Pakistani meat exporter to UAE receives Rs 1.4bn in bids in first phase of IPO
The company will use Rs 800 million raised through the public offering to set up new processing facilities, says CEO of The Organic Meat Company Limited
After serving markets in the Middle East, it now plans to export products to China, Russia and the Far East
Updated 07 July 2020
Khurshid Ahmed
KARACHI: The Organic Meat Company Limited (TOMCL), a major halal meat exporter to the United Arab Emirates (UAE) and Saudi Arabia, received an overwhelming response from investors seeking to benefit from its initial public offering at the Pakistan Stock Exchange on Tuesday.
During the book building process, the company received Rs 1.4 billion of bids since the overall investor interest went up to 68.1 million shares while only 40 million were offered by the company.
“The strike price of the issue was Rs 20, which was Rs 2 higher than the floor price that amounted to Rs 18 per share,” Topline Securities, the IPO adviser, said in a statement.
“Despite the economic impact of the coronavirus pandemic, investor response was much better than our expectations,” Muhammad Sohail, CEO of Topline Securities, told Arab News.
“The IPO signaled there is enough liquidity in the capital market for companies with quality shares, right prices and good management,” he continued. “Even in such a difficult economic situation, leading local and foreign investors, along with high net worth individuals, participated in the bidding.”
According to the management of the meat company, the process will help the organization generate Rs 800 million through this offering of 40 million shares which constitute 35.8 percent of the total shareholding.
“The proceeds will be utilized to set up two new facilities to process offal in Karachi. The first facility will be set up in Qur’angi for locally procured raw offal while the second will be set up in the export processing zone [of Port Qasim] to process imported raw offal for export purposes,” Faisal Husain, CEO and founder of the organic meat company, told Arab News. “We plan to focus on markets in the Far East with these offal processing facilities.”
The company exports raw lamb, goat, sheep, cow, buffalo and bull meat to customers around the world with a major focus on the UAE and Saudi Arabia. Its post-COVID-19 exports from Pakistan stands at $3.9 million of which $3.7 million worth of products have been exported to the UAE while $62,615 worth of meat has been taken to the kingdom, the organization’s export data between March 21 and May 31, 2020, reveal.
“At present, 95 percent of our products are going to the two Arab states amid the pandemic. But even otherwise, 50 to 75 percent of our exports are earmarked for the UAE. During the last four months, our complete focus has been on the Middle East,” Hussain said.
He also sounded optimistic that Pakistan could increase its market share in the Middle East and give a tough competition to Indian businesses. “We have greater export capacity and better variety than India since our eastern neighbor only exports buffalo meat,” he said.
The Pakistani meat company is the only sector player in the country allowed to export to the UAE and KSA via sea routes. This significantly lowers its transportation cost in comparison to its competitors and ensures greater market access and penetration.
Last year, the firm witnessed a major increase in the export of vacuum packed chilled beef and fresh chilled meat to the UAE and Saudi Arabia. It also started selling frozen beef cubes to Maldives in big numbers.
The company now plans to expand its export base by adding China, Russia and other states in the region. Based on its existing relationships with Chinese meat importers, it hopes to become the first Pakistani company to sell meat in China.
“China is such a big market that it can probably consume the entire production in our country. It is the biggest importer and producer of beef in the world. The government is currently working to create a conducive business environment for firms like us by removing some of the trade hurdles. We are half way through and hope to enter that market within a year.”
ISLAMABAD: Pakistan on Thursday distanced itself from the issue of the extradition to India of Tahawwur Hussain Rana, a suspect in the 2008 Mumbai terror attacks, saying he was a Canadian national who had not renewed his Pakistani origin documents in the past two decades.
New Delhi accuses Rana, 64, of being a member of the Pakistan-based Lashkar-e-Taiba (LeT), or the Army of the Pure, a group blamed by India and the United States for the four-day Mumbai siege in which 160 people, including Americans and other foreigners, were killed in 2008. Rana is accused of assisting his friend David Coleman Headley who was sentenced to 35 years in a US prison after pleading guilty to aiding LeT militants and scouting target locations in Mumbai.
Pakistan has always denied official complicity in the Mumbai attacks.
