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Sindh High Court Suspends Impugned Orders and Notifications on K-Electric Tariff Review
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Sindh High Court Suspends Impugned Orders and Notifications on K-Electric Tariff Review

The Sindh High Court has suspended, on an interim basis, the impugned orders and notifications concerning the review of K-Electric Limited’s (KE) Multi-Year Tariff (MYT) for the FY2024-FY2030 control period. K-Electric acknowledged the order dated October 7, 2026, stating that the High Court had issued notices to the respondents and suspended the relevant notifications and orders pending further proceedings. The development follows KE’s legal challenge against decisions issued by the National Electric Power Regulatory Authority (NEPRA) and its Appellate Tribunal concerning the company’s tariff review. High Court Issues Notices and Suspends Tariff Orders According to KE, the Sindh High Court issued notices to the respondents while observing that the points raised by the company warranted consideration. The Court subsequently suspended the impugned notifications and orders in the interim and fixed the matter for hearing. The interim order relates to the review of KE’s MYT covering the period from FY2024 through FY2030. KE Challenges NEPRA Appellate Tribunal Judgment KE had approached the Sindh High Court challenging the judgments of the NEPRA Appellate Tribunal dated September 23, 2026. The company also challenged NEPRA’s review determinations dated October 20, 2025, along with subsequent notifications issued by NEPRA and the Ministry of Energy’s Power Division. The legal challenge centers on the scope and impact of NEPRA’s tariff review process. KE Questions Scope of Tariff Review KE’s position before the Court is that although NEPRA has the authority to review a tariff determination, such a review should not effectively become a fresh re-determination of the tariff. The company has maintained that the review determinations resulted in a substantial adverse impact on its MYT for the FY2024-FY2030 control period. According to KE, the resulting tariff structure is not financially sustainable for the company. Dispute Could Affect Karachi Power Infrastructure The MYT is an important component of KE’s financial and operational framework, covering the company’s tariff arrangements over a defined multi-year period. KE has argued that the impact of the disputed review determinations has implications for the long-term financial sustainability of its operations. The company has also linked the issue to the reliability and continued development of Karachi’s power infrastructure. Court Matter Remains Under Consideration The Sindh High Court’s suspension is an interim measure and does not represent a final determination on the merits of KE’s challenge. The Court has issued notices to the respondents and fixed the matter for hearing, allowing the legal proceedings to continue. KE said it would pursue the matter through the appropriate legal and regulatory forums. KE Seeks Sustainable Tariff Framework KE said it remains committed to working toward a tariff framework that is fair, cost-reflective and sustainable. The company said such a framework should protect consumers while also supporting the long-term reliability and viability of Karachi’s electricity infrastructure. Further proceedings before the Sindh High Court will determine how the challenges to the NEPRA review determinations and related notifications progress.

CAP Calls for Ban on Advertising, Booking, Collection of Money for Unapproved Projects
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CAP Calls for Ban on Advertising, Booking, Collection of Money for Unapproved Projects

