakistan

Pakistan’s Hajj Flight Operation Enters Final Phase with 96% Pilgrims Already in Saudi Arabia

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The Hajj flight operation under Pakistan’s Government Scheme has entered its final phase, with 96 percent of pilgrims already transported to the Holy Land. According to the Ministry of Religious Affairs, 114,078 Pakistani pilgrims have reached Saudi Arabia through the ‘Route to Makkah’ initiative and regular scheduled flights. Read More: https://theboardroompk.com/10th-ipo-of-the-year-sitara-petroleum-service-limited-listed-on-the-pakistan-stock-exchange/ Final Flights and Transit Completion The remaining four percent, comprising 4,756 pilgrims, will arrive via 10 additional flights, with the entire operation expected to conclude late Thursday night. All pilgrims who had been in Madinah Munawwarah have now been successfully transferred to Makkah Mukarramah, bringing the total number of pilgrims currently in Makkah to 114,078. Comprehensive Pilgrim Support on Ground A dedicated team of 1,520 official welfare officers and staff, supported by 947 local assistants, is working round-the-clock to facilitate the pilgrims. Authorities have deployed 490 buses in Makkah for smooth internal transit. So far, 23,823 pilgrims have been guided to the Grand Mosque (Haram Sharif), while 42,858 have visited Riaz-ul-Jannah in Madinah. The Pakistan Hajj Mission is providing extensive healthcare services, with 86,924 patients already treated at mission clinics and dispensaries in Makkah and Madinah. The grievance redressal cell has resolved 1,629 out of 2,118 complaints related to accommodation, catering, and transport. Additionally, 6,820 out of 6,845 reported lost baggage items and wheelchairs have been recovered and returned to owners. Umar Butt, Spokesperson for the Ministry of Religious Affairs, highlighted the commitment of the mission staff in ensuring a smooth and comfortable Hajj experience for all Pakistani pilgrims. The successful near-completion of the airlift reflects efficient coordination between Pakistani and Saudi authorities. This year’s operation demonstrates improved planning and execution compared to previous years. Pilgrims have appreciated the streamlined ‘Route to Makkah’ process, which reduces procedural delays upon arrival in Saudi Arabia. As the final flights land tonight, focus will shift entirely towards on-ground services and preparation for the main Hajj rituals.

10th IPO of the year: Sitara Petroleum Service Limited listed on the Pakistan Stock Exchange
Pakistan

10th IPO of the year: Sitara Petroleum Service Limited listed on the Pakistan Stock Exchange

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Karachi, May 21, 2026: In a landmark achievement for Pakistan’s energy and petroleum sector, Sitara Petroleum Service Limited has successfully completed its Initial Public Offering (IPO), receiving an overwhelming response from investors during both the book building and public subscription phases. The IPO witnessed the highest ever participation in Pakistan’s IPO history with approximately 25,000 applications received across the Book Building and Retail segments. The transaction raised PKR 4.8 billion, making it one of the largest private sector IPO in Pakistan’s history. The Book Building portion, comprising 126,000,000 ordinary shares, was fully subscribed within just 8 minutes and was oversubscribed by 7 times, while the Retail portion comprising 42,000,000 ordinary shares was oversubscribed by 3.4 times with approximately 24,000 applications received from investors nationwide. This overwhelming response highlights the growing strength, depth, and investor participation in Pakistan’s equity capital market. The overall transaction comprised a total offering of 279,914,000 ordinary shares through Pre-IPO and IPO, representing 16.66% of the company’s post-IPO paid-up capital. The Pre-IPO component consisted of 111,914,000 ordinary shares representing 6.66% of the post-IPO paid-up capital and successfully raised PKR 1.66 billion at PKR 14.85 per share. The IPO component consisted of 168,000,000 ordinary shares representing 10.00% of the post-IPO paid-up capital. The floor price for the IPO was set at PKR 13.50 per share. Following strong investor participation during the Book Building process, the strike price was successfully discovered at PKR 18.90 per share hitting the upper price band. Consequently, the IPO transaction size stood at PKR 3.17 billion at the strike price, compared to PKR 2.27 billion at the floor price. The offering attracted participation from a broad spectrum of investors, including institutional investors, corporate entities, high-net-worth individuals, and retail investors, demonstrating widespread confidence in the company’s future outlook. Arif Habib Limited and Integrated Equities Limited acted as the Joint Lead Managers to the Issue and played a pivotal role in successfully executing the IPO process. At the listing ceremony, Mr. Farrukh H. Sabzwari, Managing Director & CEO of PSX stated: “It is very heartening to see that despite global challenges, Pakistan’s capital markets have remained resilient and the IPO momentum continues. This success is a testament to the tireless efforts of the regulators, particularly SECP, in streamlining the IPO process, and to the collaboration of institutions such as CDC and NCCPL. The investor community has shown remarkable confidence, with approximately 25,000 applications and serious institutional capital participating in this landmark transaction. Retail investor numbers have now reached 545,000, driven by education & awareness initiatives targeting Gen Z and millennials, which is a very encouraging trend for the future of our markets. As I emphasized at the recent IPO Roundtable in Gujranwala, it takes years of hard work, unwavering commitment, and flawless execution to bring a company to the point where it is ready to list on a national exchange — and Sitara Petroleum Service Limited is a shining example of exactly that journey. I congratulate the company, its sponsors, and all stakeholders on this momentous achievement, and look forward to even larger transactions in the future.” Commenting on this milestone achievement, Mr. Zaheer Baig, Chief Executive Officer of Sitara Petroleum Service Limited stated: “Today marks a proud and historic milestone for Sitara Petroleum Service Limited as we formally join the Pakistan Stock Exchange family. The successful completion of our IPO reflects the confidence of investors in our business model, our growth strategy, and our long-term commitment to Pakistan’s energy and logistics sector. This listing is not just a capital market transaction; it is the beginning of a new phase of institutional growth, transparency, and value creation for all stakeholders. The proceeds from the IPO will help us accelerate our expansion plans, strengthen our retail fuel station network, enhance logistics and fleet operations, and further improve service delivery across the country. We are grateful to our investors, regulators, advisors, the Pakistan Stock Exchange, Arif Habib Limited, Integrated Equities Limited and all partners who supported us throughout this journey. We also thank our employees, customers, dealers, and business partners whose trust and dedication have enabled Sitara Petroleum to reach this important stage. As a listed company, we remain fully committed to strong governance, sustainable growth, and delivering long-term value to our shareholders while contributing positively to Pakistan’s economy.” Mr. Shahid Ali Habib, Chief Executive Officer of Arif Habib Limited, commented on the successful IPO, stating: We are proud to have successfully concluded the IPO of Sitara Petroleum Service Limited, which has emerged as one of the most successful and widely participated IPOs in Pakistan’s capital market. The IPO set several important milestones, including one of the highest ever participation in Pakistan’s IPO history with approximately 25,000 applications, raising approximately PKR 4.8 billion as the third largest private sector IPO in Pakistan, and achieving full subscription of the Book Building portion within just 8 minutes with an oversubscription of 7 times. The Retail portion also witnessed an overwhelming response with 3.4 times oversubscription and approximately 24,000 applications received from investors nationwide. The exceptional participation from institutional and retail investors reflects growing investor confidence in Pakistan’s equity markets and Sitara Petroleum Service Limited’s long-term growth potential. We thank all investors and stakeholders for their trust and confidence in this landmark transaction.

