Latest news with #FaujiFoundation
Business Recorder
5 days ago
- Business
- Business Recorder
Fauji Foundation, KAPCO eye majority stake in ACPL
Fauji Foundation and Kot Addu Power Company Limited (KAPCO) have formally expressed their intention to jointly acquire a majority shareholding and joint control of Attock Cement Pakistan Limited (ACPL). KAPCO disclosed the development in a notice to the Pakistan Stock Exchange (PSX) on Tuesday. 'The Board of Directors of KAPCO has approved the acquisition of shares and joint control of Attock Cement Pakistan Limited (ACPL) by the company and Fauji Foundation (FF) under the Securities Act, 2015 (the Act) and Listed Companies Regulations, 2017,' read the notice. It added that the acquisition is subject to the completion of necessary corporate and regulatory formalities. The company has appointed Integrated Equities Limited as Manager to the Offer (MTO) and sanctioned the commencement of due diligence and negotiation of acquisition terms. As per the public announcement of intention (PAI) submitted to the bourse, the acquirers intend to purchase 84.06% shareholding (Fauji Foundation 42.03%, KAPCO 42.03%) of APCL. The development comes as Pharaon Investment Group Ltd., a Lebanon-based company, is exploring a strategic sale of its stake in Attock Cement Pakistan Ltd. (ACPL). The potential sale has attracted initial interest from several major players in the cement and energy sectors, including Cherat Cement, Bestway Group, KAPCO and Fauji Cement, reported Bloomberg, citing people familiar with the matter Earlier, Pharaon Investment Group informed its stakeholders that certain prospective investors had expressed interest in acquiring its shareholding in ACPL and also indicated their intention to submit binding offers. PIGL shared that Standard Chartered Bank has been appointed as a financial advisor for the divestment process. Attock Cement Pakistan Ltd was incorporated in Pakistan on October 14, 1981, as a public limited company. The company is a subsidiary of Pharaon Investment Group Limited Holding S.A.L, Lebanon. Its main business activity is the manufacturing and sale of cement.
Business Recorder
5 days ago
- Business
- Business Recorder
Fauji Foundation, KAPCO eye majority stake in Attock Cement
Fauji Foundation and Kot Addu Power Company Limited (KAPCO) have formally expressed their intention to jointly acquire a majority shareholding and joint control of Attock Cement Pakistan Limited (ACPL). KAPCO disclosed the development in a notice to the Pakistan Stock Exchange (PSX) on Tuesday. 'The Board of Directors of KAPCO has approved the acquisition of shares and joint control of Attock Cement Pakistan Limited (ACPL) by the company and Fauji Foundation (FF) under the Securities Act, 2015 (the Act) and Listed Companies Regulations, 2017,' read the notice. It added that the acquisition is subject to the completion of necessary corporate and regulatory formalities. The company has appointed Integrated Equities Limited as Manager to the Offer (MTO) and sanctioned the commencement of due diligence and negotiation of acquisition terms. As per the public announcement of intention (PAI) submitted to the bourse, the acquirers intend to purchase 84.06% shareholding (Fauji Foundation 42.03%, KAPCO 42.03%) of APCL. The development comes as Pharaon Investment Group Ltd., a Lebanon-based company, explores a strategic sale of its stake in Attock Cement Pakistan Ltd. (ACPL), concerning its investment in the Pakistani cement business. The sale has attracted initial interest from several major players in the cement and energy sectors, including Cherat Cement, Bestway Group, KAPCO and Fauji Cement, reported Bloomberg, citing people familiar with the matter Earlier, Pharaon Investment Group informed its stakeholders that certain prospective investors had expressed interest in acquiring its shareholding in ACPL and also indicated their intention to submit binding offers. PIGL shared that Standard Chartered Bank has been appointed as a financial advisor for the divestment process. Attock Cement Pakistan Ltd was incorporated in Pakistan on October 14, 1981, as a public limited company. The company is a subsidiary of Pharaon Investment Group Limited Holding S.A.L, Lebanon. Its main business activity is the manufacturing and sale of cement.
