Weekly Corporate Buzz

September 22, 2024 (MLN): With trailblazing deals, profit turnarounds, and green energy strides, the Pakistan Stock Exchange (PSX) continued to sizzled this week.

HBL’s bold move in investment in Pakistan’s first Shariah-compliant green energy fund, Citi Pharma’s export breakthrough in the U.S., mergers, earnings, and expansions took center stage.

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

HBL fuels Pakistan’s green future

In line with its commitment to clean energy and sustainable development, Habib Bank Limited (PSX: HBL) invested in Burj Clean Energy Modaraba (BCEM), Pakistan's first Shariah-compliant green energy fund.

PSX demands more transparency

The Pakistan Stock Exchange (PSX) has announced amendments requiring listed companies to additionally disclose the cumulative shareholding, including the number of shares and the percentage owned by relevant persons.

Mughal Steel’s dual-purpose dream

The Board of Directors of Mughal Iron & Steel Industries Limited (PSX: MUGHAL), in alignment with its overall corporate strategy, has approved the balancing, modernization, and replacement (BMR) of the existing steel bar re-rolling mill.

PREMA powers up with solar

At-Tahur Limited (PSX: PREMA) has enhanced its solar system by 200 kW, bringing the total capacity to 1.4 MW. This is part of the PREMA's groan eco-friendly initiatives vis-à-vis energy cost efficiency.

AMML ownership shake-up

Awwal Modaraba Management Limited (AMML) has received approval from the Registrar of Modaraba, SECP, for the transfer of 100% of its shareholding held by Pak Brunei Investment Company to WASL Investment Finance Limited.

FFC-FFBL merger

The Board of Directors of Fauji Fertilizer Company Limited (PSX: FFC) has given the green light for the merger of Fauji Fertilizer Bin Qasim Limited (PSX: FFBL) with and into FFC, at a share swap ratio of 1 FFC ordinary share for every 4.29 ordinary shares of FFBL held by FFBL shareholders.

PPL’s revenue slip

Pakistan Petroleum Limited (PSX: PPL) failed to live up to analyst expectations with its latest results on Friday as its revenue slumped. One of the country's largest oil & gas exploration company posted a profit after tax of Rs17.9 billion [EPS: Rs6.58] during the quarter ending June 2024.

Shell Pakistan offer falls short

The Public Offer by Wafi Energy Holding Limited to acquire up to 11.29% of Shell Pakistan Limited's shareholding interest ended on September 19, 2024. During the acceptance period, the number of shares tendered was below the public offer threshold of 24,162,179 but above the minimum acceptance level for a conditional offer of 16,913,525.

Murree Brewery’s profit doubles

Murree Brewery Company Limited (PSX: MUREB) saw its profit in FY24 surge over twofold, reaching Rs2.62 billion [EPS: Rs 94.76], compared to Rs1.27bn [EPS: Rs 46.04] in the previous fiscal year.

Citi Pharma’s US breakthrough

Citi Pharma Ltd (PSX: CPHL) has made a significant milestone by becoming Pakistan's first exporter of nutraceutical products to the USA, receiving a payment of $109,500 for its initial shipment.

Abhi & TPL Corp’s game changing acquisition

TPL Corp Limited (PSX: TPL) and Abhi (Private) Limited have jointly entered into a Share Purchase Agreement along with FINCA Microfinance Coöperatief U.A to jointly acquire FINCA Microfinance Bank Limited.

Nimir’s profit plunge

Nimir Industrial Chemicals Limited (PSX: NICL) experienced a fall of 45.4% YoY in its earnings during FY24, clocking in at Rs1 billion [EPS: Rs9.07], compared to a profit of Rs1.84bn [EPS: Rs16.62] in the previous fiscal year.

United Bank Limited (UBL) has announced a strategic partnership with TPL Maps, a leading provider of location-based services. Through this partnership, UBL aims to further strengthen its position in the banking sector by leveraging cutting-edge technology to deliver more secure, efficient, and customer-centric solutions.

MARI calls emergency meeting

The Board of Directors of Mari Petroleum Company Limited (PSX: MARI) has called for an emergency board meeting to consider matters other than financial results.

Afiniti’s financial reboot

The Resource Group International Limited (TRGI)'s portfolio company Afiniti Limited (Afiniti) has agreed with its senior lenders to a comprehensive balance sheet restructuring plan.

UBL, JazzCash join hands

United Bank Limited (UBL) and JazzCash have teamed up to transform digital retailer payments with advanced digital solutions.

SBP grants BOP Exchange official exchange company license
The State Bank of Pakistan (SBP) has issued an exchange company license to "BOP Exchange (Private) Limited," a wholly owned subsidiary of The Bank of Punjab (PSX: BOP).

Reko Diq’s rich promise

Pakistan’s Reko Diq copper-gold project is poised to deliver 400,000 tonnes of copper and 500,000 ounces of gold annually in its second phase, contributing to Barrick Gold’s ambitious 30% boost in gold-equivalent production by decade's end.