KARACHI: Chairman Consumers Association of Pakistan (CAP) Kaukab Iqbal has expressed serious concern over the rapidly increasing number of residential and commercial real estate projects being advertised in Karachi and across the country, and called upon the government to introduce immediate and effective legislation to protect citizens’ lifelong savings and take strict action against unapproved projects. Kaukab Iqbal said that a large number of real estate advertisements were currently being published and aired, promoting new projects and attracting consumers through offers of cars, prizes, discounts and other incentives. However, an ordinary citizen often has no easy way of determining which builder is legally operating, which project has been approved by the relevant authority, and whether the developer actually possesses the required land and legal permissions. He said that construction, housing and real estate activities were essential for economic growth, but economic activity could not be allowed to take place at the expense of consumers’ hard-earned savings. There have been instances where citizens paid substantial amounts for properties, only for projects to remain incomplete, possession to be delayed or their investments to become stuck for years. The CAP Chairman said the government must first establish an effective regulatory framework for all builders and developers and no person or company should be permitted to launch, advertise, book or collect money from the public for a residential or commercial project without obtaining complete approval from the relevant authority. He demanded that every real estate advertisement must prominently display the Approval Number, No-Objection Certificate (NOC) number and date of approval issued by the competent authority. Where a project falls under the jurisdiction of the Sindh Building Control Authority (SBCA), a Development Authority or any other competent institution, these details must be clearly mentioned in the advertisement so that consumers can verify the legal status of a project before investing their money. Kaukab Iqbal said that verification of land ownership and the actual area of land must be made mandatory before any project is launched. Regulatory authorities should verify that the developer possesses sufficient land and legal rights for the project being advertised and ensure that multiple projects are not being marketed on the basis of the same land or inadequate land holdings. He further called for clear regulations governing claims made in real estate advertisements, including prize schemes, cars, discounts and other incentives. Any misleading or false claim should result in strict action against both the developer and the concerned advertising or marketing agency. Dubai-Style Escrow Account System Essential The CAP Chairman called upon the government to introduce a Dubai-style Escrow Account System for real estate projects in Pakistan. He said that when a consumer purchases an apartment, house, bungalow, shop or any other property, the money paid by the buyer should not go directly into the builder’s account. Instead, it should be deposited into a regulated Escrow Account under the supervision of an authorised government or regulatory institution. He said payments should subsequently be released to the developer in stages and strictly according to independently verified construction progress. This would protect the buyer’s money while ensuring that the developer remains financially committed to completing the project according to the approved schedule. Kaukab Iqbal also called for the establishment of a Centralised Digital Real Estate Registry containing complete and updated information about approved projects, developers, land ownership, NOCs, approval numbers, construction progress and expected completion dates. He said this information should be easily accessible to the public through an online portal, enabling both Pakistani citizens and overseas Pakistanis to verify the legal status of a project before investing their money. He further demanded that a public record and blacklist of developers violating consumer and regulatory laws be maintained. Developers who cause financial losses to consumers, abandon projects or repeatedly violate legal requirements should face substantial penalties, legal proceedings and, where warranted, restrictions on launching new projects. Kaukab Iqbal said that where a project fails to meet its approved completion schedule, consumers should have a clear legal right to refunds, compensation and other appropriate remedies. A dedicated consumer real estate dispute-resolution mechanism or fast-track tribunal should also be established so that affected citizens are not forced to spend years pursuing their claims through lengthy legal proceedings. He said that before approving major real estate projects, the competent authorities should conduct due diligence regarding the developer’s legal status, land ownership rights, financial capacity and track record of previous projects. Buyers must also be provided, before booking, with complete written information regarding the project’s legal approvals, total price, payment schedule, construction timeline, expected possession date and all terms and conditions. Kaukab Iqbal particularly stressed the need to protect overseas Pakistanis who invest in the country’s real estate sector. He said they should be provided with a transparent online system through which they can independently verify a project’s approvals, land ownership, NOC, developer status and construction progress instead of relying solely on agents or representatives. The CAP Chairman made it clear that Consumers Association of Pakistan is not against construction or the real estate business; it is against non-transparent, unapproved and potentially harmful practices that put consumers’ hard-earned money at risk. He said developers who comply with all legal requirements and operate transparently should be facilitated and encouraged by the government. However, those who collect money from the public through unapproved, unclear or questionable projects must face strict and impartial action. Kaukab Iqbal urged the government to make the principle of “First verify the land and approvals, then announce the project, then advertise and accept bookings — while keeping the buyer’s money protected in an Escrow Account” an integral part of the law. “Citizens’ lifelong savings cannot be left at the mercy of irresponsible or fraudulent builders. The government must act immediately to protect real estate consumers, restore public confidence and ensure that every property investment is transparent, lawful and secure.”

