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  • Fast Cables Limited Completes Plant Expansion Using IPO Proceeds

    Fast Cables Limited Completes Plant Expansion Using IPO Proceeds

    PAKISTAN

    Fast Cables Limited has announced the successful completion of a major expansion of plant and machinery at its manufacturing facility, financed through proceeds raised from the Company’s Initial Public Offering (IPO).

    According to the company’s statement, the expansion has significantly enhanced production capacity and led to the induction of advanced, state-of-the-art machinery. The upgraded facility is expected to improve operational efficiency, product quality, and optimize production and delivery timelines.

    With the expanded plant now fully operational, Fast Cables Limited said it is better positioned to meet growing market demand with increased speed and reliability. The company believes the expansion will strengthen its competitive standing in the domestic market while also enabling it to capture new opportunities.

    Management stated that the strategic deployment of IPO proceeds reflects its commitment to long-term growth and value creation. The improved manufacturing capabilities are expected to support sustainable performance and reinforce stakeholder confidence.

    Industry observers view the development as a positive milestone, particularly at a time when demand for electrical cables and infrastructure-related products continues to grow amid construction and energy sector expansion.

    Fast Cables Limited is one of Pakistan’s leading manufacturers of electrical cables and conductors. The company produces a wide range of products, including power cables, control cables, and building wires, catering to industrial, commercial, and residential sectors.

    With a focus on quality, innovation, and compliance with international standards, the company has built a strong reputation in the local market. Its recent expansion underscores its strategy to modernize production facilities and strengthen its position in Pakistan’s growing infrastructure and energy landscape. – ER News Desk

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  • Chemical Manufacturers Raise Sector Concerns; Minister Assures Policy Review

    Chemical Manufacturers Raise Sector Concerns; Minister Assures Policy Review

    PAKISTAN

    A delegation of the Pakistan Chemical Manufacturers Association (PCMA) presented its concerns regarding the performance of the country’s chemical sector, underscoring the growing challenges confronting local manufacturers. The Chairman highlighted that rising energy costs, financing constraints, tariff rationalization measures, and regulatory inefficiencies have placed significant pressure on domestic producers.

    The delegation noted that high electricity and gas tariffs, coupled with elevated borrowing costs, have eroded the sector’s competitiveness. They further pointed out that certain raw materials are being imported at low or zero duty without corresponding downstream export growth. According to PCMA representatives, this trend weakens domestic value addition and discourages local industry by favoring imports over indigenous manufacturing.

    In response, the Federal Minister acknowledged the concerns raised by the delegation and assured them that the government is committed to strengthening local industry. He stated that the issues related to energy pricing and tariff anomalies would be reviewed in consultation with relevant ministries and regulators.

    The Minister emphasized that the government’s broader economic reform agenda aims to promote industrial growth, enhance export competitiveness, and create a level playing field for domestic manufacturers. He also assured the delegation that efforts are underway to streamline regulatory processes and improve ease of doing business.

    Reiterating the importance of the chemical sector in supporting downstream industries, the Minister welcomed continued dialogue with PCMA and stressed that sustainable industrial development requires close coordination between policymakers and industry stakeholders.

    ER News Desk

  • Samba Bank Limited Board Appoints Rashid Jahangir as President & CEO

    Samba Bank Limited Board Appoints Rashid Jahangir as President & CEO

    PAKISTAN

    Samba Bank Limited (SBL) has informed the Pakistan Stock Exchange (PSX) that its Board of Directors has approved the appointment of Mr. Rashid Jahangir as President and Chief Executive Officer of the bank.

    The decision was taken during the 133rd meeting of the Board of Directors held on February 17, 2026. Mr. Jahangir, who has been serving as Acting President & CEO, will now assume the role on a full-time basis.

    The appointment is subject to approval from the State Bank of Pakistan (SBP) and compliance with all applicable laws, rules, and regulatory requirements.

    The bank did not disclose further details regarding the tenure of the appointment. However, the move signals continuity in leadership at Samba Bank, as Mr. Jahangir transitions from his interim role to permanently head the institution.

    Market observers view the appointment as a step toward maintaining strategic stability and operational consistency within the bank, pending regulatory clearance from the central bank.

    ER News Desk

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  • FBR Signs Training Agreement with LUMS for Officer Certification Program

    FBR Signs Training Agreement with LUMS for Officer Certification Program

    PAKISTAN

    The Federal Board of Revenue (FBR) has signed a contract with the Lahore University of Management Sciences (LUMS) to deliver customized professional certification programs for its officers, marking a significant step in strengthening institutional capacity and modernization efforts.

    The signing ceremony was attended by Chairman FBR, Member (Admin/HR), Member IR-Operations, Member Customs-Operations, Directors General of the Inland Revenue Service and Customs Academies, along with other senior FBR officials. Representing LUMS were the Dean of the Suleman Dawood School of Business and the Associate Dean of the Rausing Executive Development Centre.

    Under the certification initiative, officers from both Inland Revenue and Pakistan Customs Services will undergo three-week intensive programs focused on technical areas critical to modern tax and customs administration. These areas include artificial intelligence, data science, revenue forecasting, customs valuation, advanced audit strategies, supply chain management, trade facilitation, and accounting.

