Pakistan's biggest brewery is evolving from its 165-year-old liquor legacy
The company is an outlier in a country where alcohol is outlawed for everyone except non-Muslims, who make up some 9 million people out of 241 million. Pakistan, an Islamic republic, banned booze for Muslims in the 1970s.
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CTV News
an hour ago
- CTV News
Pakistan's biggest brewery is evolving from its 165-year-old liquor legacy
Isphanyar Bandhara, Chief Executive of the Murree Brewery talks with his assistant after an interview with The Associated Press, in Rawalpindi, Pakistan, Monday, June 23, 2025. (AP Photo/Anjum Naveed) RAWALPINDI, Pakistan — A pungent fug of malt and yeastiness hangs over Murree Brewery, Pakistan 's biggest and oldest producer of alcoholic drinks. The company is an outlier in a country where alcohol is outlawed for everyone except non-Muslims, who make up some 9 million people out of 241 million. Pakistan, an Islamic republic, banned booze for Muslims in the 1970s. Murree Brewery has strong financials despite the prohibition, thanks to its history, scant competition and a small, thirsty and predominantly elite consumer base. But the government exerts significant control over the sale and marketing of alcoholic beverages through red tape and high taxes, pushing brewery chairman Isphanyar Bandhara to expand the company's footprint in Pakistan's non-alcoholic drinks industry, which, although bigger, is more crowded and less lucrative. 'Even I tell my staff of about 2,200 that we cannot sit on our laurels by selling alcohol,' said Bandhara, the third generation of his family to run the 165-year-old business that was founded by the British. 'It's a restricted market, so we have to rely and focus more on the non-alcoholic side. That's where I think I would like to flex my muscles and take credit, rather than being a liquor baron.' The brewery already manufactures energy drinks, juices and malted beverages, but they are not as well known as products from big international brands. However, this part of the business is registering double-digit growth, and Bandhara wants to cash in on the country's youth bulge. Around 64 per cent of the population is under 30. The state has a lot of say Pakistan's government determines the brewery's alcohol prices, points of sale and customer base. Last year it took US$35 million from the brewery's revenue in taxes. The company cannot advertise its alcoholic beverages or expand that part of the business inside Pakistan. Online shopping is unavailable. The brewery is permitted to export beer to countries outside the Organization of Islamic Cooperation, a 57-member bloc, even though there is a 'big demand for liquor and beer' in Muslim-majority countries, Bandhara said. Meanwhile, more Pakistanis drink far more sodas and juices, with billions of dollars in sales every year. PepsiCo and Coca-Cola dominate, but there are also homegrown brands. 'The multinationals are thriving in Pakistan,' Bandhara said. 'It's a rewarding market. There might be less money (in non-alcoholic drinks), but it's more secure.' Murree Brewery's malted drinks line is packaged in a way that strongly resembles its beery counterparts. The taste, while not unpleasant, is distinctive, sweet and slightly yeasty. How to drink in Pakistan Alcohol is a niche item in Pakistan. Even cooking ingredients like red wine vinegar, and buying essentials like cough medicine, is hard because of their alcohol content, however minuscule. Five-star hotels slip a drinks list into the in-room dining menu or decant alcohol into a more discreet vessel, like a teapot. Some restaurants, usually upscale, allow diners to bring a bottle but seat them away from others or shield the pour from prying eyes. There is often a windowless, joyless bar in major Pakistani cities. Non-Muslims — nationals and foreigners — can get a liquor permit allowing them to buy limited amounts of alcohol. Diplomats and the elite are a rich source of booze, with well-stocked cabinets and sometimes entire rooms dedicated to drinks. There are also wine shops, but only in some provinces and run by non-Muslims. Some wine shops deliver to customers waiting in their cars, for discretion. Home delivery is also available. 'It's not expensive to buy beer,' said Faisal, a Pakistani Muslim drinker who is in his 30s and lives in the province of Sindh. He only gave his first name because he is breaking the law. 'A local beer will cost 500 rupees ($1.76), but you can save 50 rupees if you don't want it chilled.' He added: 'Beer is cheaper than coffee in Pakistan, but you only need one coffee whereas you need a lot of beer.' Minorities and the booze market Non-sanctioned alcohol drinking in Pakistan is punishable by 80 lashes of a whip, although the Federal Shariat Court deemed the penalty un-Islamic in a 2009 ruling. Alcohol is considered haram, or forbidden, in Islam. Although a sin and not a crime, scholars and religious authorities typically point to a verse in the Quran that calls intoxicants 'the work of Satan' and tells believers to avoid them. They also cite sayings of the Prophet Muhammad and the effects of alcohol. Nonetheless, stacked on pallets at Murree Brewery on a recent day were boxes of booze. The beer was heading to government-authorized retailer Pearl Continental Hotel in the eastern city of Lahore. The whiskey was going to Sindh, home to religious minorities including Hindus and Parsis. Bandhara, who is Parsi, is one of the brewery's leading tasters. Only non-Muslims can sample the company's alcoholic products. 