“On the Tahawwur Rana issue, we have conveyed our position regarding his Canadian nationality,” Foreign Office spokesperson Shafqat Ali Khan said in reply to a question during a weekly media briefing.
“As far as our record indicates, he did not even apply for renewal for his Pakistani origin documents for the last two decades …I reiterate the position that we will give further updates in due course.”
In February, US President Donald Trump announced the extradition of Rana, calling him “one of the very evil people in the world.”
The US Supreme Court rejected Rana’s plea in February to remain in the country, where he was serving a sentence for planning another LeT-linked attack.
According to a Reuters report, Rana, a former Pakistan Army doctor, immigrated to Canada in 1997 before moving to Chicago to set up businesses. He was arrested by US authorities in 2009, a year after the Mumbai attacks.
In 2013, a US court acquitted him of conspiring in the Mumbai attacks but sentenced him to 14 years for plotting an attack on the Jyllands-Posten newspaper office in Denmark, which had published blasphemous caricatures of the Holy Prophet (Peace Be Upon Him).
Media has reported that Rana and Headley knew each other from boarding school days in Pakistan. Headley testified as a witness at Rana’s trial, claiming he used Rana’s immigration services business as a cover to scout targets in India.
Rana admitted to visiting Mumbai before the attacks and staying at the luxury Taj Mahal Palace Hotel, which became the focal point of the deadly siege. However, he denied any involvement in the conspiracy.
Pakistan to seek fresh bids for national airline, says adviser
Pakistan has been looking to offload a 51-100% stake in debt-ridden PIA
Attempt to privatize PIA last year fell flat when Pakistan got only one bid
Updated 59 min 42 sec ago
Reuters
ISLAMABAD: The Pakistani government will seek fresh expressions of interest for the sale of Pakistan International Airlines later this month, a government adviser said on Thursday, two days after PIA reported its first annual profit in over two decades.
Pakistan has been looking to offload a 51-100 percent stake in debt-ridden PIA, part of an effort to raise funds and reform cash-bleeding state-owned enterprises as envisaged under a $7 billion International Monetary Fund program.
However, Islamabad’s attempt to privatize PIA last year fell flat when it received only a single offer, well below the asking price of more than $300 million.
Pakistan has offloaded almost all of the national carrier’s legacy debt and shifted it to government books after bidders raised issues that had led to the failed attempt, according to the privatization ministry.
“In our last attempt to privatise PIA, pre-qualified bidders had some issues with taxation and the balance sheet. Those are taken care of now,” Muhammad Ali, government adviser on privatization, told Reuters. “We plan to publish the new Expression of Interest (EoI) by the last week of April 2025,” he said.
The government plans to complete the airline’s privatization before the end of this year.
“We are also revising the pre-qualification criteria,” he said, adding that the reference price could also be revised keeping in view the latest accounts and changes in the balance sheet.
Prime Minister Shehbaz Sharif last year announced plans to sell all SOEs.
The adviser said that the process to privatise power distribution companies had also started, terming it a “high priority transaction.”
He said some companies previously due to be sold in the second phase were being pushed into the first phase.
The adviser said the government had appointed Jones Lang LaSalle to advise on exploring different sales options for the PIA-owned Roosevelt hotel building in Manhattan, New York. They include selling the building as it is or opting for a joint venture with a top tier developer, which has the potential to generate proceeds five times higher, Ali said.
KARACHI: Pakistan International Airlines expects to attract “more favorable valuation” from investors after the national carrier posted an annual profit for the first time in more than two decades ahead of a second attempt by the government to sell the airline, CEO Amir Hayat said this week.
Islamabad’s attempt to privatize PIA last year fell flat when it received only a single offer, well below the asking price of more than $300 million. The cash-strapped government of Prime Minister Shehbaz Sharif is struggling to privatize several loss-making public enterprises, including PIA, as part of conditions under a $7 billion International Monetary Fund’s loan program approved last year.
This week, PIA reported Rs9.2 billion ($33.1 million) earnings from its operations last year ended December and made a net profit of Rs26.2 billion ($93.3 million) in 2024, a development described by analysts as “good optics” for the privatization push.
“This landmark operational profit of 26 billion rupees fundamentally strengthens PIA’s position in the context of the government’s privatization plan,” Hayat told Arab News in a written response to questions.
