Pakistani broadcaster joins UAE businessman to acquire stakes in Summit Bank

A guard checks the pockets of a customer outside Summit Bank in Rawalpindi, Pakistan, in March 2018. (Photo courtesy: Sohaib Liaquat/Online)
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Updated 08 May 2022
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Pakistani broadcaster joins UAE businessman to acquire stakes in Summit Bank

  • Salman Iqbal runs Pakistan’s ARY Digital Television and owns Karachi Kings cricket team
  • He has joined Nasser Abdulla Hussain Lootah who plans to acquire 51% stakes in the bank

KARACHI: A Pakistani broadcaster has agreed to join a consortium led by a Dubai-based business tycoon Nasser Abdulla Hussain Lootah to acquire 25 percent stakes in Summit Bank Limited (SBL), said the bank in its stock filing.

In March this year Lootah had released tender offer to acquire at least 51 percent stakes of Summit Bank that would lead to its acquisition along with management control. The Dubai-based businessman currently holds 0.51 percent or 13 million stakes in the bank.

“I write to inform that Mr. Salman Iqbal has agreed in principle to subscribe to such number of shares in SBL (as part of consortium) at a subscription price of PKR 2.51 per share, that will enable Mr. Salman Iqbal to become a maximum up to 25% shareholder in SBL (subject to regulatory approval),” Lootah said in a letter to the Summit Bank CEO that was disclosed at the Pakistan Stock Exchange on Friday.

“The aforesaid percentage will be computed after taking into account the shares that are to be subscribed/acquired by me,” he continued, adding: “I will remain fully obligated to acquire the shares from the shareholders pursuant to public announcement of offer published … on March 22, 2022.”

Iqbal is the founder and CEO of Pakistan’s ARY Digital Television Network and owner of Karachi Kings cricket team.

The SBL board of directors will review Lootah’s letter in an emergent meeting scheduled for Monday, May 9, 2022.

Summit Bank is the subsidiary of Suroor Investment Limited, a Mauritius-based investment firm, which owns 66.77 percent (1.76 billion ordinary shares) of the issued share capital of the company, according to the bank’s annual report ended December 31, 2021.

Lootah had submitted his offer and signed a share subscription agreement with the bank in October 2021. The bank would issue new ordinary shares without rights offering, enabling the inflow of fresh equity.

The SBL intends to issue a total of 5,976.096 million new ordinary shares, according to the annual report.

The Dubai-based business tycoon, who is acquiring the bank in personal capacity, holds wide ranging business interests in the fields of travel, shipping, real estate, mineral water, logistics, cargo handling, information technology, interactive media, production and brand communication.

The SBL board of directors had approved Lootah’s offer at a discount price of Rs2.51 per share in October last year. The value of the deal is around Rs15 billion.

The bank’s loss after tax for 2021 stood at Rs2.887 billion against Rs6.948 billion last year, showing an improvement of 58 percent. Its management hopes the transaction would inject fresh capital in the bank.

Summit Bank currently has a network of 193 branches across Pakistan of which 43 branches in 23 cities are offering Islamic banking opportunities.

The bank has already decided to convert itself into a complete Islamic bank by 2023.

 


Pakistan’s Punjab bans entry to parks, zoos and playgrounds amid pollution

Updated 8 sec ago
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Pakistan’s Punjab bans entry to parks, zoos and playgrounds amid pollution

  • The province has set up a ‘smog war room,’ using satellite, drones and AI to monitor and address pollution
  • Environmentalists want government to address fuel quality, renewable electricity and industrial emissions

LAHORE: Pakistan’s eastern Punjab province banned entry to parks, zoos, playgrounds and other public spaces on Friday to protect the public from polluted air, and is considering closing down universities after shutting schools earlier this week.
The air quality in Lahore has deteriorated drastically, earning Punjab’s regional capital the rank of world’s most polluted city from Swiss air purification equipment maker IQAir.
“We are closely monitoring the situation. There’s a possibility of closing universities and colleges on Monday to reduce vehicle emissions,” said Jahangir Anwar, Secretary of the Environment Protection Department Punjab.
Friday’s order from the regional government placed a “complete ban on public entry in all parks ... zoos, playgrounds, historical places, monuments, museums and joy/play lands” until Nov. 17 in areas including Lahore.
In addition to shutting schools, the province has already taken other steps such as suggesting half of employees work from home and banning rickshaws in certain areas.
South Asia annually faces severe pollution due to trapped dust, emissions and stubble burning — the practice of setting fire to fields after the harvest of grain.
Punjab has attributed this year’s particularly high pollution levels to toxic air from neighboring India, where air quality has also reached hazardous levels.
Punjab has set up a “smog war room,” using satellite, drone technology and AI to monitor and address pollution. Nevertheless, Anwar says there is not enough equipment to effectively monitor the province, with only four air quality monitoring machines for the entire city of Lahore, “whereas we should have 50.”
Anwar said the department had imported and deployed five mobile monitoring units and plans to deploy eight more by year-end.
Ahmad Rafay Alam, an environment lawyer and member of the Pakistan Climate Change Council, stressed the need for robust data and policy changes.
“Right now, we just simply don’t have those monitors, we simply don’t have as robust data as we should have to make decisions,” Alam said.
He warned that without addressing fuel quality, renewable electricity and industrial emissions, the problem will continue to worsen.


