Uzbekistan’s Foreign Minister meets Bilawal Bhutto

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Thu, 9 May 2024, 10:16 PM

ISLAMABAD, May 09 (APP): Uzbekistan’s Foreign Minister, Bakhtiyor Saidov on Thursday met with Chairman of Pakistan Peoples Party (PPP) Bilawal Bhutto Zardari.

The First Deputy Minister of Foreign Affairs, Deputy Minister of Transport, Honorary Consul, Ambassador of Uzbekistan to Pakistan and others were included in the delegation of Uzbekistan, said a news release issued here by the party secretariat.

Raja Pervez Ashraf, Sherry Rehman, Salim Mandviwala and Naveed Qamar accompanied Bilawal Bhutto.

Bilawal Bhutto and the Foreign Minister of Uzbekistan discussed further stability in bilateral relations as well as issues of mutual interest.

IPAK to raise Rs. 1.77b in book building process

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Zaka Ullah Ch

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Thu, 9 May 2024, 10:16 PM

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ISLAMABAD, May 9 (APP): The book-building process of International Packaging Films Limited’s (IPAK) Initial Public Offer (IPO) has concluded with an oversubscription of 1.73 times, the company said on Thursday.

“The IPO received an overwhelming response from institutional investors and high-net worth individuals as the strike price clocked in at Rs 25.2 per share, higher than the floor price of Rs 21 the leading flexible packaging films manufacturer of the country said in a statement.

International Packaging Films Limited is going to raise Rs 1.77 billion in total. Ipak listing is a significant event as Ipak is the largest manufacturer of flexible packaging film.

Several brokerages had issued almost unanimous calls to ‘subscribe,’ which resulted in investor demand amounting to Rs 1.77 billion against the IPO’s book-building size of Rs 1.47 billion at the floor price.

The general public will subscribe to 17,526,364 shares (25 percent of the total offer size) on May 15-16 at the strike price of Rs 25.2, the company said. The proceed from IPO will be utilized to pay off some of the debts.

In his message, Naveed Godil, CEO International Packaging Films Limited thanked the investors for their overwhelming response.

Muhammed Amin, Chairman of International Packaging Films Limited expressed his gratitude for the confidence of investors in the company.

He said, “There is a tremendous potential to increase shareholders’ value. The Board and the management is fully committed to the plan and has a clear strategy of increasing market share, driving growth of domestic market through import substitution and increasing specialized films export. As we grow, a wider number of shareholders will reap the benefits post IPO.”

International Packaging Films Limited recorded net sales of PKR 19.9 billion in the year 2023 while its gross margin for the financial year 2023 remained 27 percent. Its profit before tax for year 2023 was 2.9 billion while its net profit after tax was 1.6 billion. The company’s 3-year revenue CGAR remained at 41 percent.

The group collectively offers a complete portfolio of packaging solutions, producing BOPP, CPP, and BOPET films, making it the first-ever group in Pakistan to provide one-window flexible packaging solutions, located at two strategically important locations in the country.

May 9, catastrophic incidents were conspiracy to disrupt country’s development: Tariq Fazal

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NNPS Desk

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Thu, 9 May 2024, 10:11 PM

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ISLAMABAD, May 09 (APP): Member National Assembly, Dr Tariq Fazal Chaudhry Thursday said that May 9 catastrophic incidents were the conspiracy to disrupt country’s development and inflict harm to its defense as well as its integrity.

He said that attacks on military installations and defiling of martyrs’ memorials were the ugliest acts and the day will be remembered as the darkest day in the history of Pakistan, when a politically instigated mob resorted to destruction across the country, damaging public property and military installations.

Addressing a well-attended ceremony held at Islamabad Chamber of Commerce and Industry auditorium to express solidarity with the armed forces of Pakistan and to condemn the incidents of May 9, 2023, Tariq Fazal Chaudhry said that one year has passed but neither the Nation has forgotten nor will forget the criminals who committed this offence adding that such a tragedy had never been witnessed which was actually meant to weaken and malign the defenders of Pakistan.

He said that the events were the result of conspiracy and those involved, their faces will be exposed at all costs and will be held accountable.

He added that the vandalism and arson at the defence installations and disrespect of the martyrs memorials were the heinous crimes which the enemies of Pakistan have never dared to even think of.

He also condemned the malicious social media campaign against state institutions, saying that a mechanism must be evolved to check and counter such disinformation campaigns.

President Islamabad Chamber of Commerce and Industry Ahsan Zafar Bakhtawari while condemning the May 9 vandalism said that entire business community is standing shoulder to shoulder with the armed forces of Pakistan, adding that priority of each and every citizen is Pakistan and its armed forces and that we are well aware of those of May 28 and also well aware of those of May 9.

Assuring the business community’s full support to the government of Prime Minister Shahbaz Sharif and the armed forces of Pakistan who are doing their best to put the economy of the country on right track, he demanded that Dr. Tariq Fazal Chaudhry should be inducted in the cabinet because of his services for the business community and the citizens of Islamabad.

In his address Secretary General United Business Group Zafar Bakhtawari said that the ICCI ceremony has given a message to the world that entire Pakistani nation is united and no one will be allowed to cast a jaundice eye upon it.

The ceremony was also addressed by Traders leaders Yousuf Rajput, Akhtar Abbasi, Malik Shabbir Ahmed,Raja Hassan Akhtar, Jamshid Akhtar Sheikh and Chaudhry Mumtaz.
Those who were present include Maqsood Tabish, Ch. Mohammad Ali, Irfan Chaudhry and others.

Religious affairs ministry awards top talent in Hifz-o-Qirat competition

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Zaka Ullah Ch

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Thu, 9 May 2024, 10:07 PM

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By Rehan Khan

ISLAMABAD, May 9 (APP):The Ministry of Religious Affairs and Interfaith Harmony awarded cash prizes and appreciation certificates to the top three winners of the Hifz-o-Qirat competition concluded here on Thursday.

The first position holder received Rs.80,000, second Rs.60,000 and third Rs.40,000 respectively along with appreciation certificates.

Senior Joint Secretary Religious Affairs, Alamgir Ahmad Khan distributed the prizes among the participants of the competition.

The two-day 39th annual Hifz-o-Qirat competition was attended by total 59 candidates from all over the country including all provinces, Gilgit Baltistan, Islamabad Capital Territory, and Azad Jammu and Kashmir.

The winners will now represent Pakistan at international competitions to be held in Saudi Arabia, Unites Arab Emirates, Qatar, Bangladesh and Turkey respectively.