“It demonstrates the inherent value and turnaround potential of the airline, making it a significantly more attractive proposition for potential investors.”
He said the results would positively influence investor confidence and potentially lead to a “more favorable valuation” during the privatization process.
Pakistan had offloaded nearly 80 percent of the airline’s legacy debt and shifted it to government books ahead of the privatization attempt. The rest of the debt was also cleaned out of the airline’s accounts after the failed sale attempt to make it more attractive to potential buyers, according to the country’s privatization ministry.
The airline has for years survived on government bailouts as its operational earnings were eaten up by debt servicing costs.
Officials say offloading the debt burden and recent reforms like shedding staff, exiting unprofitable routes and other cost-cutting measures led to the profitable year.
Hayat said the latest profit was because of “a comprehensive reforms program” executed over the past few years.
“Key drivers include maintaining strict financial discipline by implementing stringent cost control measures across the board, scrutinizing every expense, creating operational efficiencies in every aspect of flight operations, reducing ground times, and enhancing fuel efficiency,” Hayat said.
Other measures included route optimization by curtailing non-productive routes and capitalizing on profitable ones, and revenue enhancement by creating opportunities in neglected segments such as cargo, ancillary sales and codeshares and alliance partnerships.
“We view this profit not as a one-off anomaly, but as the foundational result of deep, structural changes within the airline,” Hayat added.
While the aviation industry remained vulnerable to external variables like fuel prices and geopolitical factors, PIA had developed internal mechanisms that provided a “strong basis for continued positive performance.”
“Our clear intent and strategy are geared toward maintaining profitability moving forward and our budget for 2025 is already planned on net profitability,” the PIA CEO said.
Muhammed Sohail, the chief executive officer at Topline Securities, said the latest profits would provide “good optics to attract more investors” to buy the airline.
Ahead of the attempt to sell the airline last year, PIA had faced threats of being shut down, with planes impounded at international airports over its failure to pay bills and flights canceled due to a shortage of funds to pay for fuel or spare parts.
ISLAMABAD: The Pakistan Foreign Office said on Thursday the country was seeking details from its missions in the United States regarding reports about the cancelation of visas of Pakistani students, assuring that the embassy would provide full assistance to those affected.
The President Donald Trump administration has revoked hundreds of international student visas across the country, setting off a desperate scramble for them to leave the United States within days. Universities have reported some students being forced to leave immediately, in many cases after discovering their visas were canceled in the federal Student Exchange and Visitor Information System or via an unexpected text or email.
Immigration experts say they have never seen the US federal government make such sweeping changes to the ordinarily low-profile process of hosting international students. The National Immigration Project is challenging the visa cancelations, which have affected students in California, Colorado, Kentucky, Ohio, Michigan, Massachusetts and Florida, among others.
Social media reports suggest Pakistani students are also among those who have faced visa cancelations.
“About the student visa cancelation, we are seeking these details from our missions in the US and will respond accordingly,” foreign office spokesperson Shafqat Ali Khan told reporters at a weekly press briefing.
“Our missions will continue to provide full support and assistance to the affected Pakistani students if any by engaging with the relevant US agencies,” he added.
According to a tracker maintained by Inside Higher Ed, an American online publication of news, opinion, resources, events and jobs in the higher education sphere, more than 80 universities across the country have reported visa cancelations affecting both students and faculty.
Some of the cancelations appear to be connected to things as minor as roommate disputes or off-campus traffic tickets, university officials have said, while others appear to be connected to pro-Palestinian protest participation.
US Secretary of State Marco Rubio disclosed last month that over 300 visas had been annulled, stating that the focus was on individuals allegedly involved in activities deemed contrary to American national interests.
Earlier this week, the US Educational Foundation in Pakistan (USEFP) announced that the US Department of State has discontinued its Global Undergraduate (Global UGRAD) exchange program for Pakistani students after 15 years.
The move is part of Trump’s broader aid cuts aimed at pressuring governments to align with US foreign policy. The cuts have affected various food, education, medical and cultural exchange programs.
“The recent discontinuation of the global undergraduate exchange program between Pakistan and the United States marked the end of a 15-year initiative that played a pivotal role in the academic and cultural enrichment of thousands of Pakistani students,” the FO spokesperson said.