Payoneer Renews Partnership with Etsy Through 2029
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Payoneer Renews Partnership with Etsy Through 2029

Three-year renewal extends Payoneer’s payout relationship across 16 existing markets Karachi — Sept 30, 2026: Payoneer, the global financial technology company powering business growth across borders, has announced the renewal of its strategic partnership with Etsy, the global marketplace for unique and creative goods, through 2029, helping sellers on Etsy around the world access their earnings and manage their businesses across borders. Since launching together in 2023, Payoneer and Etsy have enabled tens of thousands of sellers to receive cross-border payouts and grow their businesses globally. Under the three-year agreement, Payoneer will remain a strategic payments partner to sellers on Etsy across 16 markets in Asia, Europe, South America and the Middle East. For small businesses in these markets, global customers represent a major growth opportunity, but receiving and managing earnings across borders can still be challenging. With Payoneer on Etsy Payments, Etsy’s payments platform, sellers in these markets have been able to transact securely and seamlessly across borders. For sellers operating in volatile markets, the partnership is essential. “When local market conditions can change literally overnight, access to the global market and reliable international partners make it possible to keep moving forward,” said Maksym Gopanchuk, founder of Ukraine-based KGUmusic and MG Leather Work, which sells handcrafted leather accessories on Etsy worldwide. “Etsy helps our brands reach customers across different countries, while Payoneer provides the payment infrastructure that makes our international sales possible.” “Small businesses are increasingly selling across borders, currencies and markets. That makes the financial infrastructure behind their businesses an important piece in their success,” said Ya Wen, Senior Vice President of Global Marketplaces, Payoneer. “Our continued partnership with Etsy reflects a shared commitment to help marketplaces solve these cross-border challenges at scale, making it easier for sellers to transact, manage their earnings, and keep growing wherever their customers are.” “A reliable payments experience is essential to helping Etsy sellers across the globe grow and thrive. Payoneer has been a trusted partner, helping us support sellers across markets with very different operational and regulatory environments,” said Megan Oxman, Senior Director of Product at Etsy. “We’re pleased to renew our partnership and continue supporting sellers as they grow their businesses globally.” Through Payoneer, eligible sellers on Etsy can receive their earnings in USD, withdraw directly to local bank accounts, and manage funds across 70+ currencies. This gives sellers flexibility in how they receive and use their earnings while helping reduce the friction and costs associated with moving money across borders.

Gul Ahmed Posts Massive Loss For FY2026
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Gul Ahmed Posts Massive Loss For FY2026

Gul Ahmed Textile Mills reported a loss after tax of Rs220 million for the fourth quarter of FY26, compared with a profit of Rs2.13 billion in the same period a year earlier. The company’s loss per share stood at Rs0.29, reversing from earnings per share of Rs2.87 recorded in the corresponding quarter of FY25. Quarterly Sales Rise Despite Margin Pressure Sales increased 11 percent year-on-year to Rs36.7 billion, supported by improved demand. However, quarterly sales declined 8 percent compared with the previous quarter, mainly due to weaker home textile exports. Despite the year-on-year growth in revenue, profitability came under significant pressure as production and operating costs increased. Gross Profit Falls 32 Percent Gul Ahmed’s gross profit fell 32 percent to Rs6.78 billion during the quarter. Gross margins narrowed by 12 percentage points compared with the same period last year as the cost of sales increased sharply. However, margins improved by 5 percentage points from the third quarter, indicating some sequential recovery in cost pressures. Operating Profit Drops 58 Percent Operating profit declined 58 percent year-on-year to Rs2.15 billion. Finance costs provided some relief, falling 13 percent during the quarter. However, the benefit was outweighed by a 20-percentage-point increase in the effective tax rate and a Rs950 million loss from discontinued operations. These factors pushed the company into a quarterly loss despite higher year-on-year sales. Full-Year Performance Under Pressure For FY26, Gul Ahmed Textile Mills recorded sales of Rs162 billion, down 6 percent from the previous year. The decline reflected weaker demand amid global tensions, which affected business volumes and weighed on the company’s overall performance. Gross profit decreased 26 percent to Rs23.8 billion, while gross margins declined by 4 percentage points. Higher raw material prices, softer volumes and elevated energy costs placed further pressure on the company’s profitability. Operating profit was cut by half to Rs7.5 billion. Finance costs, however, declined 24 percent to Rs5.6 billion. While the reduction provided some support to earnings, it was insufficient to offset the pressure on gross and operating profitability. FY26 Bottom Line Turns Negative Profit from continuing operations fell 89 percent to Rs612 million for FY26. The company also recorded a Rs950 million loss from discontinued operations, resulting in a full-year loss of Rs339 million. This compares with a profit of Rs4.45 billion in FY25. Loss per share for the year stood at Rs0.45, compared with earnings per share of Rs6.01 a year earlier. Gul Ahmed did not announce a dividend for FY26. Textile Earnings Face Multiple Pressures Gul Ahmed’s FY26 results highlight the pressure facing textile manufacturers as weaker export demand coincides with elevated input and energy costs. Although quarterly sales increased on a year-on-year basis, the decline in gross and operating profitability shows the impact of higher production costs and softer export volumes. The company’s full-year loss also demonstrates how quickly textile-sector earnings can reverse when demand weakens and cost pressures remain elevated.

