Pakistan

KARACHI, Dec 18 — The Pakistan Stock Exchange (PSX) extended its record-breaking rally on Wednesday, nearing 172,000 milestone, with the benchmark KSE-100 Index closing at a new all-time high of 171,961 points after gaining 1,646 points, or 0.97%.The bullish momentum remained robust throughout the session, fueled primarily by better-than-expected current account figures for November, which boosted investor sentiment and triggered fresh buying across major sectors.Fertilizer, banking, and cement stocks led the advance, collectively contributing over 1,500 points to the index. Key performers included ENGRO Holdings, Fauji Fertilizer Company (FFC), United Bank Limited (UBL), Lucky Cement (LUCK), and Bank AL Habib (BAHL).Market participation stayed healthy, with total traded volume reaching 947.7 million shares and turnover hitting Rs 54 billion. TPL REIT Fund I (TPLRF1) topped the volume charts with around 75.8 million shares changing hands.Corporate developments added to the positive vibe. Maple Leaf Cement Factory (MLCF) announced a public offer to acquire an additional 11.72% stake in Pioneer Cement at Rs 478.43 per share, complementing an earlier share purchase agreement for 58.03%, taking its intended total holding to 69.75%.In another notable deal, the Nishat Group signed an SPA to acquire up to 75.69% of Rafhan Maize Products Limited (RMPL), a leading maize-based food processor with annual sales of approximately Rs 75 billion. DG Khan Cement (DGKC) is set to secure a significant 32.71% stake as part of the transaction, underscoring rising M&A activity in the market.Analysts noted that sustained foreign inflows and improving macroeconomic indicators continue to support the bullish trend.Outlook: The index may push toward further highs in Thursday’s session, the last of the week. However, a decisive weekly close above the psychological 170,000 level will be crucial to confirm the uptrend and maintain investor confidence.

Maple Leaf Cement Factory Limited (PSX: MLCF) is moving decisively to strengthen its position in Pakistan’s cement sector, as it prepares to acquire majority control of Pioneer Cement Limited. Following a newly announced public offer, Maple Leaf Cement’s total shareholding in Pioneer Cement is expected to exceed 69%, marking a major consolidation move within the industry. Public Offer to Acquire Additional Shares Pioneer Cement has formally notified the Pakistan Stock Exchange (PSX) that it received a Public Announcement of Public Offer from Next Capital Limited, which is acting as the Manager to the Offer on behalf of Maple Leaf Cement. Under this public offer, Maple Leaf Cement intends to acquire up to 26.62 million ordinary shares, representing 11.72% of Pioneer Cement’s issued and paid-up share capital. The offer price has been set at Rs 478.43 per share, in line with regulatory requirements. Prior Share Purchase Agreement Already Secured This public offer comes in addition to a previously executed Share Purchase Agreement (SPA) signed on December 17, 2025. Under that agreement, Maple Leaf Cement has already agreed to acquire 131.82 million shares, which accounts for 58.03% of Pioneer Cement’s share capital, at the same price of Rs 478.43 per share. Aggregate Shareholding to Cross 69% Once both transactions are completed, Maple Leaf Cement’s aggregate ownership in Pioneer Cement will rise beyond 69%, effectively transferring management control of Pioneer Cement to Maple Leaf Cement. This level of ownership firmly establishes Maple Leaf as the controlling shareholder. Breakdown of the Acquisition • Through Share Purchase Agreement(s):Maple Leaf Cement is acquiring 131,820,554 shares, representing 58.03% of Pioneer Cement’s total share capital, at a price of Rs 478.43 per share.• Through Public Offer:The company is seeking to acquire 26,623,096 additional shares, equivalent to 11.72% of the issued share capital, also at Rs 478.43 per share. Regulatory Compliance and Market Transparency The acquisition process follows Maple Leaf Cement’s Public Announcement of Intention dated November 13, 2025, and is being conducted strictly in accordance with the Securities Act, 2015 and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017. This structured approach ensures regulatory compliance, transparency, and protection of minority shareholders. Strategic Impact on Pakistan’s Cement Sector Industry analysts view this acquisition as a strategic consolidation move aimed at enhancing operational efficiencies, expanding production capacity, and strengthening market positioning amid evolving demand dynamics in Pakistan’s construction and infrastructure sectors. With Maple Leaf Cement already among the leading players in the industry, gaining control of Pioneer Cement could unlock synergies in production, distribution, and cost optimization, potentially reshaping competitive dynamics within the cement market. Maple Leaf Cement’s acquisition of a controlling stake in Pioneer Cement marks one of the most significant corporate developments in Pakistan’s cement industry in 2025. As the transaction progresses toward completion, market participants will closely monitor its impact on valuations, sector consolidation, and future investment trends.

