Karachi, Nov 5: The shares of G4S, a FTSE 100-listed company and the world’s largest security services company, in Wackenhut Pakistan Pvt Ltd (WPPL) has been bought completely by its Pakistani partner, Security and Management Services (Pvt.) Ltd.

Ikram Sehgal, Chairman of Wackenhut, who already owned 50 per cent stake in the company stated in press release that the buyout was primarily driven by Pakistan government’s decision not to allow any foreign shareholding in private security agencies in the country.

He declined to disclose other reasons which prompted the buyout but said that G4S had offered him more than a fair price for his shares and he declined the generous offer.

The buyout surprised the security services sector around the world as it was not expected for a Pakistani entity to have the resources to buy out shares of the largest security services company in the world.

Sehgal said the deal would not have been possible without the support of the country’s renowned bank, Bank Al Falah.

The company will now be run solely under Pakistani management, along with its sister concern, Security and Management Services (Pvt.) Ltd, a 100 per cent Pakistani company and a well-known entity in the safety and security sector in the country.

They will be supported in security services by SMS Electronic Safety Services Ltd and Research and Collection Services (Pvt) Ltd.

Opinion

Poisoning minds
23 Jan 2021

Poisoning minds

ICS cadets were raised on James Mill’s notorious work.
The fog of Broadsheet
23 Jan 2021

The fog of Broadsheet

How can the government pump credibility into an official probe when it has already declared its own political verdict?
Cheating on online exams
23 Jan 2021

Cheating on online exams

The difficulty of preventing online cheating and low ethical standards means that these days most students cheat.
Language mess
Updated 22 Jan 2021

Language mess

Our policy confuses the medium-of-instruction debate with the language-acquisition debate.

Editorial

23 Jan 2021

Power price hike

ALREADY struggling to cope with the impact of the Covid-19 pandemic and rising food prices, consumers received yet...
Updated 23 Jan 2021

Israeli land grab

WITH the chapter now closed on the Trump presidency, the eyes of many in the international community — ...
23 Jan 2021

New PhD policy

EARLIER in the week, the HEC chairman announced several changes for undergraduate and PhD degrees in the country....
Updated 22 Jan 2021

Time to heal

A multitude of foreign issues will test Biden’s mettle and require progressive thinking.
22 Jan 2021

Foreign funding

AS the pressure builds on his party in the foreign funding case, Prime Minister Imran Khan has called for an ...
22 Jan 2021

Decaying PTV

THE Cabinet Committee on State-Owned Enterprises has decided to remove Pakistan Television from the list of...