K-Solar Rebrands as K Nova, Expands Vision and Mandate as Integrated Renewable Energy Solutions Platform
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K-Solar Rebrands as K Nova, Expands Vision and Mandate as Integrated Renewable Energy Solutions Platform

Karachi, 2026: K-Solar, a wholly-owned subsidiary of K-Electric’s investment arm, KE Ventures Company (Pvt) Limited, has officially rebranded as K Nova, marking an expansion in its business scope and mandate as an integrated renewable energy solutions platform. The new identity, effective September 28, reflects the company’s broader focus on renewable energy, energy storage, and energy management solutions as part of K-Electric’s long-term diversification strategy. K Nova Expands Renewable Energy Mandate The rebranding comes as K-Electric, under its new Board and Management, advances its broader strategy to diversify beyond traditional power distribution and develop a future-ready energy ecosystem. Under its expanded mandate, K Nova will spearhead renewable energy solutions covering both solar and wind, alongside energy storage and management solutions. The company will pursue these opportunities through various financing models while supporting K-Electric’s focus on energy security, sustainability, and long-term value creation for customers and shareholders. The expanded platform is intended to serve a range of customers and energy-sector partners, including commercial, industrial and residential users, as well as utilities across Pakistan. K Nova Targets Smarter and Sustainable Energy Solutions Hashim Raza, CEO of K Nova, said the company’s new identity reflects the expanding scope of its business and the opportunities emerging in Pakistan’s renewable energy market. He noted that the timing of the rebranding aligns with the national direction toward building a more resilient, sustainable and affordable energy sector. With its expanded mandate, K Nova aims to provide smarter, reliable and sustainable energy solutions to customers and utility partners across the country. Global Partnerships to Support Renewable Energy Growth As part of its expansion, K Nova is partnering with leading global original equipment manufacturers (OEMs) operating in solar, wind and battery technologies. These partnerships are expected to bring international expertise, advanced technologies and innovative products to Pakistan’s renewable energy market. The company also expects the collaborations to contribute to technology transfer and the development of local capabilities. The initiative could support increased employment opportunities while encouraging the localization of renewable energy products, technologies and solutions in Pakistan. Building an Integrated Energy Platform The transition from K-Solar to K Nova represents a broader shift in the company’s role within K-Electric’s diversification strategy. Rather than focusing solely on solar solutions, the expanded platform will cover multiple areas of the renewable energy value chain, including generation, storage and energy management. Through its broader mandate and global partnerships, K Nova is positioning itself to participate in Pakistan’s evolving renewable energy landscape while contributing to energy security, sustainability and the development of localized clean-energy solutions.

