Content creators platform secures $2m funding
Lack of platforms to boost local content is major missing link
PHOTO: REUTERS
LAHORE:
The first digital platform of Pakistan for content creators has managed to secure Series A funding of $2 million.
Total valuation of the startup named Rinstra is estimated at $20 million.
According to management of the startup, the company has ample potential to emerge as one of the fastest growing enterprises in the digital world of Pakistan.
With over 76 million internet users and 37 million active social media accounts, Pakistan offers a huge opportunity for growth in this segment. However, a lack of indigenous platforms to boost local content is a major missing link for Pakistani content creators.
KARACHI: Fauji Foundation (FF) has expressed interest in acquiring the majority stake in Silkbank Limited, the bank said in a regulatory filing with the Pakistan Stock Exchange on Thursday.
As part of the process, Silkbank had been requested to allow FF to conduct due diligence of the bank. In this regard, FF intended to apply to the State Bank of Pakistan (SBP) for the requisite approval. Silkbank said that in a meeting on Jan 28, its Board subject to the approval of SBP had given its in-principle approval to allow FF to conduct the required due diligence and evaluate the information that would be provided by the bank.
Panther Tyres raises Rs2.63b in IPO
Financing will be utilised for expansion of its tyre, tube manufacturing capacity
10 of 20 funds outperformed benchmark 100 index. PHOTO: FILE
Panther Tyres Limited raised funds worth Rs2.63 billion through auction of 40 million shares to institutional, rich individual and retail investors at the Pakistan Stock Exchange (PSX) on Thursday.
The financing will be utilised for expansion of its tyre and tube manufacturing capacity.
The company got a share price of Rs65.8 each during the two-day (Jan 27-28) bidding process, which is better known as book building. The company made a new record during the auction as it sold shares at the upper limit. As per details, the company opened bidding at Rs47 per share, which could increase by a maximum of 40% to the upper limit of Rs65.8 in accordance with the prevailing laws.
Market watch: Stocks rise as quarterly results trickle in
Benchmark KSE-100 index gains 170.75 points to settle at 46,458.13
Shares of 421 companies were traded. At the end of the day, 224 stocks closed higher. PHOTO: REUTERS
KARACHI:
The much-awaited corporate earnings season gained momentum and generated interest in the stock market on Wednesday as the benchmark KSE-100 index rose 171 points.
The market managed to sustain the gains recorded in the previous session, however, the benchmark index kept swinging between red and green zones as companies in certain sectors announced financial results for the quarter and half year ended December 31, 2020. The bullish trend was supported by technology and cement stocks.