PEMRA initiates legal proceedings against M-Tel Communications
The company owes PEMRA a total of Rs3 3,645,963 in outstanding dues.
Despite repeated reminders and flexibility granted in the form of post-dated cheques, the company failed to honour the payments.
As a result, the PEMRA has filed a formal application at the relevant police station under Section 33(3) of the PEMRA Ordinance 2002, amended through the PEMRA (Amendment) Act 2023.
The case has also been referred under Section 489-F of the Pakistan Penal Code 1860 for criminal proceedings.
The PEMRA has issued a stern warning to all its licensees to ensure timely clearance of dues, failing which strict action will be taken in accordance with the law.
Copyright Business Recorder, 2025
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
an hour ago
- Business Recorder
Wafi Energy Pakistan
Wafi Energy Pakistan Limited (formerly Shell Pakistan Limited) has released its first annual report under new ownership, marking a transition point for the company following its acquisition by Abu Dhabi-based Wafi Energy Holding Limited. The transaction, completed in October 2024, involved the purchase of a 77.42 percent stake from Shell Petroleum Company, followed by an additional 10.36 percent acquired from public shareholders, bringing Wafi's total holding to 87.78 percent. Despite the change in ownership and rebranding, Wafi Energy Pakistan continues to operate under the Shell name through an exclusive licensing arrangement for fuels and lubricants. The company's retail and lubricant operations remain largely unchanged in branding, while management has emphasized continuity in operations. The report highlights efforts to balance the legacy of the Shell brand with a shift toward regional ownership. While rebranding transitions of this nature often involve operational or reputational challenges, Wafi has so far focused on stabilizing its presence and setting the groundwork for localized growth, investment, and expansion in Pakistan's downstream energy sector. Financial Recovery and Performance Wafi Energy Pakistan's financial results for 2024 indicate a relatively stable transition under new ownership, with the company reporting revenues of Rs 427.9 billion and a profit after tax of Rs 3.3 billion. Pre-tax earnings stood at Rs 7.15 billion, aided in part by one-off credits linked to cost waivers during the transfer process from Shell Group entities. These results follow a period of volatility. Shell Pakistan had recorded back-to-back losses of Rs 1.5 billion in 2019 and Rs 4.8 billion in 2020, largely due to global oil market disruptions, inventory revaluation losses, and the impact of the COVID-19 pandemic. Since then, the company has shown signs of recovery, posting a profit of Rs 4.5 billion in 2021, followed by a marginal loss of Rs 72 million in 2022, and a profit of Rs 5.85 billion in 2023. The 2024 figures suggest financial resilience, though the outlook remains contingent on how the company adapts to market conditions without the backing of its former parent. The annual report also notes a gross profit of Rs 23.5 billion and a rise in shareholder equity from Rs 19.7 billion in 2023 to Rs 23.1 billion. Earnings per share came in at Rs 15.41, signaling shareholder returns in a year marked by structural change. Governance and Strategic Direction Wafi Energy Pakistan's board, chaired by Ghassan Al Amoudi, reported adherence to corporate governance standards in its latest annual disclosure, stating that there were no material deviations from regulatory protocols during the reporting period. While such declarations are routine, they serve to signal stability during what has been a significant ownership and branding transition for the company. Al Amoudi, in a statement accompanying the annual report, acknowledged the challenges of operating in a changing energy landscape but identified opportunities for growth in Pakistan's downstream sector. He also noted that the company's focus in the near term would remain on consolidation and execution of its strategic roadmap, particularly in retail and distribution operations. The parent entity, Wafi Energy Holding, has existing regional operations, including a licensing agreement with Shell Brands International AG that allows it to manage Shell-branded fuel stations in Saudi Arabia—an experience that could shape its operational approach in Pakistan as it navigates market competition and regulatory shifts. Retail and Consumer Services Wafi Energy Pakistan continues to operate a nationwide network of over 600 Shell-branded fuel stations. In 2024, the company expanded its retail footprint with the addition of 15 new outlets and upgrades at nine existing locations. These developments appear aimed at enhancing service delivery and aligning with rising demand in the retail fuel and mobility sectors. The company also reported growth in its convenience retail segment, reflecting broader shifts in consumer behavior toward faster, digitally enabled services. In line with this trend, Wafi Energy rolled out several marketing initiatives and entered into partnerships with platforms such as Oladoc and Faysal Bank, enabling features like contactless payments and bundled offerings at retail sites. In the lubricants segment, the company maintained its market presence through established product lines such as Shell Helix and Shell Rimula. A notable development was a strategic partnership with MG Motors, under which Shell Helix was named the official lubricant for MG vehicles in Pakistan—a move likely to reinforce brand visibility within a growing automotive segment. In response to ongoing concerns over counterfeit lubricant products, Wafi Energy launched an awareness campaign targeting both retailers and consumers, with the aim of promoting product authenticity and protecting brand integrity in key markets. Sustainability and Renewable Energy Projects Wafi Energy Pakistan has incorporated renewable energy and sustainability as central pillars of its post-acquisition strategy. A key development in this area was the solarization of its Karachi head office, which now operates on a 250 kW solar system producing around 387,000 kWh annually. Beyond its headquarters, the company has extended solar energy solutions to over 250 fuel retail sites nationwide. These systems are estimated to generate approximately 36 MWh of electricity each year, supporting station operations and helping to reduce reliance on the national grid. Terminals in Kemari, Daulatpur, Machike, and Shikarpur are among those now partially powered by solar installations. These initiatives align with Pakistan's national target of achieving 30 percent renewable energy generation by 2030 and reflect the expanding role of the private sector in supporting that goal. In addition to energy projects, Wafi Energy has also pursued environmental restoration efforts. In early 2025, the company sponsored the planting of 30,000 mangrove trees at Karachi's Clifton Urban