Bank Alfalah Ltd (BAFL) on Monday announced its intention to acquire a majority stake in Samba Bank Ltd. The BAFL shared this information through a notice to the Pakistan Stock Exchange (PSX). “We would like to inform that Arif Habib Ltd, manager to the offer, has submitted the public announcement of intention to acquire up to 84.51 per cent shares of the target company, held by Saudi Nation
Pak Suzuki Motor Company Ltd (PSMCL) has said that its corporate data has been leaked due to a cyberattack. In a stock filing on Monday, PSMCL said initial investigations suggest that the server’s data related to human resources, financials, etc., has been ported to a public IP. “We have onboarded a security consultant to conduct a detailed forensic assessment and eliminate potential securit
The 969-megawatt Neelum-Jhelum Hydropower Project (NJHP), completed at an estimated approved cost of more than Rs510 billion, has been partially closed once again within days of its full capacity utilisation after almost 20-month-long repair works. The project was closed in July 2022 due to major cracks in its 3.5km tailrace tunnel (TRT), which was repaired over the next 13 months. Power gener
The spring meetings of the International Monetary Fund and the World Bank are due to open on Tuesday, with two clear objectives: help countries combat climate change and assist the most indebted nations. The meetings — which will bring central bankers, finance and development ministers, academics, and representatives from the private sector and civil society together to discuss the state of the
Despite mounting optimism for increased inflows and a new IMF bailout package, the US dollar strengthened in the inter-bank market while the State Bank’s reserves saw a slight decline. A financial team led by Finance Minister Muhammad Aurangzeb is currently in Washington seeking another loan package from the International Monetary Fund. Despite the minister’s hopeful outlook before departing