'We can't just force someone to drink an inferior drink, so it has to be quality,' Bandhara said. 'If the German Embassy, the Chinese Embassy and a lot of European embassies are my customers for beer, I'm comfortable on my quality.' Competition from the Chinese Hundreds of Pakistani distilleries produce the intoxicating agent ethanol, which is mostly exported. Home brewers are another source of alcoholic beverages. But homemade liquor containing poisonous methanol has proved fatal, and dozens of people have died over the years. Murree Brewery's closest competition for alcohol is the Chinese-run Hui Coastal Brewery and Distillery Limited, which began making beer in southwestern Balochistan in 2021, largely for the thousands of Chinese workers there. Nobody from Hui was available to comment. The granting of a licence to Hui in conservative Balochistan took Bandhara aback. He said he was unafraid of competition but wanted a level playing field. Decades ago, his family wanted to set up a brewery in Punjab, Pakistan's most populous province. Bandhara said authorities told the family to keep their heads down because they were in a Muslim country. 'If the Islamic lecture is for me, why was the license given to the Chinese brewery?' he asked. 'We are a liquor company, and we are the easiest to throw stones at and to criticize.' Riazat Butt, The Associated Press
The Market Online
4 hours ago
- The Market Online
Almonty fires up the turbo: Reaching new heights with tungsten and foresight
(Source: Pixabay ) Stockhouse does not provide investment advice or recommendations. All investment decisions should be made based on your own research and consultation with a registered investment professional. The issuer is solely responsible for the accuracy of the information contained herein. Almonty Industries (TSX:AII) is set to become a key player in strategic raw material security in 2025, and with good reason. Despite a fourfold increase in its share price and a market value of over CAD 1.2 billion, the story is far from over. Of particular concern are the intensifying international tensions between the power blocs of the US, Europe, and China, which show no signs of easing. At recent summit meetings, it became clear that neither side is willing to make concessions, even on minor issues. Tariffs, inflation, high debt, and a dire supply situation on the commodity markets are further exacerbating the political rifts between East and West. At the center of this storm are commodity producers and industrial buyers who depend on stable supply chains. Here is an update on our top pick: Almonty Industries. From niche player to key player: Almonty's global mission Almonty Industries (TSX:AII is one of the most dynamic rising stars of the year and is on the verge of a possible paradigm shift. What is currently unfolding in South Korea with the reopening of the Sangdong mine is nothing less than the establishment of the largest tungsten producer outside China at a time when geopolitical tensions are dramatically tightening the market for critical metals. Western governments are responding with strategic stockpiling policies and are increasingly turning to suppliers such as Almonty. The demand for non-Chinese supply chains is meeting a highly developed, almost operational project with enormous leverage. The fact that US defense companies are already securing long-term purchase agreements is an expression of deep confidence in the business model and an anticipation of future earnings jumps. Almonty is thus much more than a pure mining operator; the Company is poised to become a key geopolitical player in the supply of critical raw materials. The market is beginning to recognize the potential, but there is still a huge gap in terms of value compared to other listed critical raw material companies. Yesterday, the Company announced a technical change to its share structure: This involves a reverse split at a ratio of 1.5 to 1. The reason: To meet Nasdaq listing requirements, which mandate minimum share prices, typically above USD 3. Although Almonty's share price has already exceeded this threshold, the consolidation gives the Company additional security for the upcoming listing. Important for investors: The Consolidation of the share will take place on Monday. Anyone wishing to make value comparisons should therefore note the position value after the close of trading on Friday. Short sellers are unlikely to be happy at this point, as custodian banks tend to close positions before such dates. If settlement processes such as the conversion of securities accounts are delayed, some short sellers could find themselves under pressure in the short term. But what makes shorties sweat could mean special returns for long-term investors! It is like the equivalent of a seal of nobility The preparations for entry into the prestigious US market underscore the Company's intention to focus more on international investors in the future. A listing on the Nasdaq not only opens up access to well-capitalized funds and institutional investors, but also increases the chances of further index inclusions and greater visibility on the global market. For