DNA

Karachi, September 7, 2020: Pakistan Stock Exchange (PSX) held a gong ceremony today to mark the successful book building and listing of Power Holding Limited’s (PHL’s) Rs 200 Bn Pakistan Energy Sukuk II (PES II). The book building process managed by Pakistan Stock Exchange, was a landmark event which concludedon May 19, 2020. The listing of the Sukuk took place on July 28, 2020. The gong striking ceremony was held to formally mark this exciting event of the first ever debt issuance through book building and listing of the said debt issue (PES II) at the Exchange.

The Advisor to Prime Minister on Finance & Revenue, Dr. Abdul Hafeez Shaikh graced the occasion with his presence as the Chief Guest at the event. Also present wereMr. Aamir Khan – Chairman, Securities & Exchange Commission of Pakistan (SECP); Dr. Reza Baqir – Governor, State Bank of Pakistan (SBP); Mr. Sulaiman S. Mehdi – Chairman PSX andMembers of the PSX Board;  Mr. Farrukh H Khan – CEO, PSX;Mr. Arif Usmani – President and CEO, National Bank of Pakistan; Mr. Zain Hussain – CEO, Taurus Securities; Mr. Irfan Siddiqi – President & CEO, Meezan Bank Limited; Dr. Naim Abdullah – Head of Treasury, Dubai Islamic Bank Pakistan Limited; Mr. Atif Bajwa – President & CEO, Bank Alfalah Limited; Mr. Aqeel Karim Dhedhi – Chairman, Pakistan Stock Brokers Association; Mr. Arif Habib & Mr. Jahangir Siddiqi – former Presidents, Karachi Stock Exchange;  businessmen, senior management andother staff members of banks, institutions and aforementionedorganisations.

The gong striking ceremony was an exciting event with the CEO PSX welcoming the guests after which the Chief Guest along with the transaction leads struck the gongbell to open the market. Thereafter, followed the remarks by the SECP Chairman, Mr. Aamir Khan. The Chief Guest on the occasion, Dr Abdul Hafeez Shaikh, Advisor to the PM on Finance & Revenue congratulated the team on bringing the Sukuk Issuance to fruition. He also appreciated the strong performance of the Exchange and congratulated PSX on being named the best performing market in Asia. This is particularly creditable considering the recent challenges faced by Pakistan and Karachi. A prominent part of the event was the distribution of mementos to the stakeholders of the Sukuk transaction by the Chief Guest.  The Chairman of Pakistan Stock Exchange, Mr. Sulaiman S. Mehdi, and the CEO of PSX, Mr.Farrukh Khan, expressed their gratitude to the Chief Guest for his visit by presenting a token of appreciation to the HonourableAdvisor on Finance & Revenue, Dr. Abdul Hafeez Shaikh.

Welcoming the Chief Guest and other guests at the occasion, Mr. Farrukh Khan, CEO PSX, said, “It is an honour for me and all of us at PSX that the HonourableAdvisor on Finance & Revenue, Dr. Abdul Hafeez Shaikh is visiting us to formally mark the listing of PHL’s Pakistan Energy Sukuk II. The competitive book building preceding the listing is a watershed event in itself not only for the Stock Exchange and the capital market of the country, but also for the economy in general”. He further added, “It sets a precedence for other debt listings to engage in the state of the art competitive book building managed by the Stock Exchange, which will enable GOP and private companies to raise capital at the most competitive cost, while providing attractive investment opportunities to investors”.

Speaking at the occasion, Dr. Abdul Hafeez Shaikh, Advisor to PM on Finance & Revenue, said, “I congratulate all the market participants and transaction leads who made the listing of Pakistan Energy Sukuk II a success. It was an excellent team effort of Ministry of Finance Debt Office, SECP, SBP and PSX”. The Advisor further stated, “For the first time the Government raised Rs 200 Bn through Sukuk at less than KIBOR rate, through competitive book building at PSX, saving Rs 18 Bn over 10 years of debt servicing”.

Power Holding Limited’s Pakistan Energy Sukuk II is a Shariah compliant debt instrument which was issued through the competitive book building process managed by Pakistan Stock Exchange. This process allowed for a competitive price discovery and attracting a large number of investors. The success of this process can be gauged from the fact that the issue was over-subscribed by 70% or by about 139 Bn against the targeted amount of Rs 200 Bn. The PHL Sukuk is a debt instrument with 10-year maturity with semi-annual profit payments for investors. It is a 100% SLR eligible government guaranteed security. The Government of Pakistan decided to issue the debt through PSX to improve pricing. PSX offers a state of the art book building mechanism which wasused to determine the cut-off spread (-/+) in basis points (bps) over the 6 month Kibor rate, that the issuer will pay on semi-annual basis to successful investors.

The competitive book building process for PES II helped raise the targeted amount of Rs 200 Bn at a rate less than the Kibor rate, i.e. Kibor minus 10 bps. This translates to an annual interest saving of approximately Rs 1.8 Bn by the GoP as compared to the debt servicing on PES I which was earlier issued as a debt security by PHL. The competitive book building process not only led to more competitive borrowing rates for the GoP but will also lead to greater liquidity and secondary market trading of the Sukuk. This was an all-round commendable effort on part of PSX along with the support and guidance of the SECP, SBP, and the Ministry of Finance. The book runners, NBP and Taurus Securities also did an admirable job of undertaking the large new issue.