LAAM Fashion Week Lands in Karachi for its First Edition Outside Lahore with LFW Presents: Kaleidoscopic Karachi
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LAAM Fashion Week Lands in Karachi for its First Edition Outside Lahore with LFW Presents: Kaleidoscopic Karachi

Five designers, one photographer, one heritage venue: Deepak Perwani, Wardha Saleem, Khaadi, The Pink Tree Company and Sana Safinaz turned Karachi into a five-part fashion portrait. KARACHI, SEPTEMBER 26, 2026: LAAM Fashion Week (LFW) closed the second edition of LFW Presents tonight in Karachi with Kaleidoscopic Karachi, a five-designer runway showcase staged inside the historic Nusserwanjee Building at the Indus Valley School of Art and Architecture (IVS). The evening brought together Deepak Perwani, Wardha Saleem, Khaadi, The Pink Tree Company and Sana Safinaz, and opened with an archival exhibition by photographer Tapu Javeri. It was the format’s first edition outside Lahore. Kaleidoscopic Karachi was built around a simple idea: that Karachi does not read as a single image. Across the evening, the five presentations moved between the polished and the artisanal, the historic and the contemporary, the glamorous and the craft-first. Together, they read as a portrait of the city in fragments, and of a fashion industry that has never needed to sound like one voice to speak with authority. Speaking at the event, Saad Ali, CEO & Founder of Design651 and Co-Founder of LAAM Fashion Week, highlighted the importance of having an ecosystem of fashion and the decision to bring it to Karachi. “A brand-led Pakistan cannot be built inside two runway weeks a year. It needs a year-round ecosystem where designers, brands and craftspeople are given the room, the settings and the audiences to build lasting equity,” Saad said. “That is what LFW Presents was created to do, and Kaleidoscopic Karachi is the format doing exactly that outside Lahore for the first time. When Pakistani fashion is placed inside a venue that holds the city’s own story, and given the industry weight it deserves, its impact reaches far beyond a single evening. That is the standard we intend to hold to for every edition.” The evening opened with Tapu Javeri – A Four-Decade Fashion Retrospective, an immersive exhibition drawn from the archive of one of Pakistan’s most influential fashion photographers and defining visual chroniclers of Karachi. Spanning decades of Pakistani fashion and the city around it, the exhibition set the tone for the runway that followed, tracing the visual memory of Karachi’s fashion history through Javeri’s lens. The runway then came alive with the presentations and the grand finale. Deepak Perwani’s Cocktail Hour opened the evening as an ode to the historic glamour of Karachi. The clubs, the after-hours, the sensuality the metropolis embodied through the mid-1970s. Perwani translated that memory through svelte silhouettes, sparkle, glitter and an alluring capsule that dressed the city’s past for its present. In a moment that landed as pure Karachi legacy, supermodels of the 80s, Frieha Altaf, Seemi Pasha and Atiya Khan, walked the collection as a living tribute to the era it celebrated. Wardha Saleem followed with Bander Road Se Kemari, a tactile, street-alive reading of the city. The collection paid ode to centuries of Karachi’s architecture: colonial buildings and their balconies, regal motifs, the quiet grandeur of monuments woven into the city skyline. Hip, streetwear-adjacent and modern-luxe in feel, Saleem’s work carried the built city onto the body, turning cornice, arch and facade into cut, drape and print. Actress, model, and the showstopper for the collection, Areeba Habib, walked the runway in elegance, draped in a stunning gold and green lehenga! The Pink Tree Company, a craft-based luxury brand, presented Hands That Craft, a homage to Karachi and to the crafts that built the country’s fashion industry. The collection brought together textile, block print, dye, embroidery, gota and kaamdani, a bouquet of artistries carrying millennia of human excellence into a single runway moment. The showstopper, Aliya Iqbal Naqvi, graced the runway in a colorful lehenga! Staged inside Nusserwanjee, itself a feat of the city’s creative minds, the presentation read as a case for the hand: for craft that no technology can imitate or replace, and for a city that refuses to be subdued. Khaadi presented Karachi – It’s Complicated, a collection built on the dichotomies the city is known for: the love and the hate, the chaos and the quiet. The tension translated literally onto the runway through contrasting colours, woven fabrics and stark, raving prints. The collection’s showstopper and model, Eman Suleman, walked the runway in a striped black and white top with colorful embellishment and a black flowy skirt with pink floral print. Chapter 2 flowed into the presentation, bringing Khaadi’s designer language into direct conversation with its street-facing energy. Together, the four presentations revealed the many visual languages of the city — its colour, contradiction, craft and constant reinvention. For Maheen Kardar, Executive Director Designer Experience and Curation, LFW Presents, that was precisely the point of bringing Kaleidoscopic Karachi to life: “We are all here today for one thing and that is fashion. This time, LFW Presents a conversation with the city that I love and hold close to my heart. Karachi for us is the city in which so much of the industry was born. This is where so much of the fashion resides. It is love, it is layered, and it is endlessly generous! It is truly a Kaleidoscope; and this is what we are seeing on the runway tonight.” The finale closed with Sana Safinaz’s Mastaani, the label’s high-end luxury couture and festive line, walked by 20 models. Regal, avant-garde silhouettes met traditional heritage and modern aesthetic in equal measure. Fluid drapes, couture lehengas and statement pieces carried a quiet, graceful rhythm across the runway! Model Javeria Hanif, and also the showstopper for the finale collection walked the ramp draped in a black veil, wearing a heavily embellished gold blouse, paired with a stunning black lehenga and a red dupatta, closing the evening with the cinematic weight the collection was built for. Off the runway, the evening drew an equally dynamic crowd, bringing together some of the city’s most recognisable names from fashion, entertainment, media and the creative industries. Celebrities, fashion icons, designers, stylists, influencers and socialites mingled with digital and news media, corporate