companies like Almonty, this is equivalent to a seal of quality, because only those who meet strict transparency, financial, and governance requirements make it to the world's most recognized stock exchange. In the long term, this could result in significant advantages in terms of capital raising and company valuation. **In the short term, it will lead to a notable increase in liquidity. Exciting times ahead! Stockhouse visits the Panasqueira mine in Portugal Recently, a visit was made to the Panasqueira site in Portugal. The mine, which is wholly owned by the Company, is located near Covilhã in the Castelo Branco region and is one of the world's oldest continuously operated tungsten mines. Since it began operations in 1896, it has developed into one of the most reliable sources of high-purity tungsten concentrate. Today, the mine processes around 700,000 to 800,000 tons of ore annually, producing approximately 100 to 120 tons of concentrate per month. The current focus is on developing a new mining level (Level 4), which is expected to increase production volumes and improve operational efficiency. Click here for an interesting video report: The share price continues to perform dynamically. Procyclical support from rising trading volumes and upward momentum. The journey is likely to continue! Source: LSEG as of July 3, 2025 The Almonty story is nothing short of impressive. There are likely only a few stocks worldwide whose business model aligns so perfectly with the current geopolitical landscape. Scarcity, global tensions, and fears of a new supply chain collapse: a volatile mix with plenty of fuel! Conflict of interest Pursuant to §85 of the German Securities Trading Act (WpHG), we point out that Apaton Finance GmbH as well as partners, authors or employees of Apaton Finance GmbH (hereinafter referred to as 'Relevant Persons') currently hold or hold shares or other financial instruments of the aforementioned companies and speculate on their price developments. In this respect, they intend to sell or acquire shares or other financial instruments of the companies (hereinafter each referred to as a 'Transaction'). Transactions may thereby influence the respective price of the shares or other financial instruments of the Company. In this respect, there is a concrete conflict of interest in the reporting on the companies. In addition, Apaton Finance GmbH is active in the context of the preparation and publication of the reporting in paid contractual this reason, there is also a concrete conflict of interest. The above information on existing conflicts of interest applies to all types and forms of publication used by Apaton Finance GmbH for publications on companies. Risk notice Apaton Finance GmbH offers editors, agencies and companies the opportunity to publish commentaries, interviews, summaries, news and the like on These contents are exclusively for the information of the readers and do not represent any call to action or recommendations, neither explicitly nor implicitly they are to be understood as an assurance of possible price developments. The contents do not replace individual expert investment advice and do not constitute an offer to sell the discussed share(s) or other financial instruments, nor an invitation to buy or sell such. The content is expressly not a financial analysis, but a journalistic or advertising text. Readers or users who make investment decisions or carry out transactions on the basis of the information provided here do so entirely at their own risk. 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Winnipeg Free Press
5 hours ago
- Winnipeg Free Press
China imposes anti-dumping duties on European brandy as trade tensions rise
BEIJING (AP) — China on Friday imposed anti-dumping duties on European brandy, most notably cognac produced in France, as trade tensions between Beijing and United States allies continue to rise. The tariffs, effective on Saturday, will range from 27.7% to 34.9%, China's Commerce Ministry said. They are to be in place for five years and will not be applied retroactively. The announcement came during a European visit by Chinese Foreign Minister Wang Yi aimed at ironing out trade differences. Wang was set to visit Paris after stops in Brussels and Berlin. The anti-dumping duties are the result of a probe China launched last year into European cognac, after the European Union undertook a probe into Chinese electric vehicles subsidies. 'The investigative authority finally ruled that the dumping of related imported brandy from the EU has existed,' read a statement by China's Commerce Ministry. 'The domestic brandy industry faces a material threat of damage, and there is a causal relationship between the dumping and the substantial damage threat.' Besides cognac, China has also launched investigations into European pork and dairy products. The brandy probe was the first and targeted mainly French makers of cognac and similar spirits such as Armagnac. China initially announced provisional tariffs of 30.6% to 39% on French cognac producer Remy Martin and other European brandies after a majority of E.U. countries approved duties on electric vehicles made in China. Wang was set to meet his French counterpart, Jean-Noël Barrot, later Friday in Paris. His European tour comes ahead of a China-EU summit to be focused on trade later this month in Beijing.