Forest. The mangroves, which continue to be maintained by the company, contribute to biodiversity and coastal protection, and are estimated to sequester between 9 to 15 metric tons of carbon dioxide annually—based on an absorption rate of 0.3 to 0.5 kilograms per tree per day. In another sustainability-focused initiative, Wafi Energy partnered with Concept Loop to build a retail fuel station in Karachi using more than 6,500 kilograms of recycled plastic. Located on Shahrah-e-Faisal, the site repurposed an estimated 1.3 million pieces of plastic waste that would otherwise have contributed to landfill volumes. The project integrates environmental considerations into retail infrastructure and reflects a broader push toward incorporating circular economy practices within the company's operations. Community and Social Impact Wafi Energy Pakistan continued to advance its corporate social responsibility (CSR) initiatives in 2024, focusing on access to clean energy, road safety education, and community engagement. Through its 'Access to Clean Energy' program, the company extended support to four off-grid villages—Basti Tooba, Adam, Katimar, and Bullah Baloch—by installing solar-powered infrastructure such as water pumps, flour mills, and milk chillers. The initiative aims not only to provide energy access but also to enable local economic activity and improve living standards in underserved communities. As part of its outreach near operational sites, the company worked with schools located around its terminals in Kemari and Chaklala. Educational sessions on road safety were organized in collaboration with The Citizens Foundation and the Railway Terminal School. These sessions, which reached over 120 students, used interactive tools such as art competitions, storytelling, quizzes, and the distribution of an illustrated children's book, Once Upon a Road, to promote awareness in younger audiences. On the health, safety, and environment (HSE) front, Wafi Energy reported zero workplace incidents during the year. This outcome was attributed to ongoing training, emergency preparedness drills, and coordination with response agencies including Rescue 1122 and the National Highways & Motorway Police. Broader safety awareness campaigns were also held, including one during Ramadan and another focused on visibility issues related to tractor-trolleys. The company's youth development efforts were reflected in the induction of 20 interns and 8 management trainees under its 'Powering Future Leaders' program. These placements are part of a broader strategy to cultivate a pipeline of talent aligned with future organizational needs. Looking Ahead As Pakistan's energy sector continues to undergo structural and policy shifts, Wafi Energy Pakistan occupies a unique position—retaining the familiarity of a globally recognized brand while operating under new regional ownership. The company's recent financial recovery, visible investments in sustainability, and increased community outreach suggest a more localized and measured approach to operating in a complex and often unpredictable market. That said, the broader challenge lies in sustaining this trajectory without the operational support and institutional backing previously provided by its former parent, Shell. The ability to adapt to market dynamics, regulatory developments, and competitive pressures will determine how successfully Wafi Energy can transition from a legacy brand operator to a self-directed player within Pakistan's evolving energy landscape. For now, the company appears to be building the foundations for a more resilient and diversified role in the country's energy future. Copyright Business Recorder, 2025
Business Recorder
an hour ago
- Business Recorder
BML accelerates recapitalization with major capital injections
KARACHI: In a decisive move to strengthen its financial foundation and position itself for accelerated growth, Bank Makramah Limited (BML) has announced significant capital injections alongside a major strategic asset sale. According to BML announcement, it is making significant strides in its recapitalization efforts, reinforcing its commitment to long-term financial stability and growth. This progress is supported by a recent Rs 5 billion deposit from Nasser Abdulla Hussain Lootah, BML's esteemed Sponsor. This amount, to be recorded as an advance against share subscription pending regulatory approvals, follows his earlier Rs 10 billion capital injection in 2023. In addition, the proposed merger of Global Haly Development Limited, a company owned by the Sponsor, into BML reflects his substantial commitment, which will total Rs 41 billion. The Bank extends its deepest gratitude to the Sponsor for his unwavering support and vision for BML and Pakistan's banking sector. In a concurrent strategic move, BML's Board of Directors has approved the sale of Cullinan Tower in Clifton, Karachi, for a confirmed offer of Rs 12 billion. This landmark transaction represents a major step, which will result in significant liquidity and capital gains for the Bank. Further bolstering its financial position, the Bank is in the final stage of recovering over PKR 13 billion of its legacy non-performing loans in the near future resulting in a strong impact on its profitability and capital base. All of the above initiatives are projected to increase BML's net assets by around Rs 50 billion. This shall further strengthen the Bank's commitment to better serve its customers and play a significant role in the financial sector of Pakistan. It may be mentioned that Bank Makramah is a leading financial institution in Pakistan, known for its commitment to providing exceptional banking services to its customers. With a focus on innovation and customer-centric solutions, Bank Makramah continues to set new benchmarks in the industry, ensuring that their customers enjoy secure, reliable, and personalized banking experiences. Copyright Business Recorder, 2025
Business Recorder
an hour ago
- Business Recorder
Court reserves verdict on Shehbaz plea
LAHORE: A session's court on Thursday reserved its verdict on Prime Minister Shehbaz Sharif's petition to make the legal notice a part of the record in his defamation suit against PTI former Chairman Imran Khan. The court will announce its verdict on PM Shehbaz's plea on July 10. Earlier, the defendant's counsel stated that the suit mentioned a legal notice was sent to his client on May 08, 2017, but no such notice was attached with the document. PM Shehbaz had sought permission to present the legal notice before the court. PM Shehbaz in his defamation suit filed in 2017 said that Imran Khan levelled baseless allegations on him. He said Imran Khan accused him of offering Rs 10 billion through a common friend in exchange for withdrawing the case of Panama Papers from the Supreme Court. He sought a decree for recovery of Rs 10 billion as compensation from the defendant for publication of defamatory content. Copyright Business Recorder, 2025