Govt Blames KE for Circular Debt Rise
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Govt Blames KE for Circular Debt Rise

The government has attributed part of the increase in Pakistan’s power-sector circular debt to financial shortfalls and non-payments by K-Electric (KE), as authorities review measures to contain the growing liabilities in the electricity sector. The Power Division briefed the Cabinet Committee on Energy (CCoE) on the latest circular debt position and the factors contributing to the increase. Circular Debt Stock Reaches Rs1.675 Trillion The committee was informed that the circular debt stock stood at Rs1.675 trillion, compared with a target of Rs1.614 trillion, resulting in an unfavourable variance of Rs61 billion. Gross circular debt flow was recorded at Rs364 billion against a target of Rs300 billion, highlighting continued pressure on the power sector’s financial position. Meanwhile, gains from reducing inefficiencies in distribution companies (DISCOs) stood at Rs336 billion, below the target of Rs430 billion. KE Non-Payments Reach Rs194 Billion According to the Power Division, K-Electric’s non-payments remained a significant factor, reaching Rs194 billion. The amount included Rs165 billion in invoices owed to the Central Power Purchasing Agency-Guarantee (CPPA-G), along with Rs29 billion in late-payment surcharges. The figures were presented as part of the government’s assessment of the factors contributing to the increase in the circular debt stock. Financial Support Reduction Adds to Debt Pressure The Power Division also identified a Rs428 billion reduction in financial allocations and savings in fiscal support as one of the factors behind the increase in circular debt. The development comes as the government continues to face challenges in managing power-sector finances, including distribution inefficiencies, payment obligations and the accumulation of liabilities across the electricity supply chain. CCoE Directs Power Sector Efficiency Measures The Cabinet Committee on Energy directed the Power Division to pursue organisational measures aimed at improving financial and operational efficiency across the power sector. The committee also called for expenditure reductions with the objective of lowering electricity costs for consumers. The directives reflect the government’s focus on addressing structural issues contributing to the accumulation of circular debt. Power Sector Reforms to Be Expedited The CCoE further directed the Power Division to expedite power-sector reforms to prevent future financial slippages and deficits. The ministry assured the committee that necessary measures would be taken to address the circular debt issue and improve the financial sustainability of the power sector. The latest figures underline the continuing challenge of controlling circular debt while improving the efficiency of distribution companies and ensuring timely settlement of power-sector payments.