“We believe that student exchange programs play an important role in strengthening bilateral relations by focusing on education, scientific and technological collaboration, and more importantly people-to-people contact.”
Excitement and caution as 2025 Pakistan Super League begins tomorrow
Islamabad United, defending champions and most successful franchise in PSL history with three titles, will face-off against Lahore Qalandars
Hosting the ICC Champions Trophy in an already crowded cricket calendar has squeezed PSL into a direct clash with the Indian Premier League
Updated 10 April 2025
Azeem Rafiq
DUBAI: The 10th edition of the Pakistan Super League is set to open in Rawalpindi on April 11. Islamabad United, defending champions and the most successful franchise in PSL history with three titles, will face-off against the Lahore Qalandars. Sadly, it has been hard to ignore the off-field issues which have overshadowed the anticipatory excitement.
The PSL finds itself at a crossroads. Hosting the ICC Champions Trophy in an already crowded cricket calendar has squeezed it into a direct clash with the Indian Premier League. This scheduling challenge has affected the build-up and player availability.
While Pakistan Cricket Board CEO Salman Naseer has remained optimistic, the situation is acute. The PSL is striving to carve out its identity amid the growing sea of franchise leagues around the world. Once regarded as the second-best franchise tournament, it now faces fierce competition for the status.
Against that background Pakistan’s cricket remains fractured, with political instability and infighting within the board making the headlines. In a recent podcast, Multan Sultans owner Ali Khan Tareen, publicly criticized the PCB and the PSL’s management for “embracing mediocrity,” further highlighting the divisions within the sport. If the PSL is to overcome these hurdles and thrive, it will need everyone to unite for its future.
Another obstacle facing the PSL is player drain. Apart from the concurrently running IPL, the England and Wales Cricket Board has adopted a harder line toward releasing its contracted players for overseas tournaments during the English season. This means many top overseas stars are tied to either the IPL or county contracts, leaving PSL teams with weaker rosters than previously. Nevertheless, the PSL has consistently brought joy to the nation through homegrown stars like Babar Azam, Fakhar Zaman and Naseem Shah.
They will need to step up and fresh new talents must make their mark to help prove the PSL can be more than just a domestic competition. There is no doubt it has established itself within the country’s cultural identity.
Aspirations to become a truly global product have been tempered by the growth of other franchise leagues, especially ILT20 and SA20. Given that the PSL franchises are subject to renewal and expansion after this 10th edition, the next few weeks will be crucial in determining whether the PSL can attract continued investment at home, let alone international viewing figures to support any claim to be global. Competing head-on with the IPL for such viewers places pressure on the players to play attractive and meaningful cricket.
The Karachi Kings look able to do this. They are led by David Warner, supported by James Vince, and appear to be a formidable side, with a well-rounded squad that covers the essential aspects of the game. Their pace attack is both potent and varied, offering a range of threats. The spin bowling department is equally strong, providing the perfect balance of options for different match situations. A batting lineup containing Kane Williamson combines power-hitting with finesse and possesses the flexibility to adapt to any challenge.
In this handout photo, released on April 10, 2025, Pakistan Super Leage franchise Karachi Kings’ Vice Captain Hassan Ali gestures with PSL Season 10 Trophy in Islamabad. (Photo courtesy: Handout/PSL)
Adding to the team’s strength is new head coach Ravi Bopara, who brings a wealth of experience and a long-standing connection to the franchise, dating back to the first edition as a player. This new dynamic signals a promising future, with the Karachi Kings looking well-positioned to make a deep run in the tournament.
In this handout photo, released on April 10, 2025, Pakistan Super Leage franchise Peshawar Zalmi’s Captain Babar Azam gestures with PSL Season 10 Trophy in Islamabad. (Photo courtesy: Handout/PSL)
Peshawar Zalmi have received a timely boost with the news that Saim Ayub has recovered from an injury sustained in South Africa. He is set to open the batting alongside Babar Azam, who will be eager to rediscover his best form after a recent period of struggle. In the bowling department, Zalmi are likely to lean heavily on their spin attack, with the trio of Yaqoob, Mumtaz and Sufyan Muqeem expected to play key roles. While the team has the potential to reach the knockout stages, I do not foresee them having quite enough firepower to mount a serious challenge for the trophy.
