KARACHI: Bol Network announced on Monday that it has been acquired by AsiaPak Investments, a private equity firm, Dawn.com reported.

A press release issued by the network said Bol would remain headquartered in Karachi with a “nationwide presence”. It added that AsiaPak Investments had offices in Karachi, Lahore and Islamabad.

“It invests only in Pakistan; its sectors include infrastructure, energy, power, transport, logistics, and technology,” the statement added. Further, Sameer Chishty was appointed as the new chairman and chief executive officer (CEO) of Bol Network. The press release described Mr Chishty as a “seasoned international technology investor in Asia and the Middle East”.

“As a general partner at SparkLabs Group investing in over 500 technology companies in China, Korea, Saudi Arabia, and other countries, I have seen first-hand the potential these technologies have in changing lives, transforming societies, and growing economies.

“And these are exactly the kinds of opportunities that must be made available for all Pakistanis. The new Bol Network promises powerful ways of generating and distributing content so we may all teach and we may all learn,” he said.

Mr Chishty added that Bol would empower users to engage their communities on issues important to them.

The network’s TV channel was set to be launched in 2015 but the plan was jettisoned after the parent company, Axact, got embroiled in a fake degree scandal.

In August 2015, ARY Digital Network Founder and Chief Executive Officer Salman Iqbal announced a takeover of the network. The TV channel eventually went on air in October 2016 after months of delay due to the legal proceedings.

Shoaib Shaikh, the original owner of the network, was convicted in 2018 along with 22 others in a fake degree case.

Published in Dawn, September 12th, 2023