    All BS-17 and BS-18 officers will be required to complete two mandatory certifications. Each course will feature three weeks of in-person instruction, hands-on laboratory sessions, and proctored examinations to ensure rigorous assessment standards.

    The initiative forms part of FBR’s broader transformation plan and builds upon the successful launch of a nine-month Postgraduate Diploma program for newly inducted officers at LUMS. Officials noted that the collaboration reflects FBR’s continued commitment to developing a modern, future-ready tax administration through sustained investment in human resource development. – ER News Desk

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  • Oil and Gas Development Company Boosts Output at Kal-03 Well to 750 BPD

    Oil and Gas Development Company Boosts Output at Kal-03 Well to 750 BPD

    PAKISTAN

    Oil and Gas Development Company Limited (OGDCL) has informed the Pakistan Stock Exchange (PSX) that it has significantly enhanced oil production from its Kal-03 well, located in District Chakwal, following a successful workover operation.

    According to the company’s disclosure, prior to the intervention, the well was producing approximately 50 barrels of oil per day (BPD) under natural flow conditions. After carrying out a planned workover—comprising Multistage Physico-Chemical (MPC) treatment and installation of an Electric Submersible Pump (ESP)—production has surged to 750 BPD.

    OGDCL stated that the initiative is part of its ongoing production optimization program aimed at sustaining and enhancing output from mature oil and gas fields. The company continues to focus on deploying advanced technologies and cost-effective interventions to maximize recovery and improve operational efficiency.

    The increase in output from the Kal-03 well is expected to contribute positively to the company’s overall production portfolio and support national energy supplies.

    ER News Desk

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  • Federation of Pakistan Chambers of Commerce & Industry Welcomes Reduction in Sindh Infrastructure Cess

    Federation of Pakistan Chambers of Commerce & Industry Welcomes Reduction in Sindh Infrastructure Cess

    PAKISTAN

    By Abdullah Solangi

    At a press conference held at Federation House, Karachi, the President of the Federation of Pakistan Chambers of Commerce & Industry (FPCCI), Atif Ikram Sheikh, welcomed the Sindh government’s decision to reduce the Sindh Infrastructure Cess from 1.85 percent to a range of 0.80 percent to 0.85 percent.

    Describing the development as a “major relief” for the business community, Atif Ikram Sheikh said the reduction would lower the annual cost of doing business by approximately $700 million. He termed the move a historic breakthrough, stating that FPCCI had successfully resolved a 20-year-old issue through sustained efforts and negotiations.

    He further announced that the Infrastructure Cess has been abolished on the Export Facilitation (EF) Scheme, providing additional relief to exporters. According to him, FPCCI’s long struggle has finally borne fruit, bringing substantial financial relief to traders and industrialists across the country.

    Court Cases and Payment Structure

    Senior Vice President of FPCCI, Saquib Fayyaz Magoon, highlighted that the business community currently faces court cases amounting to approximately Rs350 billion under the Sindh Infrastructure Development Cess.

    He explained that traders opting to withdraw their cases would be required to pay 15 percent of the outstanding amount by July 31, 2025, another 15 percent by October 31, 2026, and a further 15 percent by July 31, 2027.

    Magoon added that a one percent reduction in the cess would significantly ease the financial burden on importers and improve overall trade competitiveness.

    Long-Term Payment Plan and Port Efficiency

    Regional Chairman Sindh and Vice President FPCCI, Abdul Mohaimin Khan, thanked Sindh government officials, including Mukesh Kumar Chawla, Zia-ul-Hassan Lanjar, and Murtaza Wahab, for facilitating the reduction in the cess.

    He stated that after paying 45% of dues within one and a half years, the remaining 55 percent would be payable over a 12-year period from 2028 to 2040. According to him, this step would accelerate cargo clearance processes at ports and reduce associated costs.

    Vice President FPCCI Asif Sakhi expressed hope that the Sindh government would continue to introduce business-friendly measures to support industry and trade.

    He clarified that the new cess rate would be 0.85% for traders with pending court cases, while those without litigation would be charged a reduced rate of 0.80 percent.

    FPCCI officials termed the decision a landmark development aimed at improving the ease of doing business and strengthening economic activity in Sindh and across Pakistan.

  • Engineering Review | February 16-28, 2026

    Engineering Review | February 16-28, 2026

  • PIA: Arif Habib Consortium Announces Plan to Acquire Remaining 25 PC Govt. Stake

    PIA: Arif Habib Consortium Announces Plan to Acquire Remaining 25 PC Govt. Stake

    PAKISTAN

    The consortium led by Arif Habib Group has announced its intention to acquire the remaining 25 percent stake held by the Government of Pakistan in Pakistan International Airlines (PIA), a move that would give it full ownership and control of the national carrier.

    Speaking to a British media outlet, Shahid Ali Habib, Chief Executive Officer of Arif Habib Limited, said the consortium has decided to proceed with the purchase of the outstanding shares. He stated that a formal decision is expected in April, with payment to be completed within the following 12 months.