Loads Ltd’s significant write-off

The Board of Directors of Loads Limited (PSX: LOADS) has approved the write-off of a loan amounting to Rs1.32 billion extended to its subsidiary, Hi-Tech Alloy Wheels Limited. This write-off is based on the Loan Agreements dated December 21, 2017, and April 10, 2019.

PSX profits surged

Pakistan Stock Exchange Limited (PSX: PSX) reported a remarkable 367.63% increase in earnings for the fiscal year 2024 (FY24), reaching Rs1.03 billion (EPS: Rs1.28), compared to a profit of Rs219.79 million (EPS: Rs0.27) in the previous fiscal year.

PIOC cemented with Rs1.35bn profit

Pioneer Cement Limited (PSX: PIOC) posted a profit after tax of Rs1.35 billion [EPS: Rs5.94] in the quarter ending June 2024 and announced a final cash dividend of Rs10 per share.

Broker license renewal alert

To renew the license issued by the Securities and Exchange Commission of Pakistan (SECP) for the next calendar year, from January 1, 2025, to December 31, 2025, securities brokers are required to submit the necessary documents.

PSX rolls out new forms

To enhance the user experience and ensure clarity in the information transmitted through PUCARS, the Pakistan Stock Exchange (PSX) has introduced an additional form titled rescheduled board meetings excluding financial results.

October to bring 3-day investor weekend

As part of World Investor Week 2024 to be observed from October 7 to October 13, 2024, Pakistan Stock Exchange (PSX) has invited securities brokers to participate in the 3-day Investor Weekend 2024 activity at Dolmen Mall, Clifton, Karachi.

Pak-Qatar’s new clearing account

Pak-Qatar Asset Management has activated its Non-Broker Clearing Member account with the National Clearing Company of Pakistan Limited (NCCPL). It is worth noting that the specific account activated is for the PAK-QATAR ASSET ALLOCATION PLAN IIIA.

NCCPL’s business continuity drill

The National Clearing Company of Pakistan Limited (NCCPL) will conduct a two-day Business Continuity and Crisis Management drill from Thursday, September 19 to Friday, September 20, 2024.

SLGL, Maersk joins hand

Maersk West and Central Asia Limited (Maersk), a global leader in shipping, transport, and logistics has appointed Secure Logistics Group Limited (PSX: SLGL) as its onshore logistics partner.

TOMCL frozen cooked beef capacity expansion

The Organic Meat Company Limited (PSX: TOMCL) has completed the Expansion Phase 2 of its operations, adding a capacity of 300 Metric Tons (MT) per month to produce frozen cooked beef meat. 

Shell faces minority shareholder dispute

A minority shareholder filed a complaint against Shell Plc’s unit in Pakistan over its sale to Saudi Arabia’s Wafi Energy Holding Ltd. earlier this year.

Advans rebrands to Halan

In a significant development for the microfinance sector, ADVANS Pakistan Microfinance Bank Limited has officially rebranded as Halan Microfinance Bank Limited, effective from September 16, 2024.

GEM Board of Burj Clean Energy Modaraba ready for subscription

Arif Habib Limited (PSX: AHL) informed that the subscription dates for the initial offering of Modaraba certificates on the GEM Board of Burj Clean Energy Modaraba are September 25 and 26, 2024. The total issue size is 10 million Modaraba certificates, representing 10% of the post-issue paid-up capital.

Earnings collapse

Kohinoor Mills Limited (PSX: KML) incurred a net loss of Rs189.72 million [LPS: Rs3.73] in the April-June quarter as its margins more than halved. That compares to a profit of Rs625.98m [EPS: Rs12.3] earned in the same period last year (SPLY).

Cnergyico’s major turnaround

Cnergyico PK Limited (PSX: CNERGY) reported a massive turnaround in FY24, earning Rs1.01 billion [EPS: Rs0.18] in FY24 compared to a massive loss of Rs12.66bn [LPS: Rs2.34] in the previous fiscal year.

DG Khan misses the mark

D.G. Khan Cement Company Limited (PSX: DGKC) reported financial results that missed analyst expectations as its margins slumped. One of the country's largest cement manufacturer posted a net loss of Rs1.69 billion [LPS: Rs3.86] in the quarter ending June 2024.

Bolan Castings back in action

The management of Bolan Castings Limited (PSX: BCL) has decided to resume its production activities, effective Wednesday, September 18, 2024.

Jazz eyes global stage

Aiming to export IT services and boost dollarized revenues, Pakistan’s top digital operator Jazz is expanding its software, analytics, and data center capabilities, positioning itself as a key player in Pakistan’s digital landscape.

BoK’s mutual fund move

The Bank of Khyber (BoK) has announced a partnership with ABL Funds to distribute ABL Asset Management mutual fund units through BoK’s branch network.

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