SECP standardizes IPO approval process

Fri, 10 Nov 2023, 6:28 PM

ISLAMABAD, Nov 10 (APP): The Securities and Exchange Commission of Pakistan (SECP) has notified a maximum period of 14 working days for granting regulatory approvals to a listing application and prospectus.

In this regard circular under section 172 of the Securities Act, 2015 has been issued, said a press release issued here.

The circular has also set a 15-day window for the Pakistan Stock Exchange Limited (PSX) to complete the entire post-approval procedures for listing.

The standardization of IPO approval process is aimed at promoting the Initial Public Offering (IPO) market and bringing in new listings at PSX.

The timelines were announced following extensive stakeholder consultations, leading to significant changes in procedures for filing and approval of IPO applications.

In addition to automating the process, the Consultant to the Issue (CTI) is assigned a key role in ensuring that IPOs are completed promptly.

The CTI is also required to conduct a detailed assessment of the issue and the issuer and submit a due-diligence certificate confirming all material information required under the law or as suggested by the PSX and SECP, is adequately disclosed in the Prospectus.

The instant circular is expected to make the IPO market more attractive for potential Issuers and investors, marking the first milestone in the SECP’s revamping of the IPO regime.

The development and growth of a robust IPO market can significantly transform the financial ecosystem by optimizing fund allocation and boosting local economic growth.

The circular has come into force with immediate effect, advising all stakeholders including PSX, CTIs, book runners, issuers and other market participants to adhere to it.

The circular can be accessed at https://www.secp.gov.pk/document/circular-section-172-of-the-securities-act-2015-revised-ipo-timelines/?wpdmdl=49642&refresh=654e04cf74c921699611855

Enhanced connectivity vital for Pak-Uzbek trade, people-to-people closeness: PM

Ishtiaq Rao

Fri, 10 Nov 2023, 6:27 PM

ISLAMABAD, Nov 10 (APP): Caretaker Prime Minister Anwaar-ul-Haq Kakar on Friday said that an enhanced air, road and rail connectivity between Pakistan and Uzbekistan was vital to strengthen the bilateral trade and commercial ties besides bringing the two peoples closer to each other.

The prime minister, in an interview with an Uzbek television channel Ozbekistan24 during his two-day visit to Tashkent to attend the 16th summit of the Economic Cooperation Organisation (ECO), said Pakistan would find a lot of inspiration to further develop bilateral relations.

“This will come with more connectivity. The connectivity through direct air, rail, and roads will be the answer to bringing the people closer,” he remarked.

He said Pakistan considered Uzbekistan as one of the most important countries in the region as President Shavkat Mirziyoyev had taken multiple new initiatives in economic and connectivity terms.

He told the interviewer that during his multiple interactions, he had observed a lot of energy in President Mirziyoyev who was very focused and striving to translate his “clear” vision into tangible projects.

Prime Minister Kakar said Uzbekistan and Pakistan had appointed their deputy prime minister and commerce minister respectively as focal persons to regularly meet and explore specifics for trade.

He said both countries could focus on trading the mutually required goods and the working groups would also identify such areas as pharmaceuticals. Uzbekistan can be also used as a transit route for further export to other countries, he added.

“Both sides are exploring specifics. I am pretty sure that these specifics will bring in mutual benefits. The target of one billion dollar trade is short-term and it can go beyond that,” he remarked.

The prime minister appreciated the Uzbek president’s eagerness to execute the rail link between Uzbekistan, Afghanistan, and Pakistan as he prudently approached all the players in the region and beyond.

We are currently working on carrying out the feasibility study from the World Bank. It shows his (Uzbek president) diplomatic and strategic skills for convincing everyone that the project would benefit everyone, he added.

To a question, he said Uzbek leadership was coming with renewed confidence and trying to acquire a deserved central position for Uzbekistan within the region.