DNA

ISLAMABAD, SEPT 7 – PAF observed 7 September as Martyrs’ Day at all PAF Bases throughout the country.The day started with special Du’aa for the Shuhada of 1965 and 1971 wars and those who laid down their lives in action since creation of Pakistan.

Air Chief Marshal Mujahid Anwar Khan, Chief of the Air Staff, Pakistan Air Force was the Chief Guest during a Martyrs’ Day ceremony held at Air Headquarters Islamabad.

Addressing at the occasion, the Air Chief said that on the memorable and historic day of September 7, I pay tribute to all heroes of Pakistan Air Force who stood like a rock against enemy aggression and reduced its nefarious intentions to dust.

He further said that today we salute our martyrs and veterans for their determination, courage and spirit of sacrifice and renew our pledge that we will never allow any harm to our sacred homeland. He added that Pakistan’s valiant armed forces are well versed in protecting our borders and people and are fully capable of defeating the enemy.

Highlighting the current situation in Kashmir, he added that we also express our solidarity with the Kashmiri brothers and sisters who have been fighting against oppression and tyranny for seven decades.To pay homage to the martyrs’, the Air Chief laid floral wreath at the Martyrs’ Monument and offered “Fateha”. Principal Staff Officers, officers, Airmen and PAF civilians attended the ceremony.

Earlier in the day, a wreath laying ceremony was also held at the grave of Pilot Officer Rashid Minhas Shaheed, (Nishan-i-Haider) at Karachi. Air Vice Marshal Ghulam Abbas Ghumman, Air Officer Commanding, Southern Air Command, offered ‘Fateha’ and laid floral wreath at the grave of the Shaheed on behalf of Chief of the Air Staff, Pakistan Air Force.Similar wreath laying ceremonies were also held at the graves of PAF Martyrs’ all over the country.

ISLAMABAD, SEPT 7 /DNA/ – Andrew Forrest, Chairman of Fortescue Metals Group Ltd. Australia, called on Prime Minister Imran Khan.  Fortescue Metals Group Ltd. is a global leader in the iron ore industry, renewable energy and resources sector besides being an active philanthropic organization.

Advisor Commerce Mr. Abdul Razzak Dawood and Chairman BOI Mr. Atif R. Bokhari were also present during the meeting.

Welcoming Mr. Andrew Forrest to Pakistan, the Prime Minister highlighted economic recovery of the country in the aftermath of COVID-19 pandemic and investment friendly policies being pursued by the present government. The Prime Minister underscored Government’s strategy to contain spread of virus through smart lockdowns and simultaneously reaching out to the millions of poor through Government’s flagship Ehsaas Program.

Mr. Andrew Forrest appreciated the strategy adopted by the Government of Pakistan in dealing with the pandemic. He expressed keen interest of Fortescue Metals Group Ltd. in making investment in renewable energy sector and green industry. He expressed the hope that the investment by Fortescue Group would result in creation of employment opportunities for the local community and introduction of new technology solutions for a host of industries.

The Prime Minister appreciated the interest of Fortescue Group in Pakistan and assured all possible facilitation in undertaking business ventures in the country.

LAHORE : The National Accountability Bureau (NAB) has decided to shut Lahore Development Authority corruption case inquiry against former LDA director general Ahad Cheema and others.

The decision was made by DG NAB Lahore while chairing a regional board meeting. The NAB has contacted the accountability court to shut the case.

According to NAB, the LDA Cty has ensured provision of plots to the affectees.

Cheema was arrested on February 21, 2018over charges of misusing his authority by awarding Ashiana Housing contract worth Rs14 billion to Lahore Casa Developers, that was ineligible for the contract.
According to anti-graft watchdog, Cheema possesses assets worth Rs 600 million and had failed to satisfy the accountability bureau regarding his sources of income.

Earlier this year, the Lahore High Court had granted bail to the former director-general of the Lahore Development Authority (LDA) Ahad Cheema in LDA City case.

A two-member bench of the high court headed by Justice Muhammad Tariq Abbasi heard the case.

Advocate Azam Nazir Tarar had argued before the bench that the petitioner had been behind the bars for the last 23 months and the NAB failed to file reference against him.

The prosecutor had also said that the NAB has no objection if the court grants Ahad Cheema bail.

LAHORE : An accountability court in Lahore on Monday indicted ex-PM Nawaz Sharif’s principal secretary Fawad Hassan Fawad and three members of his family in assets beyond means case.

Accountability Judge Muhammad Akmal read out charges to Fawad, Rubab Hassan, Waqar Hassan, and Anjum Hassan. They denied the charges and opted to contest them.

The court issued notices to prosecution witnesses to appear in personal capacity to record their testimonies. Fawad was the principal secretary of former prime minister Nawaz Sharif.

Earlier this year, the Lahore High Court (LHC) had granted bail to Fawad Hassan Fawad in the assets case against Rs10 million surety bond. His counsel Amjad Pervaiz in his arguments before a two-member bench of the high court headed by Justice Ali Baqar Najafi, had said that his client was arrested without any justification in the assets beyond means reference.

He said the NAB has failed to present any evidence in support of its charges against his client.

The counsel argued that the NAB had earlier claimed that Fawad Hassan Fawad is the owner of a plaza worth five billion rupees, “now it is claiming that the accused person’s family owns assets worth Rs. 1.08 billion”.

“The bureau is now alleging that the property in the name of his wife and brother are benami assets”, counsel said.