Islamabad: The government has initiated high-level discussions to formulate a credible strategy for permanently exiting International Monetary Fund (IMF) programmes after the current $7 billion Extended Fund Facility concludes in September 2027. Sources told The Express Tribune that a recent meeting assessed Pakistan’s ability to sustain its economy without IMF support. The Planning Commission warned that without urgent reforms—building foreign exchange reserves and developing complete industrial value chains—the country risks entering another bailout programme. Planning Minister Ahsan Iqbal emphasised that achieving $63 billion in exports by 2029 is essential to make the current programme Pakistan’s last. Failure to reach this target would create persistent external sector gaps. The Commission’s assessment projects temporary widening of the current account deficit to below 2% of GDP (over $10 billion annually) as the economy shifts from stabilisation to growth. Additional financing needs are estimated at $4 billion in 2027-28, $5.5 billion in 2028-29, and $3 billion in 2029-30. Cumulative gross financing requirements could exceed $12 billion from 2028-31. These gaps can be bridged through $4 billion higher exports, $4 billion additional remittances, $3 billion new foreign direct investment, and agriculture import substitution, the assessment states. Converting $14 billion in short-term bilateral loans into long-term financing is also proposed to reduce external pressures. The Commission outlined a three-phase reform plan: fiscal, energy, governance and export-aligned reforms until 2027; accelerated industrialisation and investment attraction from 2029-32; and a shift toward high-quality, technology-driven growth thereafter. Prime Minister Shehbaz Sharif has directed the Commission to develop a results-oriented strategy under the Uraan Pakistan 10-year plan to sustain growth above 6%, control inflation, and build external buffers. However, critics question the practicality of ambitious targets, including a $1 trillion economy by 2035, amid declining investment, rising unemployment, and regional disparities.

Magnum, the Netherlands–based global manufacturer of frozen desserts and ice cream, has begun operations in Pakistan as an independent company. The company has expressed its intention to invest in expanding manufacturing capacity, strengthening cold-chain infrastructure, and enhancing digital capabilities in the near future. Read More: https://theboardroompk.com/worlds-largest-standalone-ice-cream-business-magnum-ice-cream-valued-at-9-1-billion-in-amsterdam-listing/ The establishment of Magnum Ice Cream Company Pakistan Limited (Magnum Pakistan) took place earlier this year following the global separation of the ice cream business from the Unilever Group. Although the ice cream division has been serving Pakistani consumers for the past three decades, the separation from Unilever Pakistan will now allow greater focus and dedicated attention to this sector.Magnum Ice Cream Company Pakistan plans to invest in expanding manufacturing capacity, reinforcing cold-chain infrastructure, and developing digital capabilities. These investments in Pakistan are expected to create more employment opportunities in the coming years and further strengthen the company’s commitment to economic growth and sustainability.Magnum Pakistan’s Country General Manager, Kayhan Zenginoglu, said: “This moment is a milestone for Magnum Pakistan. We are here to lead the frozen desserts and ice cream sector through bold innovation, global standards, and a deep understanding of consumers.” The company currently produces millions of liters of ice cream annually and expects an increase in production in the coming months. Building on this strong foundation, Magnum Pakistan has developed comprehensive plans to accelerate growth by expanding its presence in the premium products market and enhancing consumer experiences.

