Latest news with #MuhammadSohail
Business Recorder
31-07-2025
- Business
- Business Recorder
BAT's arm acquired, Accenture now a partner: SYS expands global BPO reach
KARACHI: Pakistan's leading software exporter Systems Limited (SYS), has taken a bold leap to expand its global footprint in the Business Process Outsourcing (BPO) sector by acquiring British American Tobacco SAA Services (Pvt) Ltd and forging a new partnership with global consulting giant Accenture (UK) Limited. The acquisition, announced on Wednesday, involves purchasing the BPO arm from British American Tobacco International Holdings (UK) Limited. The Target Company offers IT-led shared services spanning omni-channel customer support, marketing operations, HR, finance, procurement, and supply chain management — across multiple geographies. SYS's UAE-based associate, Techvista Systems FZ LLC, will now deliver AI-powered shared services under a multi-year Master Services Agreement with Accenture, positioning the acquired company as a sub-contractor in a strategic delivery role. Industry analysts have welcomed the move. Muhammad Sohail of Topline Securities described it as 'perfectly aligned with SYS's BPO strategy,' adding that the acquisition marks a bold step to expand its global footprint and strengthen its digital services business. The Share Purchase Agreement was finalized on July 29, 2025, with the deal subject to standard regulatory approvals and closing conditions. In parallel, Techvista secured its own long-term outsourcing contract with Accenture, dated July 29. Industry insiders suggest that BAT has globally outsourced its service centers to Accenture, making Systems' subcontracting role a key gateway for accessing broader BPO opportunities from both BAT and Accenture. This development builds on British American Tobacco (BAT) Pakistan's previous efforts to establish a strong BPO presence in the country. Relocated from Malaysia to Pakistan in 2021, BAT's outsourcing hub had by 2024 created over 500 jobs and employed 350 professionals, delivering services to over 50 countries including Japan, UAE, and Malaysia. The operation reportedly generated $11.8 million in annual foreign exchange inflows, with revenue per employee ranging between $35,000 and $45,000. Topline Research's Sania Irfan sees long-term upside, noting that Accenture—whose global revenue exceeds $64 billion—is heavily invested in BPO services as part of its digital transformation offerings. The transaction is seen as a significant milestone for Pakistan's tech sector, further integrating it into global value chains through strategic partnerships and digital service expansion. Copyright Business Recorder, 2025
Express Tribune
24-07-2025
- Express Tribune
Madrassa teacher held for beating six-year-old in Swabi
Listen to article In another incident of corporal punishment at a religious seminary, police in Swabi have arrested a madrassa teacher for allegedly beating a six-year-old boy for arriving late to class — just days after a child died in a similar case in Swat's Khwazakhela area, Express News reported on Thursday. According to police and local media reports, the incident took place in Chota Lahore tehsil of Swabi district in Khyber-Pakhtunkhwa, where Qari Muhammad Sohail allegedly subjected a young student to severe corporal punishment. The child's father, Muhammad Asim, told police that his son, Muhammad Essa, was regularly attending religious classes at the seminary when he was beaten with a stick for being late. 'There were visible red marks on the boy's back,' the complaint noted. Also Read: Punjab records highest death toll in monsoon-related incidents, NDMA confirms Following the complaint, a police team led by SDPO Circle Lahore Muhammad Nauman and SHO Altaf Khan reached the site and arrested the suspect. A case has been registered against the Qari under the Child Protection Act, and investigations are underway. Speaking to reporters, SDPO Nauman stressed the importance of community vigilance, urging parents and bystanders to immediately report any such incidents. 'Children are not just the responsibility of their families; they are the future of our society and must be protected,' he said. The incident follows closely on the heels of a tragic case in Swat, where 12-year-old Farhan died earlier this week after being subjected to hours of torture by his teachers at an unregistered madrassa in Swat. Read More: Madrassa head arrested after student's death in Swat According to a fellow student, Farhan was locked in a room and repeatedly beaten by three teachers for over five hours. Each reportedly took turns inflicting physical abuse until the boy succumbed to his injuries. Swat District Police Officer (DPO) Mohammad Umar Khan confirmed that ten individuals, including the head of the seminary, have been arrested in connection with the incident. Police say two more suspects remain at large and efforts are underway to apprehend them. The investigation also uncovered signs of physical abuse on several other students. A second case has been filed, and nine additional teachers have been taken into custody. Authorities said that approximately 160 children enrolled at the seminary have been handed back to their families.
