Weekly Corporate Buzz

September 15, 2024 (MLN): Continuing the dramatic flair of triumphs and transitions, the business stage in Pakistan continued to beat stronger. Meezan Bank steals the spotlight with a stunning display of awards at the CFA Society’s 21st Annual Excellence Awards, while the Pakistan Stock Exchange shakes things up by re-composing the KSE-100 Index.

In addition, Dolmen City REIT dished out a sweet 5% interim dividend, HBL bagged in the coveted 'Best Board of the Year' title, Fast Cables electrified the scene by snagging the prestigious BASEC certification, and Dewan Farooque Motors accelerated into the future with its electric vehicle launch.

Here is a quick update on the latest happenings at the local bourse. Let’s dive into the top highlights.

Meezan Bank dominates CFA 21st Annual Excellence Awards

In a resounding achievement, Meezan Bank has once again proven its excellence by securing multiple prestigious accolades at the CFA Society of Pakistan’s 21st Annual Excellence Awards.

PSX recomposes KSE-100 Index

The Pakistan Stock Exchange Limited has conducted the re-composition exercise of the KSE-100 Index from March 2024 to August 2024.

Dolmen City REIT declares 5% interim dividend

The board of directors of Dolmen City REIT declared and approved an interim cash dividend of Rs0.50 per unit, equating to a 5% return.

PSX issues warning against fraudulent schemes

The Pakistan Stock Exchange (PSX) alerted investors about rising fraudulent activities on social media and WhatsApp groups disguised as investment advice and training courses.

Savills unveils real estate opportunities in Pakistan

Savills, a real estate company revealed the key opportunities within Pakistan's real estate sector despite challenges.

HBL receives 'Best Board of the Year' award

Habib Bank Limited (HBL) earned the prestigious 'Best Board of the Year' award from the Pakistan Institute of Corporate Governance (PICG).

Fatima Fertilizer acquires 10.1% stake in Agritech Limited

Fatima Fertilizer Company Limited (FFC) acquired a 10.1% shareholding in Agritech Limited (AGL), expanding its influence within the agricultural sector. The acquisition was disclosed in compliance with Section 110 of the Securities Act, 2015.

Fast Cables becomes first Pakistani manufacturer to receive BASEC certification

Fast Cables has become the first and only Pakistani cable manufacturer to receive the prestigious BASEC certification. The certification ensures compliance with international quality and safety standards.

SECP registers 2,933 new companies in August

The Securities and Exchange Commission of Pakistan (SECP) registered 2,933 new companies in August 2024, marking a 3% year-on-year increase.

PTCL proposes aquisition of Telenor Pakistan

The Pakistan Telecommunication Authority (PTA) received an application for the acquisition of Telenor Pakistan by PTCL.

JS Investments approves share buyback

JS Investments Limited’s board approved a buyback plan for 4.63 million ordinary shares, representing 7.5% of the total outstanding shares.

Air Link appointed as GNEXT premium partner for Apple products

GNEXT, the Apple Authorized Distributor in Pakistan, named Air Link Communication Limited as its Premium Partner. This strategic move will expand the retail network for Apple products in Pakistan, enhancing accessibility for consumers.

NCCPL to collect CGT for July on September 23, 2024

The National Clearing Company of Pakistan Limited (NCCPL) will collect the Capital Gains Tax (CGT) for July 2024 on September 23, 2024, through the settling banks of clearing members.

Habib Rice Products incorporates subsidiary in Sharjah

Habib Rice Products Limited (HRPL) has established a wholly-owned subsidiary in the Sharjah Airport International Free Zone (SAIF-Zone) named Habib Rice Products (FZE).

Bank Makramah partners with NCR to transform self-banking network

Bank Makramah Limited (BML) has partnered with NCR Corporation and its channel partner Wavetec to upgrade its self-banking network, incorporating state-of-the-art ATM technology to enhance customer service across Pakistan.

Avanceon secures $16.5m energy project

Avanceon FZE, a subsidiary of Avanceon Limited, secured a $16.5 million energy project that will run from August 2024 to August 2027. The project highlights Avanceon’s growing footprint in energy solutions.

Fauji Fertilizer intends to acquire Agritech

Fauji Fertilizer Company Limited (FFC) has expressed its intention to acquire additional shares and control of Agritech Limited.