Father accused of killing daughter tells UK jury wife told him to confess

Updated 3 min 35 sec ago
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Father accused of killing daughter tells UK jury wife told him to confess

  • Urfan Sharif is accused of murdering Sara Sharif last year, alongside her stepmother and uncle
  • Police found the girl’s body with multiple fractures, bruises, burns and bite marks at her home

LONDON: The father of a 10-year-old British-Pakistani girl on trial in London for her murder on Friday said his wife told him to confess to killing his daughter.
Urfan Sharif, 42, is accused of murdering Sara Sharif on August 8 last year, alongside her stepmother Beinash Batool, 30, and the girl’s uncle, Faisal Malik, 29.
All three deny the charge and of causing or allowing her death.
A jury at the Old Bailey court was told that all three left the family home in Woking, southwest of London, the day after Sara died and flew to Pakistan.
Sara’s body, which had multiple fractures, bruises, burns and bite marks, was found by police after a tip-off from Sharif in Islamabad.
Giving evidence for a fourth day, he said he was devastated by her death but agreed to leave because Batool had told him Sara had been beaten by another of his children, and he feared the consequences for them.
Before leaving, he wrote a note taking the blame. “Whoever sees this note, it’s me Urfan Sharif who killed my daughter by beating,” it read.
But Sharif told the jury that the confession was dictated by his wife.
“I was merely writing, the wording was not mine,” he said, insisting he took the blame to protect his other children.
Before leaving on August 9, 2023, Sharif left the house keys under the doormat, so the police would not have to break through the door, and had resolved to tell the authorities about Sara when he was out of the country.
A recording was played in court of Sharif’s garbled phone call to police in the UK after arriving in Islamabad.
“I killed my daughter, I killed my daughter,” he said.
Instructing police to the house, he said he “left in a panic” and added: “I promise I’ll come back.”
One month later, Sharif, Batool and Malik returned to the UK and were arrested.


Pakistan PM unveils winter power relief package to cut electricity costs for consumers

Updated 32 min 19 sec ago
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Pakistan PM unveils winter power relief package to cut electricity costs for consumers

  • PM Shehbaz Sharif says the initiative will alleviate financial pressure on consumers, stimulate economic activity
  • Relief package will reduce tariffs for domestic, industrial and commercial users for three months starting December

ISLAMABAD: Prime Minister Shehbaz Sharif announced on Friday a three-month electricity relief package starting in December, aimed at reducing tariffs for domestic, industrial and commercial consumers.

The announcement comes after the government faced widespread protests earlier this year over rising inflation and high electricity costs following the presentation of its first budget in June. Political parties urged the Sharif administration to renegotiate agreements with independent power producers to lower tariffs.

Pakistan’s manufacturing sector has also expressed concerns over the years due to the rising cost of electricity, saying the elevated power tariffs render national exports uncompetitive in the global market.

“The government has decided to offer an electricity relief package for the three winter months of December, January and February, providing substantial reductions in electricity prices for additional usage,” the prime minister said during a ceremony in Islamabad.

“Under this package, domestic consumers will pay a flat rate of Rs26.07 per unit for incremental electricity usage, resulting in savings of Rs11.42 to Rs26 per unit for household users,” he continued. “The package will apply across Pakistan.”

Electricity consumers in the country pay their bills according to the number of units that fall into various slabs, each with its own tariff rates.

Under the new winter package, industrial consumers will benefit from savings ranging between Rs5.72 and Rs15 per unit, according to Sharif, translating to an 18 percent to 37 percent reduction in electricity costs.

Commercial consumers are set to save between Rs13.46 and Rs22 per unit, equating to overall savings of 34 percent to 47 percent.