Time of India
12-05-2025
- Politics
- Time of India
Myth, military and militancy: Why Pakistan is incorrigible
Ceasefire, but no real peace Though on May 10, India and Pakistan reached a consensus for a 'full and immediate ceasefire' after four days of intense military engagements, the hostilities are not going to end in the near future. Pakistan cannot and should not be trusted. Pakistan sought non-conventional ways to challenge India's dominance—especially in Kashmir after losing wars to India in 1947, 1965, and 1971. Supporting insurgency and militant groups became a 'low-cost, high-impact' strategy to internationalise the Kashmir issue. Pakistan's involvement in supporting and enabling terrorism—particularly in the context of its regional policies—can be traced to a mix of historical, strategic, and ideological reasons. The ideological dilemma This foundation of Pakistan itself creates inherent contradictions. The very creation of Pakistan was driven by a religious identity. While the so-called 'Two Nation Theory' provided the ideological justification, the actual process was shaped by political negotiations, regional dynamics, and the realities of colonial rule. The result was a new nation-state, unique for being founded primarily on the basis of religion rather than ethnicity or language. The rise of Islam in the early 1950s was largely due to the efforts of political activists and religious scholars who had migrated to Pakistan. The notion of present Pakistan as an ideological state is often linked to the era of General Mohammed Zia -ul- Haq. However, its origins are much older and both Liaquat Ali Khan and Zulfiqar Ali Bhutto, for political reasons, created the groundwork for the subsequent institutionalization of Islamization under the General Zia regime. Distorted history, strategic blindness Since the 1980s, the early history of Pakistan has been largely omitted from the educational curriculum, with the national historical narrative predominantly centred on the arrival of Muhammad bin Qasim in Sindh in 711 CE. This focus led to the exclusion of significant historical elements such as the Indus Valley civilization and later sites like Taxila, Hakra-Gagger, and Kot Diji from the curriculum. The intertwining of Pakistan's history with that of Muslim rule in India has further strengthened the narrative. This historical context is believed to have played a role in the formulation of geo-political strategy of Pakistan. The military's iron grip Pakistan has been under direct military rule for nearly half of its existence and even during civilian rule, the military retained de facto power over defence, foreign policy, and internal security. The chief of the Pakistani Army possesses an unmatched level of power and influence, rendering the position one of the most formidable in the world. Having exerted influence over Pakistan both overtly and covertly, army often manipulates events from the shadows. It removes elected administrations, creates pressure groups, and instigates divisions within political parties. Through organizations like Fauji Foundation, Army Welfare Trust, and Defence Housing Authorities, the military controls vast economic assets in agriculture, real estate, and industry and this economic entrenchment provides both incentive and ability to shape politics. It provides financial support to opposition parties to destabilize elected governments, thereby preserving its grip on political authority. No surprise, the politicians seek to align themselves with the armed forces to share power. For this the term 'hybrid regime' has been introduced to describe the ongoing military influence over civilian governments. Terror as statecraft During General Zia's rule the military began to view its role as not only protecting Pakistan's territorial integrity but also upholding the state-endorsed ideology. Numerous mosque schools that proliferated during this period were characterized by a strong sectarian focus and a commitment to a transnational jihadist perspective. These advancements were significantly facilitated by the United States' requirement for Pakistan's assistance in the fight against the Soviet invasion of Afghanistan. Most significantly, Zia's enduring influence fostered an environment conducive to the social acceptance of terrorism as a state policy. Subsequent leaders, whether civilian or military, followed the same policies. Political dynasties, such as the Bhuttos and Sharifs, dominate politics, often prioritizing personal power over national development. No end in sight So, over the years Pakistan has been harbouring and supporting terrorist groups, particularly those targeting India, Iran and Afghanistan. Pakistan's internal reliance on Islamist narratives and its long-standing military policy toward 'bleeding India by a thousand cuts' means it cannot easily abandon support for terrorism against India. In close coordination with the Inter-Services Intelligence (ISI) and Pakistani army groups like Lashkar-e-Taiba (LeT), Jaish-e-Mohammed (JeM), and the Haqqani Network have been operating from Pakistani soil. Recently Pakistan's Defence Minister Khawaja Asif himself admitted on Sky News to Pakistan's history of 'supporting, training, and funding terrorist organizations.' The Army remains the true centre of power. The primary and essential prerequisite of peace in the region demands a thorough reform of the Army framework in Pakistan with a transition towards a governance system that is more civilian-oriented. Unfortunately, it's not happening in the near future. Peace on the Western Front will remain elusive. Facebook Twitter Linkedin Email Disclaimer Views expressed above are the author's own.
