The incident occurred in Pabbi area near Nowshehra district where Mian Rashid left his home along with his friend Mian Amjad for an evening walk.
Unidentified persons opened fire on them and both were injured in the incident. They were taken to the hospital where Rashid succumbed to his injuries.
He was the only son of Mian Iftikhar Hussain.
Police have cordoned off the area and search operation is currently underway.
According to Interior Minister Rehman Malik, the information minister and his family were on a target list.
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