Mobilink Bank Partners with Legal Aid Society to Advance Women’s Inheritance Rights and Climate Resilience in Pakistan
Pakistan

Mobilink Bank Partners with Legal Aid Society to Advance Women’s Inheritance Rights and Climate Resilience in Pakistan

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Karachi, May 21, 2025: Pakistan’s leading digital microfinance bank, Mobilink Bank, has partnered with Legal Aid Society under its Corporate Social Responsibility (CSR) initiatives to help women secure their inheritance rights through legal assistance, community outreach, and awareness-building efforts. The initiative builds on Mobilink Bank’s flagship inheritance rights campaign, The Invisible Heirs, which aims to raise awareness around the systemic challenges women face, and help them know & claim their rightful inheritance. Through this strategic collaboration, Mobilink Bank will financially support legal cases for women, including climate-affected inheritance disputes resulting from displacement, loss of documentation, and disaster-related exclusion, alongside non-climate cases involving denial or coerced relinquishment of inheritance rights. The initiative will provide case assessment, legal documentation support, court representation, and follow-up assistance until resolution. Commenting on the initiative, Haaris Mahmood Chaudhary, President and CEO of Mobilink Bank⁠ said: “True financial empowerment requires a holistic ecosystem that goes beyond access to banking. It begins with ensuring women have access to their rightful assets, opportunities, and financial agency. Through our partnership with Legal Aid Society, we aim to help women secure what is rightfully theirs and support their journey towards greater economic resilience and long-term empowerment.” Barrister Haya Emaan Zahid, CEO of Legal Aid Society, stated, “Access to justice is inseparable from economic empowerment. For many women, inheritance is not merely a legal entitlement; it is a pathway to dignity, security, and independence. We are grateful to Mobilink Bank for supporting this important initiative and helping expand access to justice for women who are often excluded from both legal and financial systems.” Mobilink Bank’s commitment to inheritance rights also extends to digital empowerment through innovative financial tools. As part of its inheritance campaign, The Bank introduced Pakistan’s first in-app inheritance calculator on its Dost App, enabling users, particularly women, to better understand and estimate their rightful inheritance shares through a simple, transparent, and Shariah-compliant process. By combining technology-driven financial awareness with legal aid and community engagement, Mobilink Bank is working to address systemic barriers that prevent women from accessing their lawful economic rights and achieving long-term financial resilience. Legal Aid Society also brings over a decade of experience in advancing access to justice, particularly for women and underserved communities across Pakistan. The organisation has reached more than 87 million people through legal awareness initiatives, responded to over 550,000 legal queries, and represented more than 3,000 cases. Through a model that combines legal representation, community literacy, mediation, and policy advocacy, LAS continues to work towards making justice more accessible, inclusive, and impactful for all.As part of the initiative, awareness and legal literacy sessions will also be conducted to educate communities about women’s inheritance rights, access to justice, and the importance of financial empowerment. The collaboration further strengthens Mobilink Bank’s broader social impact agenda and reinforces its commitment to building a more inclusive and resilient Pakistan where women have equitable access to rights, resources, and opportunities.

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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