COMPANY NEWS

Insurtech Summits
Jubilee Life Insurance recently signed a Memorandum of Under­standing with the Pakistan Fintech Network to sponsor the upcoming Pakistan Insurtech Summits in 2024, 2025, and 2026, as per a press release.
The 2nd Pakistan Insurtech Summit will take place in November 2024 in Karachi, following a theme of “Transforming Pakistan’s Insurance Landscape: Synergy of Tech, Partnership and Policy”, where industry professionals will come together to shed light on various pressing issues concerning the industry right now. Each summit will gather key industry players, insurers, regulators, and tech innovators to explore how digital platforms, technology and innovation can revolutionise the insurance industry.
Bahra Electric, Pak Cables sign MoU
Bahra Electric and Pakistan Cables Ltd signed a Memorandum of Understanding (MoU) to strengthen partnerships between the two organisations, ushering in a new era of collaboration in the industrial and energy sectors between the Kingdom of Saudi Arabia and Pakistan, according to a press release.
The MoU was signed by Kareem Idriss, Deputy Chief Executive, Bahra Electric and Fahd K Chinoy, CEO, Pakistan Cables. The value of the MoU is estimated to be up to $100m and is anticipated to contribute towards the strong economic relations between both countries.
World Food Day dialogue
Pakistan Dairy Association (PDA), in collaboration with the Punjab Food Authority and the Global Alliance for Improved Nutrition, successfully organised a National Dialogue on World Food Day 2024, according to a press release.
The event gathered key stakeholders from the government, industry, academia, and civil society to discuss the pressing challenges surrounding food safety, food security, and the role of the dairy sector in securing Pakistan’s nutritional future.
Soneri Bank’s results
Soneri Bank Limited’s financial statements for the nine months ended September 30, 2024, reflect consistent and sustained growth in all areas, as per a press release.
The bank posted profit before tax of Rs9.63bn and profit after tax of Rs4.72bn as compared to Rs8.44bn and Rs4.15bn, respectively, in the same period last year. This indicates growth of 14.13pc and 13.80pc respectively. Moreover, the bank remains adequately capitalised, with a capital adequacy ratio of 18.59pc at September 30, 2024.
Kilo of Kindness
Mövenpick Hotel Karachi launched its 2024 Kilo of Kindness campaign, joining more than 75 Mövenpick Hotels & Resorts across 30 countries in a global initiative aimed at giving back to local communities, as per a press release. From October 14 to November 15, 2024, the hotel will be collecting donations of food, clothing, educational supplies, toys, and more to support those in need. This year, Mövenpick Hotel Karachi is partnering with The Garage School, a charitable organisation focused on providing quality education and vocational training to underprivileged children.
ABHI secures $15 million credit facility
ABHI, a fintech company seeking to enhance financial inclusion for employees and small and medium-sized enterprises in the Middle East, North Africa and Pakistan (MENAP) region, has secured $15m in debt financing through a credit facility led by Shorooq Partners and Amplify Growth Partner­ship, as per a press release.
This funding will enable ABHI to expand its operations and provide paid services to meet the needs of the country’s workforce. To date, Abhi has provided approximately $55m in earned wage disbursement services to more than 545,000 transactions in the UAE.
Publicis Media as Nestle’s partner
Publicis Media has been selected by Nestlé Pakistan to oversee its media strategy in Pakistan, aiming to drive transformation in the realm of media and drive effectiveness and efficiency of its spends across media touchpoints, as per a press release. The appointment of Publicis Media as Nestlé’s consolidated media agency became effective on September 1.
Published in Dawn, The Business and Finance Weekly, October 21th, 2024