ISLAMABAD, Dec 17: The Competition Commission of Pakistan (CCP) has received requests from major private school systems seeking additional time to submit their replies to the show-cause notices.The proceedings relate to alleged violations of Section 4 of the Competition Act, 2010 concerning abuse of dominant position, requiring parents to purchase branded uniforms, stationery, and other mandatory supplies exclusively from designated vendors.After considering these requests, and to ensure due process and a fair, transparent opportunity of hearing for all parties, the Commission has granted an extension of time until 30 December 2025 for submission of responses. Some school systems have already submitted their written replies.The school systems issued show-cause notices include Beaconhouse School System, The City School, Headstart, Lahore Grammar School (LGS), Froebel’s, Roots International, Roots Millennium, KIPS, Allied Schools, Super Nova, Dar-e-Arqam, STEP School, Westminster International, United Charter School, and The Smart School, among others.Upon receipt of replies, the CCP will fix hearings at which the concerned schools or their authorized counsel will be given an opportunity to present their case in accordance with the law.CCP Chairman Dr. Kabir Ahmed Sidhu reiterated that the education sector is a vital public interest sector with a direct impact on millions of households. He affirmed that the Commission remains committed to ensuring fair competition, safeguarding consumer welfare, and conducting proceedings in a transparent, impartial, and lawful manner.

KARACHI: December 17, 2025: Pakistani-origin fintech ABHI announced a partnership to introduce Zignaly’s first Real-World Asset (RWA) private credit offering in the UAE.This milestone enables global stablecoin investors to earn short-duration, asset-backed yield generated directly from ABHI’s SME receivables portfolio with minimum ticket sizes as low as $10, according to the press released issued by ABHI.The product creates a direct bridge between on-chain liquidity and real economic activity. Through this product, ABHI will finance short-term SME receivables using stablecoin capital sourced via Zignaly’s 650k+ users who will gain exposure to yield derived from the financing of real-world invoices and working capital requirements. This collaboration represents the first live execution of ZIGChain’s RWA vision: delivering real yield rooted in genuine business activity, accelerating institutional adoption of blockchain based credit infrastructure. By combining ABHI’s established SME-financing engine with Zignaly’s distribution layer and ZIGChain’s wealth generation infrastructure, the launch introduces a scalable new asset category for the crypto ecosystem and establishes the foundation for a broader portfolio of tokenized private credit solutions.“The future of finance will lie in tokenization, and we are starting now. Partnering with ZIGChain represents the next chapter in ABHI’s mission to democratize financial access across MENAP. With stablecoin-enabled debt financing, we are unlocking an entirely new liquidity pathway for businesses. This collaboration allows us to serve clients with even greater speed while ensuring sustainable, diversified capital sources. As the region embraces digital finance, ABHI is proud to stand at the forefront of innovation, building solutions that strengthen the financial resilience of both employers and their workforce.” – Omair Ansari, Co-Founder & CEO, ABHI Middle East Limited.“This is a milestone for the entire RWA ecosystem and a clear validation of the ZIGChain vision. By connecting proven originators like ABHI with global on-chain liquidity, we demonstrate how real-world assets can move transparently and compliantly. ZIGChain’s infrastructure now enables stable, institution-grade yield to reach investors worldwide, and private credit is only the beginning. This integration marks the start of a scalable pipeline for tokenized credit, private debt, and a full spectrum of real-world yield products.” – Abdul Rafay Gadit, Co-Founder, ZIGChain.