Express Tribune
24-04-2025
- Business
- Express Tribune
Govt tightens PIA bidding terms
Listen to article The government on Thursday tightened conditions for prospective buyers of Pakistan International Airlines (PIA) to attract only financially sound parties for the second privatisation bid and also barred provincial governments from participating in the bidding. The prospective bidders can show their interest in acquiring majority shares in PIA till June 3, said Muhammad Ali, Adviser to Prime Minister on Privatisation, while talking to journalists. He said that the government tightened the conditions by learning lessons from the last failed privatisation attempt. It also facilitated investors by allowing them to change the lead consortium member two weeks before the bidding date. The adviser shared details of the revised Expression of Interest (EOI) for selling 51% to 100% PIA shares along with management control. It hopes to strike a deal by the last quarter of this calendar year. The government has set the June 3 deadline for submitting documents by prospective buyers excluding the federal and provincial governments and their entities. However, the affiliates of federal and provincial governments that do not fall in the category of state-owned enterprises like the Fauji Foundation are eligible to participate in the bidding, said Privatisation Commission Secretary Usman Bajwa while responding to a question. Fauji Foundation's name is in circulation as one of the potential consortiums to bid for acquiring PIA. Muhammad Ali said that the government had allowed the replacement of lead consortium members at least 15 days prior to bidding, subject to compliance with the pre-qualification criteria and the Request for Statement of Qualification instructions. Usman Bajwa said that the minimum worth of the lead consortium member should be Rs8 billion and it would have to go through all the checks before being declared eligible to participate in the bid. The privatisation adviser said that the change in the lead consortium member would not affect the price as all those changes had to be approved and vetted much before the bidding date. The government attempted to privatise PIA last year but ended up with the sole bidder that too a real estate developer, which offered Rs10 billion against the minimum price of Rs85.03 billion. This raised questions about the qualification criteria. The government has exempted 18% GST on the purchase or lease of aircraft for PIA and the negative equity can also be adjusted in light of the feedback to be received from the parties, said Ali. The reference price would be better than the last price of Rs85.03 billion due to the improvement in balance sheet of the airline, opening of European routes and settlement of 18% GST, said the privatisation adviser. To a question, the Privatisation Commission secretary said that according to the approved accounts, the assets and liabilities' position of PIA was more or less the same. He said that the overall balance sheet of the airline had improved because of booking the deferred tax credit of Rs30 billion this year, which was also a reason for showing profits. "One of the factors of PIA profitability is the adjustment of past tax credits at the current value of Rs30 billion," said the privatisation secretary. PIA has started breathing but it still needs money to grow and expand the 15 operational aircraft fleet, said Usman Bajwa. The adviser clarified that no foreign government was interested in buying PIA at this stage and the government would conduct the international competitive bidding. Ali said that financial soundness conditions had been made stringent to make sure that only financially credible companies come forward. The prospective buyer could be a scheduled airline. In case of non-airline business bids for PIA, such enterprise must have a minimum annual revenue of Rs200 billion, or $715 million, as per the audited financials of December 2023 or later. The minimum annual revenue of Rs100 billion, or $360 million, for each year during the last three years is also required, said the adviser. Ali said that there was a new insertion in the financial criteria for qualification related to liquidity and cash in hand. The party must have Rs28 billion, or $100 million, in cash or liquid assets, said the adviser. According to another improved condition, the prospective buyer must be audited by an international renowned firm of chartered accountants or category 'A' or 'B' list of auditors as per SBP's panel of auditors.