SITE Association of Industry Elects New Office-Bearers 2026-28,Abdul Hadi Pledges Swift Action on Industrial Issues
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SITE Association of Industry Elects New Office-Bearers 2026-28,Abdul Hadi Pledges Swift Action on Industrial Issues

Karachi, Sep 25, 2026: Abdul Hadi has been elected unopposed as President of the SITE Association of Industry, as the new leadership unveiled an action plan to fast-track industrial grievances, including a digital complaint-tracking system and construction on the long-delayed Industry House project. Muhammad Farhan Ashrafi was elected Senior Vice President, while Shahryar Saleem Shah was elected Vice President. The President-elect Abdul Hadi said the digital complaint-tracking system would enable members to register complaints and monitor progress on their resolution. The Association would also pursue the issues with relevant government institutions to ensure effective and timely action. SAI Patron-in-Chief Zubair Motiwala called for an immediate end to power outages and unannounced load-shedding by K-Electric, stressing that uninterrupted electricity supply was essential for sustaining industrial production. He said key industrial issues had been raised at the recent SITE Limited Board meeting, with proposals for their resolution to be presented at the next meeting for approval. SITE Association Patron Saleem Parekh congratulated the newly elected office-bearers and appreciated the services of the outgoing leadership. He said it was a matter of pride that former office-bearers continue to play an active role in Association activities. Earlier, at the 62nd Annual General Meeting (AGM), Election Commission Chairman Muhammad Tariq Yousuf announced the successful candidates, all of whom were elected unopposed. The newly elected Executive Committee comprises Muhammad Kamran Arabi, Muhammad Saleem Nagaria, Abdul Qadir Bilwani, Muhammad Hussain Moosani, Haris Shakoor, Murtaza Ejaz Saya, Syed Haseeb Ahmed, Nadeem Polani and M. Bilal Naseer. Senior industrial leaders Jawed Bilwani, Majid Aziz, Younis Bashir, Suleman Chawla, Riaz Uddin and immediate past President Abdul Rahman Fudda also addressed the meeting.

Lotte Chemical Pakistan Changes Its Name To Noventra Limited
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Lotte Chemical Pakistan Changes Its Name To Noventra Limited

Shareholders of Lotte Chemical Pakistan Limited have approved two key special resolutions at an extraordinary general meeting held in Karachi, clearing the way for a major corporate rebranding and a substantial increase in authorized share capital. The meeting was held at 11:00 a.m. at the National Institute of Banking and Finance on M.T. Khan Road, where members voted in favour of both items placed before them as special business. Authorized Share Capital Doubled The first resolution increases the company’s authorized share capital from Rs20 billion to Rs40 billion. The change raises the authorized limit from 2 billion ordinary shares with a face value of Rs10 each to 4 billion ordinary shares of the same denomination. The company’s Memorandum of Association and Articles of Association will be amended accordingly to reflect the higher authorized capital. The increase provides additional headroom for potential future equity issuance and capital requirements. However, the resolution itself does not mean that the company is immediately issuing new shares. Name Change To Noventra Limited The second special resolution approves changing the company’s name from Lotte Chemical Pakistan Limited to Noventra Limited. The name change remains subject to the required approvals, consents and permissions under the Companies Act, 2017 and other applicable laws. Following completion of the regulatory process, references to Lotte Chemical Pakistan Limited in the company’s constitutional documents will be replaced with Noventra Limited. The rebranding follows a change in majority ownership last year after PTA Global Holding acquired the business. The new corporate identity marks another formal step following the change in ownership. Next Formal Steps The company’s chief executive, chief financial officer and company secretary have been authorized to complete the necessary corporate and regulatory formalities. They will submit the amended constitutional documents, declarations and other required papers to the Securities and Exchange Commission of Pakistan and other relevant authorities. The company has also sent a certified true copy of the approved resolutions to the stock exchange. The next stage will be the completion of the regulatory registration process for both the increased authorized capital and the new corporate name. For investors, the resolutions provide clarity on the company’s intended corporate identity and increased capacity for future capital raising. The actual impact will depend on how the new structure is used following completion of the required approvals.