Karachi, December 17, 2025 — Fatima Fertilizer Company Limited and IFC, a member of the World Bank Group, announced a renewable liquidity facility of US$60 million per year to help maintain uninterrupted domestic fertilizer production by enabling Fatima Fertilizer to import essential raw materials, machinery, and technical services.Pakistan has faced shortages of foreign exchange and delays in clearing imports, which can disrupt access to key inputs and risk fertilizer shortages. The new Fatima Fertilizer facility addresses a critical market gap by providing hard currency liquidity when access to USD financing is limited. The new facility also enables the company to import essential materials and run at full capacity. By sustaining about 1.46 million tons of annual output of fertilizer and preserving more than 850 direct jobs at the company’s Sadiqabad complex, the facility will help maintain a steady fertilizer supply, support thousands of small businesses across the distribution network, and protect yields for staple crops like wheat and rice.“This partnership represents an important milestone not only for Fatima Fertilizer but also for Pakistan’s agriculture sector,” said CEO Fatima Fertilizer, Mr. Fawad Ahmed Mukhtar. “Access to dependable liquidity allows us to maintain operational resilience, ensure stable delivery of essential nutrients to farmers, and contribute to a more food-secure future. We value IFC’s confidence in our vision and look forward to expanding our collaboration.”“A partnership like this helps unlock the liquidity needed to keep essential inputs flowing to Pakistan’s farmers,” said Ashruf Megahed, Regional Industry Head, Manufacturing, Agribusiness & Services, Middle East, Central Asia & Turkey at IFC – International Finance Corporation. “By providing USD financing for vital imports, we aim to support food security, preserve jobs, and strengthen the resilience of the agribusiness value chain across Pakistan.”By strengthening the Company’s operational resilience, the financing contributes to stabilizing fertilizer prices for Pakistani farmers and reducing dependency on imports of fertilizers, whilst fostering national food security in alignment with Pakistan’s agricultural priorities. About IFCIFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2025, IFC committed a record $71.7 billion to private companies and financial institutions in developing countries, leveraging private sector solutions, and mobilizing private capital to create a world free of poverty on a livable planet. For more information, visit www.ifc.org.Stay Connected with IFC on social media.About Fatima Fertilizer Company LimitedFatima Fertilizer is one of Pakistan’s leading fertilizer manufacturers, committed to delivering innovative, efficient, and reliable crop nutrition solutions. Through its nationwide network and farmer-centric initiatives, the Company plays a vital role in supporting agricultural productivity, rural livelihoods, and food security across the country. Fatima Fertilizer is the first private sector company in Pakistan to partner with UNDP to adopt the UN Sustainable Development Goals Impact Framework Program.

Karachi, December 17, 2025 – Pakistan’s economy presents a stark dichotomy as the Pakistan Stock Exchange (PSX) continues its bullish run, with the benchmark KSE-100 index surging nearly 40% in 2025 and recently hitting all-time highs around 171,000 points. This liquidity-driven rally, fueled by local investors fleeing low-yield bank deposits and real estate, has been bolstered by macroeconomic stabilization under a $7 billion IMF Extended Fund Facility, fiscal surpluses, a stable currency, and inflation dipping below 5%.In sharp contrast, the real sector—particularly large-scale manufacturing (LSM) and the vital textile industry—is in deep distress. Over 100 major textile mills and nearly 400 cotton ginning factories have shuttered by November 2025, leaving industrial hubs like Faisalabad and Gujranwala eerily silent with idle looms and reduced capacity. High electricity tariffs at 12-14 cents per kWh—double those in competitors like Bangladesh and Vietnam—stem from a Rs2.4 trillion circular debt and IMF-mandated subsidy removals. Aggressive taxation on industry and SMEs, while sparing retailers and elites, has further squeezed operations. Read More: https://theboardroompk.com/pakistan-stock-exchange-hits-historic-high-kse-100-breaks-169800-points-as-investor-confidence-surges/ This disparity has triggered massive brain drain, with over 720,000 skilled workers emigrating in 2024 and nearly 700,000 more by November 2025, boosting remittances but eroding domestic human capital. Experts warn of creeping de-industrialisation, where financial stability benefits asset holders but fails to revive production and jobs.Economist Ahmad Mukhtar highlights the unsustainability: “A recovery that enriches asset holders while shuttering factories is unsustainable.” Without urgent reforms to slash energy costs and incentivize manufacturing, Pakistan risks a fragile economy reliant on informal sectors and exported labor rather than goods.As 2025 ends, policymakers face pressure to pivot toward real-sector revival to ensure inclusive growth.