In this handout photo, released on April 10, 2025, Pakistan Super Leage franchise Islamabad United’s Captain Shahdab Khan gestures with PSL Season 10 Trophy in Islamabad. (Photo courtesy: Handout/PSL)
Defending champions Islamabad United, true to style, boast a squad brimming with power hitters. I fully expect them to continue playing an aggressive brand of cricket. The addition of Matthew Short will significantly strengthen their batting lineup and their pace attack will be spearheaded by Naseem Shah, a key player who will lead from the front. However, Shadab Khan’s role will be crucial in maintaining the right balance within the team. He has struggled with the ball for a while and must find a way to regain form if Islamabad are to successfully defend their title. I expect them to be strong contenders.
In this handout photo, released on April 10, 2025, Pakistan Super Leage franchise Lahore Qalandars’ Captain Shaheen Shah Afridi gestures with PSL Season 10 Trophy in Islamabad. (Photo courtesy: Handout/PSL)
Lahore Qalandars have experienced both ends of the spectrum in the PSL, finishing bottom of the points table a record five times yet securing back-to-back titles in 2022 and 2023. This season, there is a shift in the coaching setup after Aqib Javed moved on to a national team role. Darren Gough was initially set to take over but pulled out at the last minute, leaving Russell Domingo to step in.
In the early years of the PSL, the Qalandars attracted some of the biggest names but struggled to find consistency. This year’s squad lacks players of that ilk who could propel them to the top. Captain Shaheen Shah Afridi has faced challenges with his form, adding further pressure. However, there are a few bright spots, such as young Rishad Hosain, who could prove an exciting prospect. Lahore will also be hoping Daryl Mitchell can make a significant impact. Despite these potential positives, I expect the Qalandars to face challenges and run the risk of a bottom two finish.
In this handout photo, released on April 10, 2025, Pakistan Super Leage franchise Multan Sultans’ Muhammad Rizwan gestures with PSL Season 10 Trophy in Islamabad. (Photo courtesy: Handout/PSL)
Multan Sultans seem to have a well-balanced squad, with a solid mix of aggressive batters and touch players. Their all-rounders, particularly Michael Bracewell, have been in excellent form, adding depth to both the batting and bowling departments.
Young Akif, who recently represented Pakistan, comes into the tournament with a keen sense of pace and confidence, while Hasnain will be eager to make a significant mark with his new team.
Having been runners-up for the past three years and champions in 2021, Multan has a proven method, consistently challenging for the top spot. A combination of a well-rounded team and a sound strategic approach should enable them to challenge Karachi Kings for the title once again. Whether it is sufficient to claim the crown remains to be seen.
In this handout photo, released on April 10, 2025, Pakistan Super Leage franchise Quetta Gladiators’ Saud Shakeel gestures with PSL Season 10 Trophy in Islamabad. (Photo courtesy: Handout/PSL)
Quetta Gladiators have struggled to make an impact on the PSL over the past five years. With Sarfaraz Ahmed stepping into the coaching role, replacing Shane Watson, the franchise is hoping for a fresh direction. However, their recruitment strategy over the years has left much to be desired, with the decision to let go of promising young players in favor of loyalty to the seniors.
The early success of the Gladiators was built on familiarity, with many players having come through the ranks in local club cricket. However, as other teams modernized and built strong cultures, Quetta has remained stagnant, failing to evolve in the same way.
This season, they will hope New Zealand’s Mark Chapman can inject some much-needed firepower into the batting lineup, while 42-year-old Shoaib Malik will be relied upon to bring his vast experience to guide the middle order. On the bowling front, Kyle Jamieson’s height and pace should pose problems for opposition batters. However, despite these additions, it is difficult to see Quetta’s fortunes turning around this season.
On the cusp of PSL X 2025, I have a personal note of hope — that agendas and off-field distractions are few and far between, allowing the focus to shift squarely onto the tournament. After the disappointment of the Champions Trophy and the sub-standard national team performances of late, both the country and the PSL need a successful 10th edition. This will raise spirits overall and make the PSL an attractive investment space as it enters a second decade.