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28th ITCN Asia Opens in Karachi With SIFC Support to Connect Pakistan With Global Tech Leaders

KARACHI, SEPTEMBER, 2026: The 28th ITCN Asia opened today at Karachi Expo Centre with the support of the Special Investment Facilitation Council (SIFC). Chief Guest Muhammad Ali Rashid, Special Assistant to the Chief Minister Sindh for Science and Information Technology, inaugurated the three-day exhibition, bringing together technology companies, government leaders, international delegates, investors and entrepreneurs. Organized by Ecommerce Gateway Pakistan (Pvt.) Ltd., ITCN Asia 2026 is supported by SIFC as Strategic Supporter, with the Special Technology Zones Authority (STZA) and the Science & IT Department, Government of Sindh, as Strategic Partners, and Ignite–National Technology Fund as National Innovation Partner. Running through September 24, the event provides a platform for technology showcases, business partnerships, investment engagement and discussions on Pakistan’s digital future. Featuring 850+ booths and 3,500+ global brands, the exhibition is expected to attract 75,000+ trade visitors, including 18,500+ CxOs and decision-makers, alongside 350+ international delegates and investors and 850+ government leaders over three days. International participation includes Azerbaijan, China, South Korea, Australia, Türkiye, Egypt, the United Kingdom and Switzerland. The inaugural programme featured Muhammad Ali Rashid, Special Assistant to the Chief Minister Sindh for Science and Information Technology; H.E. Deemah Al-Yahya, Secretary-General, Digital Cooperation Organization; Baybars Altuntas, Chairman, World Business Angels Investment Forum; Zohaib Khan, CEO, A2Z Creator; Areiel Wolanow, Managing Director, Finserv Experts; Dr. Wael Bedda, Secretary-General, SKSEED; Daniel Gautsch, Implementation Manager, EU–Talent Partnership Pakistan, GIZ Pakistan; Dr. Mohamed Ibrahim, CEO, ICCD Holding Company; Zeba Qureshi, Senior Strategist; Brig. Syed Nadir Hussain Shah, Project Director–IT & Telecom, SIFC; Azfar Manzoor, Chairman, STZA; Maj. Gen. (R) Ali Farhan, HI (M), Managing Director, National Telecommunication Corporation; Mohammad J. Sear, Vice Chairperson, Pakistan Digital Authority; Muhammad Bilal Abbasi, CEO, Ignite–National Technology Fund; Faisal Jeddy, CEO, Pakistan Software Export Board; Chaudhry Mudassar Naveed, CEO, Universal Service Fund; Hamza Saeed Orakzai, Chief Market Development Officer, STZA; and Muhammad Umair Nizam, CEO, ITCN Asia and Senior Vice Chairman, P@SHA. Muhammad Umair Nizam said: “ITCN Asia brings Pakistan’s technology capabilities into direct conversation with international markets and investors. With SIFC’s support, our focus is on helping businesses build partnerships, expand export opportunities and create pathways for startups and innovators to grow.” Across five exhibition halls, dedicated pavilions cover Robotics, Azerbaijan, China, Gilgit-Baltistan, SBP Banking, Digital Sindh, Diplomatic, STZA, Startup and CIO/CISO participation. Technology demonstrations and B2B meetings provide opportunities for exhibitors and visitors to explore commercial partnerships. The three-day programme includes the 13th Pakistan Investor Summit 2026 on the opening day. September 23 features STZA’s “Pakistan’s AI Imperative,” NTC’s “Connected Nation: Leadership Roundtable,” the Future Leaders Awards and a programme on Saudi Arabia’s gaming ecosystem. September 24 includes Ignite’s “Cyber Crisis Command: Executive Tabletop Exercise,” Best of Entrepreneurship Asia and TABADLAB’s “Workforce 2.0: Building Pakistan’s AI-Ready Economy.” ITCN Asia 2026 continues at Karachi Expo Centre until September 24, bringing Pakistan’s technology industry and international stakeholders together for business, investment and knowledge exchange. For further information: www.itcnasia.com

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