Sharif also emphasized the broader economic benefits of the initiative, saying it would alleviate financial pressures on consumers and stimulate economic activity in the country.

“With reduced electricity costs, industries will grow across Pakistan, agriculture will flourish, business and exports will expand, production will increase and Pakistan’s economy will strengthen further,” he said.


No official word from India it will participate in Champions Trophy in Pakistan — PCB

Updated 08 November 2024
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No official word from India it will participate in Champions Trophy in Pakistan — PCB

  • Mohsin Naqvi’s statement comes amid Indian media reports their team may not play the tournament
  • PCB chief maintains sports should be free from politics, says Pakistan’s preparations are continuing

ISLAMABAD: Pakistan Cricket Board (PCB) Chairman Mohsin Naqvi said on Friday there has been no official communication from Indian cricket authorities regarding their national team’s participation in the International Cricket Council’s (ICC) Champions Trophy scheduled to take place in Pakistan next year, despite recent reports in the Indian media suggesting otherwise.
Political tensions between India and Pakistan mean the two South Asian rivals only face each other at international tournaments. The Indian team last visited Pakistan in 2008 for the 50-over Asia Cup.
India’s refusal to play on Pakistani soil since then forced the PCB to settle for a “hybrid model” during last year’s Asia Cup, in which only four of the 13 matches were held in Pakistan, with the remaining nine played in Sri Lanka.
“For the past two months, there have been reports in Indian media that the Indian team is not coming [to Pakistan for the ICC Champions Trophy],” Naqvi said during a news conference in Lahore.
“As far as what Indian media is reporting, if the Indian media is reporting this, then with that there must also be a letter that the ICC will give us [Pakistan] or the Indian [cricket] board must have announced [this decision] somewhere,” he continued. “So far, no such letter has reached me or the PCB.”
The ICC Champions Trophy, set to take place from February 19 to March 9, 2025, marks Pakistan’s first time hosting this prestigious tournament. The PCB has been preparing extensively, investing in stadium upgrades and infrastructure improvements to meet international standards.
Naqvi emphasized the need to keep sports free from political influence, adding the preparations for the Champions Trophy would continue as planned with hopes for a successful event.
The ICC has previously expressed satisfaction with Pakistan’s preparations, signaling that the tournament remains on track.
The PCB chief said during his media talk he was in contact with the cricket authorities in other countries, saying they were all excited about the upcoming event and wanted to play the tournament in Pakistan.


Pakistan, UAE sign agreements in customs, rail, airport infrastructure, maritime sectors

Updated 08 November 2024
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Pakistan, UAE sign agreements in customs, rail, airport infrastructure, maritime sectors

  • UAE minister of state for foreign trade calls on Pakistani PM Sharif
  • In May, Pakistan said UAE had committed $10 billion in investments

ISLAMABAD: Pakistan and the UAE on Friday signed four MoUs in the sectors of customs, rail and airport infrastructure, maritime shipping and logistics, Prime Minister Shehbaz Sharif’s office in Islamabad said in a statement.
The MoUs were signed between the Pakistani ministries of maritime affairs, aviation and railways and the Federal Board of Revenue with the Abu Dhabi (AD) Ports Group.
“As per these MoUs, Pakistan and AD Ports Group would explore potential collaboration in customs, rail, airport infrastructure and maritime shipping and logistics sectors,” the PM’s office said after Sharif met a delegation of UAE investors led by Dr. Thani bin Ahmed Al Zeyoudi, UAE minister of state for foreign trade.
“These MoUs are aimed at improving digital customs controls, developing dedicated freight rail corridors, upgrading Pakistan’s maritime fleet and marine services, as well as Pakistan’s international airports.”
Sharif said the delegation’s visit demonstrated that the UAE government wanted to enhance its “investment footprint” in Pakistan and continue to play a “crucial role” in boosting Pakistan’s economy.
“The Prime Minister highlighted the comprehensive economic partnership between the two nations across sectors such as trade, energy, and investment, which has contributed to growth and prosperity in both countries.”
The UAE delegation’s visit to Pakistan comes as Islamabad is seeking to strengthen trade and investment ties with friendly nations. 
In May this, Pakistan said the UAE had committed $10 billion to invest in promising economic sectors in Pakistan.
Riyadh has also promised a $5 billion investment package that cash-strapped Pakistan desperately needs to shore up its dwindling foreign reserves and fight a chronic balance of payment crisis. Pakistan and Saudi Arabia also signed 34 MoUs worth $2.8 billion last month.