    According to Habib, once 100 percent ownership is secured, PIA will operate entirely as a private entity, free from government-nominated board members and direct state control.

    In December last year, the Arif Habib-led consortium acquired 75 percent of PIA’s shares for Rs135 billion. The government’s privatization initiative aims to restructure the loss-making airline, expand its fleet, and improve passenger services to restore profitability.

    Following the initial 75 percent sale, the government granted the consortium a 90-day window to exercise its option to acquire the remaining 25 percent stake, valued at approximately Rs45 billion. The deadline for this decision falls at the end of April. Under the agreement finalized in January, the consortium has a 12-month period to complete the financial settlement, making the transaction operationally viable.

    The successful consortium comprises Fatima Fertilizer Company Limited (34.1 percent), Fauji Fertilizer Company Limited (33.9 percent), Lake City (16 percent), and a partnership between The City School and AKD Group (16 percent).

    Habib noted that the airline’s turnaround strategy focuses on improving staff performance, upgrading ticketing systems, and enhancing safety and security standards. He emphasized that under full private ownership, PIA will be positioned to modernize operations and deliver improved services to passengers. – ERMD

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  • Service Industries Announces us$80 Million PCR Tyre Project Through Subsidiary

    Service Industries Announces us$80 Million PCR Tyre Project Through Subsidiary

    PAKISTAN

    Service Industries Limited (SIL) has informed the Pakistan Stock Exchange (PSX) that the Board of Directors of its subsidiary/associated company, Service Long March Tyres Limited (SLM), has approved the establishment of a Passenger Car Radial (PCR) tyre manufacturing project in Pakistan.

    According to the notification, the new project will be set up at SLM’s existing manufacturing facility in Nooriabad, Sindh. The Board has approved an investment of US$80 million for the project.

    The company stated that the planned PCR tyre manufacturing unit will cater to both domestic and export markets, reflecting the group’s strategy to expand its footprint in the automotive tyre segment and strengthen Pakistan’s local manufacturing base.

    Service Industries Limited is one of Pakistan’s leading conglomerates, with diversified operations spanning footwear manufacturing and retail, tyre production, and related industrial ventures. The company owns well-known footwear brands and operates an extensive retail network across Pakistan.

    Through its tyre manufacturing arm, including Service Long March Tyres Limited, SIL has established a strong presence in the truck and bus radial (TBR) tyre segment. The newly approved Passenger Car Radial (PCR) project marks a strategic expansion into the passenger vehicle tyre market.

    With a focus on innovation, quality, and export growth, Service Industries Limited continues to play a prominent role in Pakistan’s manufacturing and industrial development.

    ER News Desk

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  • Fauji Cement , Kot Addu Power Announce Public Offer to Acquire Additional Stake in Attock Cement

    Fauji Cement , Kot Addu Power Announce Public Offer to Acquire Additional Stake in Attock Cement

    PAKISTAN

    Fauji Cement Company Limited (FCCL) and Kot Addu Power Company Limited (KAPCO) have announced a public offer to acquire up to 10,950,306 ordinary shares, representing approximately 7.97% of the total issued and paid-up capital of Attock Cement Pakistan Limited (ACPL).

    According to separate notices submitted to the Pakistan Stock Exchange (PSX), the offer is being made jointly by FCCL and KAPCO under the provisions of the Securities Act, 2015, and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017.

    The public offer forms part of a broader transaction aimed at acquiring joint control of Attock Cement. Last month, FCCL and KAPCO entered into a Sale and Purchase Agreement (SPA) with Pharaon Investment Group Limited Holding S.A.L for the acquisition of 84.06% of ACPL’s total issued and paid-up share capital.

    Under the SPA, Fauji Cement will acquire 57.76 million ordinary shares, equivalent to 42.03% of ACPL’s paid-up capital, while KAPCO will purchase an equal number of shares, representing another 42.03%, at an adjusted price of Rs330.41 per share.

    In addition, through the public offer, each of the joint acquirers intends to purchase a further 3.98% stake at the same price of Rs330.41 per share. If fully subscribed, the combined shareholding of FCCL and KAPCO could rise to nearly 92%.

    The total estimated payout under the public offer, assuming full acceptance, stands at approximately Rs3.62 billion.

    In its notice, FCCL stated that both FCCL and Attock Cement are primarily engaged in the manufacturing and sale of different types of cement. The acquisition is described as strategically beneficial for FCCL, as it strengthens its portfolio in the cement sector and complements its existing investments and nationwide presence.

    The transaction is also expected to enable FCCL to expand its footprint in the cement industry. Meanwhile, for KAPCO, the acquisition represents an entry into the cement sector, allowing the power producer to diversify and broaden the range of sectors in which it has investments.

    According to the public announcement, Attock Cement will continue to operate in the ordinary course of business and will remain listed on the Pakistan Stock Exchange.

    The company further stated that, in line with Regulation 7(5) of the Takeover Regulations, additional documents and information are being submitted separately to the Securities and Exchange Commission of Pakistan (SECP). A copy of the public offer announcement will be published in the newspapers Nawa-i-Waqt and The Nation within five days of the announcement. – ER News Desk

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