Sunridge Foods invests Rs500m in Unity Technologies

Sunridge Foods (Private) Limited invested Rs500 million in Unity Technologies, acquiring 50 million ordinary shares.

Dewan Farooque motors begins EV production

Dewan Farooque Motors Limited (DFML) officially launched electric vehicle production in collaboration with Eco-Green Motors Limited, marking a significant milestone for Pakistan’s automotive sector.

BF Biosciences set for IPO on September 25-26

BF Biosciences Limited, a subsidiary of Ferozsons Laboratories, will hold its IPO with book-building dates scheduled for September 25 and 26, 2024.

PIA privatization to conclude by October 2024

Federal Minister Khawaja Asif informed the National Assembly that the privatization process of Pakistan International Airlines (PIA) would be finalized by the end of October 2024.

Top brokers recognized for most active accounts

AKD Securities Limited, Munir Khanani Securities Limited, and Arif Habib Limited were named among the top three brokers with the most active accounts for August 2024.

Millat Tractors and Millat Equipment merger approved

The board of Millat Tractors Limited approved a merger with Millat Equipment Limited (MEL), with the scheme pending approval by the Lahore High Court.

Attock Cement sells subsidiary shares

Attock Cement Pakistan Limited (ACPL) has completed the third tranche of $5.85 million from the sale of its 4.5 million shares in Saqr Al Keetan Cement Production Limited.

BF Biosciences secures DRAP approval for expansion

BF Biosciences Limited received regulatory approval from the Drug Regulatory Authority of Pakistan (DRAP) for the expansion of its production facilities under a brownfield expansion project.

Artistic Milliners abandons acquisition of Tenaga Generasi Limited

Artistic Milliners (Private) Limited decided not to pursue the acquisition of Tenaga Generasi Limited, a subsidiary of Dawood Lawrencepur Limited (DLL), citing unmet conditions.

Lucky Core acquires Pfizer Pakistan manufacturing facility

Lucky Core Industries Limited (LCI) marked a significant expansion in its pharmaceutical segment by acquiring Pfizer Pakistan Limited's manufacturing facility.

Financial Results

• Amidst the earnings season, numerous companies have announced their financial results for the recent quarter. Most of them witnessed remarkable performance across various sectors.Pakistan International Bulk Terminal Limited (PSX: PIBTL) earned a profit after tax of Rs1.65 billion [EPS: Rs0.92] in the fiscal year ending June 2024 as gross margins surged. That compares with a loss of Rs2.16bn [LPS: Rs1.21] incurred last year.
• Descon Oxychem Limited (PSX: DOL) earned a profit after tax of Rs84.62 million [EPS: Rs0.48] in the quarter ending June 2024, down 15.2% compared to a profit of Rs99.74m [EPS: Rs0.57] in the same period last year (SPLY).
• Millat Tractors Limited (PSX: MTL) recorded an increase of 64.4% in its profits, with the company's after-tax profits rising to Rs2.06 billion [EPS: Rs10.72], compared to a profit of Rs1.25bn [EPS: Rs6.52] in the same period last year (SPLY).
• Thal Limited (PSX: THALL) posted a profit after tax of Rs757.51 million [EPS: Rs9.35] during the quarter ending June 2024, down 31.3% from a profit of Rs1.1 billion [EPS: Rs13.61] in the same period last year (SPLY). Along with the results, the company announced a final cash dividend for the year ended June 2024 at Rs6 per share i.e. 120%.
• Kohinoor Textile Mills Limited (PSX: KTML) earned a profit after tax of Rs15.48 billion [EPS: Rs41.72] in the fiscal year 2023-24, up 68.4% from last year largely due to a surge in other income. Going by the consolidated results, the company's sales revenue rose 19.7% to Rs124.61bn as compared to Rs104.12bn in FY23.
• NetSol Technologies Limited (PSX: NETSOL) reported a modest increase in earnings for FY24, with a rise of 7.7%, reaching Rs1.38 billion (EPS: Rs15.76) compared to Rs1.29bn (EPS: Rs14.63) in the same period last year.
• Maple Leaf Cement Factory Limited (PSX: MLCF) posted better-than-expected quarterly earnings on Wednesday while unveiling plans to invest up to Rs2 billion investment as loans/advances to its holding and associated companies.

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