Prime Minister Kakar, who was on his first visit to Uzbekistan, said he was quite impressed with the modern infrastructure and well-groomed people in Tashkent showcasing the government’s priorities of investing in both infrastructure and human resources.

Citing the deep historical ties and commonalities of diction in Uzbek and Urdu languages, he said, “These shared roots will bring more closeness between the people and develop into commercial and economic ties.”

Mentioning the most popular Hadith collector Imam Bukhari, buried in Samarkand and revered across the Muslim world, the prime minister said while thinking about Uzbekistan, a scholarly and philosophical image came to one’s mind.

Cold air, gales to drop temperatures in China

NNPS Desk

Fri, 10 Nov 2023, 6:27 PM

BEIJING , Nov 10 (APP): Frequent cold air movements will affect many parts of China, and bring gales and temperature drops over next 10 days.

CGTN on Friday quoted a forecast of the National Meteorological Center (NMC) that due to cold air’s impact, some regions expect temperature drops of more than 12 degrees Celsius.

Heilongjiang and Jilin provinces in northeast China, Henan, Hubei, and Hunan provinces in central China, Guizhou Province in southwest China and Guangxi Zhuang Autonomous Region in south China, would see particularly sharp temperature drops, according to the forecast.

Meanwhile, sharp temperature drops are expected from Friday to Monday in China’s southern regions.

The forecast said Heilongjiang, Jilin, and parts of Xinjiang would still experience heavy snows and snowstorms in some areas on Friday.

The NMC advised the public to take precautions against the cold weather and strong winds.

Vendors displaying the fireworks stuff to attract the customers in connection with Hindu festival Dewali at Market Road.

Wajid

Fri, 10 Nov 2023, 6:24 PM

APP34-101123 HYDERABAD: November 10 – Vendors displaying the fireworks stuff to attract the customers in connection with Hindu festival Dewali at Market Road.

Bangladesh outplay Pakistan, win ODI series

NNPS Desk

Fri, 10 Nov 2023, 6:23 PM

ISLAMABAD, Nov 10 (APP): Bangladesh women downed Pakistan women by seven wickets in the third ODI at the Shere Bangla National Stadium in Dhaka on Friday.

The win also means the hosts claim the ODI series 2-1 and secure four vital points of the ICC Women’s Championship 2022-25.

After opting to bat first, Pakistan managed to score 166 for nine in their allotted 50 overs. Opening batters Sadaf Shamas and Sidra Amin provided a solid 65-run start to the innings. After the departure of Sadaf (31, 61b, 2x4s) in the 20th over,
Sidra was joined by Muneeba Ali, who staged a comeback in the side after missing out in the second ODI due to injury.
She scored 14 off 36, which included one four before getting out to Shorna Akter in the 31st over.

After the departure of Muneeba, Sidra kept losing her partners on the other end and eventually, the tourists ended up scoring 166 for nine. Sidra returned undefeated on 84 off 143 balls, smashing three fours.

For Bangladesh, Nahida Akter was the most successful bowler, taking three wickets for 26 runs. Rabeya Khan was another contributor with the ball, grabbing two wickets for 35 runs from 10 overs.

In turn, Bangladesh’s opening pair Fargana Hoque and Murshida Khatun knitted a 125-run partnership for the first wicket. Fargana top-scored for her side with a 113-ball 62, hitting five fours. Her partner, left-handed Murshida scored 54 off 106 balls, which included six boundaries.

Bangladesh achieved the target in the 46th over for the loss of three wickets with skipper Nigar Sultana and Sobhana Mostary the two batters not out at the end. Fargana was named player of the match while Nahida for her tally of seven wickets bagged the player of the series award.

Pakistan women’s team would head home on Saturday having taken part in the three-match T20I and three-match ODI series. The touring side earlier lost the T20I series 2-1, which was held in Chattogram.

