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HESCO and SEPCO Boards to Be Reconstituted

The government has approved changes to the boards of three state-owned enterprises: Hyderabad Electric Supply Company, Sukkur Electric Power Company and National Engineering Services Pakistan. The boards of HESCO and SEPCO will be reconstituted, while NESPAK will receive a chairman/independent director. The finance minister said government representatives serving as ex-officio directors should be suitably placed, competent and experienced, with a strong understanding of their institutions. The appointments aim to ensure effective representation of the respective government divisions on the boards.

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PTA Confirms Registration of Two Platforms

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Corporate News

PTA Confirms Registration of Two Platforms

The Pakistan Telecommunication Authority has formally registered BIGO LIVE and Likee in Pakistan under Bigo Service Pakistan (Pvt.) Ltd. The registration was made in accordance with the Removal and Blocking of Unlawful Online Content rules.

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Cement Maker Targets Pakistan’s EV Industry

Thatta Cement plans to enter Pakistan’s electric vehicle market through a wholly owned subsidiary. The company will initially import completely built-up electric vehicles from China, aiming to establish an early presence in the country’s developing EV industry. The plan was disclosed in a filing to the Pakistan Stock Exchange.

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Fauji Foundation Buys 19.70% Stake

Fauji Foundation has acquired a 19.70% voting stake in Pakistan Services Limited, the operator of Pearl-Continental Hotels, for approximately PKR 6.55 billion. The foundation purchased 6.4 million shares at PKR 1,022.42 each, according to a Pakistan Stock Exchange filing. The deal adds another major investor to the company’s ownership structure amid a prolonged dispute involving the Hashwani Group, AKD Group Holdings and Thatta Cement.

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