Business Recorder
05-07-2025
- Business
- Business Recorder
2nd most valuable listed co: UBL's market cap jumps 6-fold in 2 years
KARACHI: United Bank Limited has officially cemented its position as the second most valuable listed company on the Pakistan Stock Exchange (PSX), marking a significant milestone in its history. This achievement places UBL among an elite group of companies on the exchange. United Bank Limited, a banking company incorporated in Pakistan, is engaged in commercial banking and related services. The bank operates as a subsidiary of Bestway International Holdings Limited, a wholly-owned subsidiary of Bestway Group Limited. According to Muhammad Sohail, CEO of Topline Securities, UBL's market capitalization has experienced an astounding six-fold surge in just two years, leaping from under $0.5 billion to nearly $3 billion. 'What an incredible journey for United Bank Limited (UBL), now the second most valuable listed company on the Pakistan Stock Exchange!' Sohail remarked. This exponential growth, Sohail added, is a clear reflection of robust investor confidence, strong earnings growth, and a successful strategic transformation within Pakistan's banking sector. While UBL celebrates this significant ascent, Oil & Gas Development Company Limited (OGDCL) continues to hold the top spot as the most valuable company on the PSX, boasting a market capitalization of $3.4 billion. Beyond OGDC and UBL, three other companies have also crossed the impressive $2 billion market capitalization mark on the PSX that include Mari Petroleum Company Limited (MARI) with a market cap of $2.7 billion and Meezan Bank Limited (MEBL) holding a market cap of $2.2 billion. Additionally, Fauji Fertilizer Company (FFC) is close behind with a market capitalization of $2.0 billion. Among other listed companies at the Pakistan Stock Exchange (PSX), several stocks boast market capitalizations exceeding $1 billion. Leading the pack is Lucky Cement (LUCK), Pakistan Petroleum Limited (PPL), and MCB Bank Limited (MCB). In the consumer goods sector, Colgate-Palmolive Pakistan (COLG) and Nestle Pakistan (NESTLE) maintain market capitalizations of more than $1 billion. Meanwhile, Pakistan Telecommunication Company Limited (PTC) also crosses the billion-dollar mark with a market capitalization of $1.08 billion. Copyright Business Recorder, 2025
Business Recorder
11-06-2025
- Business
- Business Recorder
Markets cheer tax stability as industry voices concerns
KARACHI: Market analysts shared mixed reactions to the federal budget proposals presented in the National Assembly on Tuesday, with most welcoming its stability for capital markets but expressing concerns about its impact on local industries. While appreciating, the government's decision to maintain current capital gains as a stabilizing force for investor sentiment, market analysts warned that increased taxes on various sectors could stifle growth in local industries, particularly auto manufacturing. Muhammad Sohail, CEO of Topline Securities, termed the budget's unchanged Capital Gains Tax (CGT) and dividend tax rates as a positive development for the stock market. He noted that maintaining the current tax treatment avoids disrupting investor sentiments. Additionally, he highlighted other favourable measures, including the removal of tax exemptions for the FATA/ PATA regions and a reduction in super tax, which could improve corporate profitability. Sohail emphasised that if the budget passes in line with IMF guidelines, it could serve as a catalyst for stock market re-rating, potentially lifting valuation multiples to their historic average of 7 times from the current 4.6 times. The budget also introduced Section 114C, imposing restrictions on non-tax filers. These include limits on purchasing securities above a certain threshold, acquiring vehicles with engines exceeding 850cc, and opening Investor Portfolio Securities (IPS) accounts, except for Asan accounts. Furthermore, the government raised the dividend tax rate to 25 percent for regular payouts and 15 percent for mutual fund distributions. Sheryar Butt, a market analyst at Darson Securities, described the FY26 budget as largely market-friendly, with notable benefits for the fertilizer, banking, cement, and steel sectors. However, he warned that the auto industry could face headwinds due to increased duties and taxes. JS Capital's analysis revealed further tax modifications across asset classes, including an interest income tax hike from 15 percent to 20 percent (excluding National Saving Certificate instruments), maintained 15 percent CGT for equities, and a new 25 percent tax on loan income to encourage equity investments. Research says that the real estate sector will benefit from abolished 7 percent commercial construction excise duty and a proposed federal stamp duty reduction from 4 percent to 1 percent, with provincial adoption anticipated. According to Shahid Ali Habib, CEO of Arif Habib Corporation, the budget maintains the existing capital gain and dividend tax rates. Notably, tax rates for debt mutual funds increased from 15 percent to 25 percent, while equity mutual funds remain at 15 percent. This change favours equity investments, making the stock market a more attractive option. In contrast, Mashood Ali Khan, another commentator, expressed strong reservations, stating that the budget closely mirrors IMF recommendations without addressing structural issues in local manufacturing. He predicted a disastrous year for auto and ancillary industries, leading to a surge in import bills. Experts agree that overall while the budget provides stability for capital markets, its broader economic implications, particularly for manufacturing and auto sectors, remain a point of contention among them. Copyright Business Recorder, 2025