The Player of the Match was Fargana Hoque (Bangladesh women) while Player of the Series is Nahida Akter (Bangladesh women).
Scores in brief: Pakistan 166-9, 50 overs (Sidra Amin 84 not out, Sadaf Shamas 31; Nahida Akter 3-26, Rabeya Khan 2-35).
Bangladesh 167-3, 45.4 overs (Fargana Hoque 62, Murshida Khatun 54; Nashra Sundhu 2-27).

APP/vad-msr

Justice (r) Arshad Hussain Shah stresses role of parents, teachers in student’s success

NNPS Desk

Fri, 10 Nov 2023, 6:23 PM

PESHAWAR, Nov 10 (APP): Caretaker Minister for Law, Human Rights, and Religious and Minority Affairs, Justice (Retired) Syed Arshad Hussain Shah, emphasized the pivotal role of parents and teachers in character building and the overall success of students, preparing them for national development.
He spoke as the chief guest at the annual Parents’ Day and Prize Distribution ceremony held at Pakistan International Public School and Boys College, Mansehra.
Syed Arshad Hussain Shah shared his thoughts on the importance of collaboration between private and provincial authorities to enhance educational standards across regions. During his address, Justice (Retired) Syed Arshad Hussain Shah commended the provincial government for its efforts to improve the quality of education. He stressed the need for a uniform educational system and applauded various initiatives to streamline private educational institutions under a cohesive framework.
The minister highlighted the achievements of students and teachers, attributing success to their hard work, dedication, and positive mindset.
Justice (Retired) Syed Arshad Hussain Shah emphasized that education is not merely about syllabus and examinations but is deeply connected to the positive grooming, character-building, and guidance provided by teachers and parents for a secure future.
The event concluded with the distribution of awards to outstanding students who excelled in both academic and non-academic activities.

Vice Chancellor of LUMHS Dr. Ikaramudin Ujan with the delegation standing in support of the Palestinians on stage during the 36th international conference by Pakistan Society of Neurosurgeons in collaboration with Turkish Neurosurgical Society and Emirates Society of Neurosurgical Surgeons on last late night at LUMHS Jamshoro

Wajid

Fri, 10 Nov 2023, 6:22 PM

APP33-101123 HYDERABAD: November 10 – Vice Chancellor of LUMHS Dr. Ikaramudin Ujan with the delegation standing in support of the Palestinians on stage during the 36th international conference by Pakistan Society of Neurosurgeons in collaboration with Turkish Neurosurgical Society and Emirates Society of Neurosurgical Surgeons on last late night at LUMHS Jamshoro

Artist performing Sufi dance during 36th international conference by Pakistan Society of Neurosurgeons in collaboration with Turkish Neurosurgical Society and Emirates Society of Neurosurgical Surgeons on last late night at LUMHS Jamshoro.

Wajid

Fri, 10 Nov 2023, 6:21 PM

APP32-101123 HYDERABAD: November 10 – Artist performing Sufi dance during 36th international conference by Pakistan Society of Neurosurgeons in collaboration with Turkish Neurosurgical Society and Emirates Society of Neurosurgical Surgeons on last late night at LUMHS Jamshoro.

SCCI demands action against sale of smuggled Iranian oil

NNPS Desk

Fri, 10 Nov 2023, 6:20 PM

PESHAWAR, Nov 10 (APP): President Sarhad Chamber of Commerce and Industry (SCCI) Fuad Ishaq expressed grave concern over sale of smuggled Iranian petrol and diesel at dabba station and demanded the authorities concerned to take immediate action against the dabba stations and remove the concerns of genuine petrol pump owners.

Fuad Ishaq made this demand during a meeting with a high-level delegation of owners and dealers of petroleum pumps led by Sarhad Petroleum and Cartage Dealers Association Khyber Pakhtunkhwa (SP&CDA-KP) chairman Abdul Majid Khan and the patron-in chief of the association and former president SCCI Engr Maqsood Anwar Pervez, held at SCCI House here Friday.

Ijaz Khan Afridi, Vice President and Sajjad Aziz, General Secretary of the SCCI were also present on this occasion.

