Saudi firm in talks with Pakistani halal meat processor to acquire around 30% stakes — official 

This photograph taken on April 9, 2015, shows Pakistani health inspectors as they certify meat by placing stamps at a government slaughterhouse in Lahore. (AFP/FILE)
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Updated 10 October 2022
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Saudi firm in talks with Pakistani halal meat processor to acquire around 30% stakes — official 

  • TOMCL chief says talks with Saudi Agricultural and Livestock Investment Company are still in ‘discussion phase’ 
  • Given current market capitalization, Pakistani meat exporter TOMCL’s 30 percent shareholding translates into $4.1 million 

KARACHI: The Saudi Agricultural and Livestock Investment Company (SALIC) is in talks with Pakistan’s The Organic Meat Company Limited (TOMCL) to acquire around 30 percent stakes in the Karachi-based halal meat processor and exporter, according to a top TOMCL official and a stock filing. 

SALIC, a joint stock company owned by Saudi Arabia’s Public Investment Fund, has conveyed its interest in acquiring TOMCL shares, according to the stock filing by the TOMCL on Wednesday. 

The Saudi company has appointed PricewaterhouseCoopers (PWC), one of the world’s ‘Big Four’ accounting firms, along with Deloitte, EY and KPMG, to conduct a due diligence of the Pakistani halal meat processor and exporter. 

On Sunday, the TOMCL founder and CEO, Faisal Husain, told Arab News that the developments were still in the “discussion phase” and any decision would be aimed at securing a better future of the company. 

“Whatever the company decides would be for its brighter and stronger future and the public would be informed accordingly,” Hussain said. 

Through the regulatory filing at the Pakistan Stock Exchange on Wednesday, the TOMCL informed shareholders that “the proposed investment is currently in a discussion phase and no binding arrangements of any kind have been agreed with SALIC.” 

Among other things, the proposed investment will be subject to an agreement on commercial terms and conditions, and obtaining all applicable internal and external approvals. 

Keeping the TOMCL’s current market capitalization in view, its 30 percent shareholding translates into around Rs909 million ($4.1 million). 

The TOMCL, one of the largest processors and leading exporters of red meat as well as by-products in Pakistan, is already supplying chilled beef to Middle Eastern countries, including Saudi Arabia, United Arab Emirates, Bahrain, Oman, Qatar and Kuwait. 

In May, it became the first Pakistani entity to export pet food to Europe and the United States. 

The company had a turnover of Rs4.65 billion ($21 million) in the last fiscal year and earned a net profit of Rs411.4 million ($1.8 million), up by 35.5 percent, as compared with the previous year. 

Following reports of a Saudi firm acquiring stakes in the TOMCL, the price of the company’s shares has increased from Rs20.60 since Tuesday to Rs24.65 on Friday. 


Pakistan reports fresh polio case from Balochistan, taking 2024 tally to 46

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Pakistan reports fresh polio case from Balochistan, taking 2024 tally to 46

  • Poliovirus detected in male child from Killa Saifullah district, says polio eradication program
  • Pakistan’s immunization campaigns suffer from misinformation campaigns and militant attacks

KARACHI: Pakistan’s southwestern Balochistan province has detected a fresh poliovirus case in a male child, the country’s polio eradication program said on Tuesday, taking the total number of cases reported this year to 46 as Islamabad struggles to clamp down on the infection. 

The National Institute of Health’s (NIH) laboratory confirmed detecting the virus in a male child from Killa Saifullah district in Balochistan, the program said. 

“This is the second polio case from Killa Saifullah, where several environmental samples have tested positive for WPV1,” the Pakistan Polio Eradication Program said. “So far, 23 cases have been reported from Balochistan province, 12 from Sindh province, nine from KP and one each from Punjab and Islamabad.”

Pakistan and Afghanistan are the only two countries where polio remains endemic. Since late 2018, Pakistan has seen a resurgence of cases and increased spread of poliovirus, highlighting the fragility of gains achieved in the preceding years when cases dropped in 2023 to six, from 20 in 2022 and just one in 2022. Misinformation about vaccinations and attacks by militants on polio teams have been major impediments to immunization campaigns.

At least seven people, including five school students, were killed and 23 injured in a blast in southwestern Pakistan that targeted a polio vaccination team vehicle on Friday, police said. No group has claimed responsibility for the attack. Last Tuesday, a policeman was killed in an attack on a health office that manages door-to-door polio vaccination campaigns.

