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Business Recorder
6 days ago
- Business
- Business Recorder
PACRA makes debut on PSX GEM Board with oversubscribed IPO
KARACHI: In a landmark development for Pakistan's capital market, the Pakistan Credit Rating Agency Limited (PACRA) officially listed on the Pakistan Stock Exchange's (PSX) Growth Enterprise Market (GEM) Board on Monday. The occasion was marked by a gong ceremony held in Lahore, a move reflecting the Exchange's strategy to engage regional business communities by hosting listing events in the cities where companies are based. The ceremony was attended by senior officials from PSX, the Securities and Exchange Commission of Pakistan (SECP), PACRA, transaction advisors LSE Capital Limited, IEL, and other dignitaries. Welcoming guests, PSX Chief Executive Officer Farrukh H Sabzwari underscored the Exchange's efforts to broaden capital market access for businesses across the country. 'I'm here today not just to mark PACRA's important milestone, but to reinforce our commitment to expanding listing awareness at the grassroots level and to continue the practice of hosting listing ceremonies in the regions where companies operate,' he remarked. Sabzwari further highlighted the resounding success of PACRA's Initial Public Offering (IPO), which raised PKR 396.239 million, surpassing its target and receiving subscriptions exceeding four times the offered shares. He noted that the overwhelming investor response reflected growing confidence in both the capital market's evolving ecosystem and PACRA's standing as a trusted ratings institution. 'This success speaks volumes about the credibility of the PSX platform and the trust investors place in companies accessing capital through it,' Sabzwari added. He also announced that PSX plans to hold an IPO roundtable in Peshawar as part of its broader effort to promote listings among regional businesses and SMEs. PACRA's listing marks the seventh addition to the PSX GEM Board, which was established as a dedicated platform for small and medium enterprises (SMEs) and growth-stage companies, offering a cost-effective and streamlined route for raising capital from the market. Expressing pride on the occasion, PACRA CEO Usman Haider called the listing a defining moment in the company's three-decade history. 'For almost 30 years, PACRA has been a trusted partner in Pakistan's capital markets, providing independent credit ratings and insights that foster transparency, investor confidence, and informed decision-making,' Haider stated. He added that becoming a listed company will introduce a new chapter of greater accountability, wider stakeholder engagement, and an even higher commitment to excellence. Tariq Jamil, Chairman of PACRA, echoed the sentiment, describing the GEM Board as a forward-looking initiative vital for growth-oriented institutions. 'We sincerely appreciate the efforts of PSX and SECP in facilitating institutions of our size and ambition, providing them with access to capital markets and the tools to fuel expansion,' Jamil remarked. The IPO's oversubscription by over four times was seen as a significant endorsement of PACRA's credibility and market reputation. Usman Haider extended special gratitude to the PACRA team, Board of Directors, Rating Committee members, and regulatory authorities for their support. 'This milestone is a testament to the commitment, professionalism, and vision of everyone associated with PACRA.' He also acknowledged the critical role of the SECP and the State Bank of Pakistan in shaping the country's credit rating industry through their regulatory oversight. 'We are sincerely grateful for their wisdom and foresight in guiding the sector's evolution,' Haider added. Copyright Business Recorder, 2025
Express Tribune
25-02-2025
- Entertainment
- Express Tribune
Watch: Behroze Sabzwari Believes 'the Girl And Her Family Are Responsible' For Most Divorces
Behroze Sabzwari is a renowned Pakistani actor, beloved for his powerful roles in iconic dramas such as Khuda Ki Basti, Tanhayan, Zindagi Gulzar Hai, and Humsafar. His iconic characters, like Nosha and Qabacha, have etched him as one of the most respected figures in the entertainment industry. With his impeccable acting skills, Sabzwari has built a career spanning decades, constantly earning accolades for his performances. His opinions on societal issues are as vocal as his career, never shying away from expressing his views. Recently, Sabzwari appeared on Madeha Naqvi's morning show, Subh Ka Samaa, along with his wife Safeena Sheikh. The topic of the increasing divorce rates was raised, with the host mentioning how these separations have become painful for parents. She posed the question to the couple, seeking their perspective on the matter. While Safeena Sheikh responded diplomatically, emphasizing miscommunication and differences in expectations as the main causes behind misunderstandings leading to divorce, Behroze Sabzwari took a more direct approach. He boldly claimed that the rising divorce rate is a result of girls being overly pampered by their families. 'I attend elaborate wedding events with a budget of 20 crores, yet they don't last even a few months or days. The situation in marriages nowadays has changed. Parents pamper their daughters excessively, telling them, 'Don't worry, live like a queen; we've spent ten crores on your wedding,'' he remarked sarcastically. According to Sabzwari, this overindulgence leads to an inflated sense of entitlement. He pointed out that these young women, who are treated like royalty by their parents, often carry the belief that they can make all the decisions once they marry. He further explained, 'As a result, she starts seeing herself as a queen who makes all the decisions. However, no matter how modern her husband is, he is ultimately the son of his parents. The parents of girls and girls are responsible for divorces.' Is this truly the only reason? This sharp observation left many to ponder if familial expectations are at the root of many failed marriages. Safina, on the other hand, expressed the importance of simplicity, advocating for simple Nikah ceremonies over extravagant weddings to avoid unnecessary pressures. Sabzwari also remarked that many young people today are choosing love marriages or what he refers to as "infatuation," only to realize that the reality of married life is quite different once the honeymoon phase is over. It's important to note that Behroze Sabzwari's son, Shehroze Sabzwari, also a well-known actor in Pakistan, was previously married to actress Syra Yousuf. Their marriage lasted for eight years, and they share a daughter together. Shehroze is now married to model Sadaf Kanwal, which naturally adds a layer of intrigue to the conversation. Some may wonder whether there's an underlying connection between Behroze's strong statements on divorce and his son's own relationship history. Is there some shade being thrown here?