The delegation consisted of the SP&CDAKP General Secretary Gul Nawaz Khan, Khalid Khan, Mohammad Izhar Khan Afridi, Saifullah, Faisal Irfan and others

Senior office bearers of the Association apprised the meeting about reservations of pumps owners and dealers regarding open sale the smuggled Iranian oil and diesel at dabba stations, harassment by local administration through various means during checking the petrol measurement and enforcement of policies, delay in issuance of ‘Form K’, despite granting No-Objection Certificate (NoC) to petrol pumps.

Fuad Ishaq on the occasion, assured the Chamber will continue its efforts to resolve all the above-mentioned problems by taking up with the federal and provincial governments and related institutions and authorities in an effective manner.

The SCCI chief stressed the need for correction and re-direction of policies, besides tariffs/duties should be reviewed that will help to prevent the menace of smuggling.

He urged the government to take proactive steps to address the problems of the business community at all levels and to create a favorable environment for promoting businesses/investment and to avoid such measures that are detrimental to economic development, stability of the country, and create hindrance in improvement of businesses and industries.

There is an urgent need to find a solution to all the problems through a coordinated dialogue between the government, administration and the business community, Ishaq asserted.

The President SCCI assured the delegation that they would take practical steps to solve the problems of the petroleum pump owners and dealers by effectively taking up with relevant authorities at provincial and central levels.

Earlier, the Association’s provincial Chairman Abdul Majid Khan, Patron-in chief Maqsood Anwar Parvez and General Secretary Gul Nawaz Khan and others also addressed and congratulated the President of SCCI Fuad Ishaq, Senior Vice President Sanaullah Khan and Vice President Ijaz Khan Afridi and expressed the hope that the newly elected cabinet would play a key role in immediate resolving the problems of the business community.

Green shirts main goal to qualify for Asian Games: Stephen

NNPS Desk

Fri, 10 Nov 2023, 6:17 PM

ISLAMABAD, Nov 10 (APP): Pakistan Football team head coach Stephen Constantine on Friday said our main goal for the Green shirts was to qualify for the Asian Games and for that, the players were training tirelessly.

“The preparation of Pakistan team is complete, we are trying to make it perform better,” he said in a presser along with players here at Pakistan Sports Complex.

Pakistan team was to play the upcoming FIFA World Cup 2026 Qualifier Round 2 matches scheduled to be held on November 16 against Saudi Arabia in Saudi Arabia followed by a home leg against Tajikistan on November 21 at Jinnah Stadium.

Speaking about the qualifiers, he said Saudi Arabia was a better team than us but we would compete well against them.

“Pakistan team consists of talented players but we are not yet ready to play the football world cup. Our main goal is to qualify for the Asian Games, not the World Cup,” he said.

Stephen said Pakistan team need more effort. The Pakistani football team is learning in every match and is improving. Pakistan will leave for Saudi Arabia and the morale of all the players is high, he said.

He said: “The team has time till March and we can learn a lot in this period of time. If the Pakistan team qualifies for FIFA World Cup, I will be very glad.”

1...12,14312,14412,145...30,922 Page 12,144 of 30,922

Associated Press Of Pakistan

SECP standardizes IPO approval process

Enhanced connectivity vital for Pak-Uzbek trade, people-to-people closeness: PM

Cold air, gales to drop temperatures in China

Vendors displaying the fireworks stuff to attract the customers in connection with Hindu festival Dewali at Market Road.

Bangladesh outplay Pakistan, win ODI series

Justice (r) Arshad Hussain Shah stresses role of parents, teachers in student’s success

Artist performing Sufi dance during 36th international conference by Pakistan Society of Neurosurgeons in collaboration with Turkish Neurosurgical Society and Emirates Society of Neurosurgical Surgeons on last late night at LUMHS Jamshoro.

SCCI demands action against sale of smuggled Iranian oil

Green shirts main goal to qualify for Asian Games: Stephen

ABOUT US

FOLLOW US