The attacks have coincided with Pakistan’s third nationwide polio campaign this year, launched last week with the aim to administer vaccine drops to more than 45 million children.

Pakistani Prime Minister’s Focal Person for Polio Eradication, Ayesha Raza Farooq, has said that the government is revamping its polio eradication program to make the country free of the virus by mid next year.

“WPV1 has been detected in 76 districts, indicating widespread circulation of the virus and a continued serious risk to children’s well-being from a disease that can paralyze them for life,” the polio eradication program said. 
“Multiple doses of the oral polio vaccine and completion of the routine vaccination schedule for all children under the age of five is essential to keep them protected.”


Pakistan PM says policy rate reduction to enhance business activities, boost employment

Updated 5 min 40 sec ago
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Pakistan PM says policy rate reduction to enhance business activities, boost employment

  • Pakistan’s central bank slashed key policy rate by 250 basis points to 15 percent on Monday 
  • With fourth straight reduction since June, Islamabad aims to revive sluggish economy 

ISLAMABAD: Pakistan’s Prime Minister Shehbaz Sharif has welcomed the central bank’s decision to cut the policy rate by 250 basis points, saying the move would help boost the country’s business activities and enhance employment opportunities, state-run media reported on Tuesday.

Pakistan’s central bank slashed its key policy rate by 250 basis points to 15 percent on Monday for a fourth straight reduction since June. The development takes place as Islamabad attempts to revive a sluggish, fragile $350 billion economy as inflation eases. 

Monday’s move follows cuts of 150 bps in June, 100 bps in July, and 200 in September that have taken the rate from an all-time high of 22 percent, set in June 2023 and left unchanged for a year. It takes the total cuts to 700 bps in under five months.

“Prime Minister Shehbaz Sharif says the reduction in policy rate will enhance business activities, exports and employment opportunities in the country,” state broadcaster Radio Pakistan reported. 

Sharif was chairing a meeting of the ruling Pakistan Muslim League-Nawaz’s (PML-N) parliamentary party on Monday when he touched upon the central bank’s move. The premier noted that inflation has reduced from an alarming 38 percent in May 2023 to 7 percent at present.

The Pakistani premier informed members of the PML-N parliamentary party about his visit to Saudi Arabia and Qatar last week, saying that “a new chapter” has been added to the Pakistan-Saudi investment partnership. 

“The Saudi leadership assured all kinds of support for the stability and development of Pakistan’s economy,” Sharif said according to the state broadcaster. 

The Pakistani prime minister also informed the lawmakers about his visit to Qatar, saying that the Qatari leadership also assured an increase in investment for Pakistan. He said talks were held between both sides on giving “a practical shape” to projects worth $3 billion in Pakistan. 

“He said Qatar will invest in various sectors including aviation, hoteling, information technology and energy sectors in Pakistan,” the state broadcaster said. “Shehbaz Sharif said the government is taking steps on a priority basis to facilitate investment and increase foreign investment in Pakistan.”


Pakistan parliament approves bills to extend tenure of services chiefs to five years

Updated 04 November 2024
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Pakistan parliament approves bills to extend tenure of services chiefs to five years

  • Extension in services of army, navy and air force chiefs follows controversial amendments to the constitution last month
  • The opposition PTI party condemns the amendments for changing Pakistan “from a democracy into a monarchy”

ISLAMABAD: Pakistan’s National Assembly and Senate on Monday approved bills to extend the tenure of the army, navy, and air force chiefs from three to five years, amid protests by the opposition benches. 

The office of the army chief is considered to be the most powerful in the country, with the army having ruled Pakistan for almost half of its 75-year history. Even when not directly in power, the army is considered to be the invisible guiding hand in politics and holds considerable sway in internal security, foreign policy, and economic affairs, among other domains. 

Six bills were passed by the upper and lower houses on Monday evening, including one to increase the term of the services chiefs.

“In the said Act, in section 8A, in sub-section (1), for the expression “three (03)” the word “five (05)” shall be substituted,” read the bill, seeking to amend the Pakistan Army Act, 1952.

Similar bills were passed to increase the duration of the country’s naval and air force chiefs to five years also. 

“The purpose of these amendments are to make consistent the Pakistan Army Act, 1952 (XXXIX of 1952) The Pakistan Navy Ordinance, 1961 (Ordinance No. XXXV of 1961) and The Pakistan Air Force Act, 1953 (VI of 1953) with the maximum tenure of the Chief of the Army Staff, the Chief of the Naval Staff and the Chief of the Air Staff and to make consequential amendments for uniformity in the aforementioned laws.” 

Speaking outside parliament, the chairman of the opposition PTI party, Gohar Ali Khan, said:

“Today, democracy has been changed into a monarchy.”

Leader of the Opposition in the National Assembly, Omar Ayub Khan, said “modifying the service chiefs’ tenure is not a good thing for the country and the armed forces.”

The passage of the new bills follows controversial amendments made to the constitution last month, granting lawmakers the authority to nominate the chief justice of Pakistan, who previously used to be automatically appointed according to the principle of seniority.

The amendments allowed the government to bypass the senior-most judge of the Supreme Court, Justice Mansoor Ali Shah, and appoint Justice Yahya Afridi as the country’s top judge, replacing former chief justice Qazi Faez Isa. 

The opposition and the legal fraternity had opposed the amendments, arguing that they were aimed at granting more power to the executive in making judicial appointments and curtailing the independence of the judiciary. The government denies this.


Pakistani forces kill six militants in shootouts near border with Afghanistan — military

Updated 04 November 2024
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Pakistani forces kill six militants in shootouts near border with Afghanistan — military

  • Pakistan’s Khyber Pakhtunkhwa province, which borders Afghanistan, has witnessed a number of attacks recently
  • Pakistan blames the surge in militancy on militants operating out of Afghanistan, Kabul denies the allegations

ISLAMABAD: Pakistani security forces have killed six militants in two separate engagements in the country’s northwestern Khyber Pakhtunkhwa (KP) province, the Pakistani military said on Monday.
A militant was killed in an exchange of fire during an intelligence-based operation in North Waziristan’s Dosali area, according to the Inter-Services Public Relations (ISPR), the military’s media wing.
In the second incident, Pakistani forces intercepted a group of militants while infiltrating the country’s border with Afghanistan in the South Waziristan district. Five militants were killed as a result.
“Pakistan has consistently been asking Interim Afghan Government to ensure effective border management on their side of the border,” the ISPR said in a statement.
“Interim Afghan Government is expected to fulfil its obligations and deny the use of Afghan soil by Khwarij [militants] for perpetuating acts of terrorism against Pakistan.”
Khyber Pakhtunkhwa, which borders Afghanistan, has witnessed a number of attacks by the Tehreek-e-Taliban Pakistan (TTP) and other militant groups that targeted security forces convoys and check posts, besides targeted killings and kidnappings of law enforcers and government officials in recent months.
Pakistan has frequently accused neighboring Afghanistan of sheltering and supporting militant groups, urging the Taliban administration in Kabul to prevent its territory from being used by armed factions to launch cross-border attacks.
Afghan officials, however, deny involvement, insisting Pakistan’s security issues are an internal matter of Islamabad.
 


Pakistan Navy test-fires ship-launched ballistic missile ranging 350 kilometers

Updated 04 November 2024
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Pakistan Navy test-fires ship-launched ballistic missile ranging 350 kilometers

  • The missile is capable of striking land and sea targets with ‘high precision’
  • Pakistan, India consider their missile programs as deterrent against each other

KARACHI: Pakistan Navy has successfully test-fired a ship-launched ballistic missile having a range of 350 km and capable of striking both land and sea targets, it said on Monday.
Pakistan sees its missile development as a deterrent against nuclear-armed arch-foe India. Both countries have fought multiple wars since their independence from Britain in 1947.
The two South Asian neighbors have long been developing missiles of varying ranges in a bid to ensure deterrence against possible attacks from each other, with analysts often warning these developments could push the region into an arms race.
“Pakistan Navy conducted a successful flight test of an indigenously developed ship-launched ballistic missile,” the Directorate General of Public Relations (DGPR) of Pakistan Navy said in a statement.
“The weapon system with 350km range is capable of engaging land and sea targets with high precision.”
https://www.youtube.com/watch?v=ikldB3jieWo
The flight test of the weapon system, equipped with a state-of-the-art navigation system and maneuverability features, was witnessed by Chief of Naval Staff Admiral Naveed Ashraf, senior naval officers, scientists and engineers.
President Asif Ali Zardari, Prime Minister Shehbaz Sharif, Chairman Joint Chiefs of Staff Committee General Sahir Shamshad Mirza, Chief of Army Staff General Asim Munir and Chief of Air Staff Air Marshal Zaheer Ahmad Babar Sidhu congratulated the participating navy units and scientists on the development.