Anaqua Annual User Experience Conference to Feature Keynotes from Microsoft, SAP, USPTO, and More

Global IP professionals gather to share knowledge and experiences and discuss the future of IP

BOSTON, May 30, 2024 (GLOBE NEWSWIRE) — Anaqua, the leading provider of innovation and intellectual property (IP) management technology, today announces a lineup of top-tier IP speakers and panelists for its 15th annual Anaqua Experience Conference (AEC). The event, taking place in Boston, MA, from June 24-27, 2024, will bring together IP and business leaders from across the globe to share knowledge and experiences, and to discuss the future of IP – with a particular focus on the impact of AI in the industry.

Attendees will hear from industry experts, engage in networking events, and participate in Anaqua-led training sessions, learning new features in AQX® 11 – Anaqua’s most significant IP management platform release in 20 years – to help further optimize their IP management processes.

“This is an exciting time for the IP industry as we embrace new technologies, including AI, which could have far-reaching effects on how the industry operates,” said Bob Romeo, CEO of Anaqua. “We are proud to bring together the most innovative companies and law firms across the globe at our client conference. By connecting the entire IP community, we can move forward together to address our industry’s new issues and developments.”

Kicking off the conference is a keynote presentation from former Under Secretary of Commerce and USPTO Director David Kappos, Co-Chair of Cravath’s Intellectual Property Practice, on the macro-level trends shaping the future of IP. Other conference keynotes will delve into the specific effects of AI for IP, and will include:

  • Olga V. Mack – Renowned general counsel, IP attorney, digital transformation executive, author, and Above the Law + ACC Docket Legal Tech & Future of Law columnist, discussing the increasing value of human time in the age of advanced AI.
  • Stephen R. Perry – Creative Director at Bailey Brand Consulting, examining the impact of AI on the creative process and brand development.
  • Panel Discussion – Exploring the balance of risks, value, and efficacy when deploying AI in IP practice, featuring Raghu Chinagudabha of Microsoft; Sunjay Mohan of SAP; and Matthew Sked of the USPTO.

“What’s always so rewarding about The Anaqua Experience Conference is watching this global community of industry professionals, who are passionate about the advancement of IP, share their thoughts, insights, and experiences in a truly collaborative and interactive environment,” said Aileen Buchanan, Vice President, Client Success of Anaqua.

The conference will also host several sessions by many IP industry leaders, including:

  • Thomas H. Walls – Bausch Health Companies
  • Beth McGraw – Eli Lilly and Company
  • Gitte Berthelsen Lerche and Ana-Maria Macovetchi – Novo Nordisk
  • Tomoe Itoh – Otsuka Pharmaceutical Co., Ltd.
  • Will Federspiel – Reebok
  • Elizabeth Swift – RTX Corporation
  • Camylle Wnek – Techtronic Industries (TTI)

The 2024 AEC will be held at the Renaissance Boston Waterfront Hotel, starting with a welcome reception on the evening of June 24, a full day of training sessions on June 25, followed by a series of presentations and panel discussions through to June 27. Registration remains open until June 25.

To register for the event, visit https://cvent.me/RY7ZLg.

About Anaqua
Anaqua, Inc. is a premier provider of integrated intellectual property (IP) management technology solutions and services for corporations and law firms. Its IP management software solutions, AQX® and PATTSY WAVE®, both offer best practice workflows with big data analytics and tech-enabled services to create an intelligent environment designed to inform IP strategy, enable IP decision-making, and streamline IP operations, tailored to each segment’s need. Today, nearly half of the top 100 U.S. patent filers and global brands, as well as a growing number of law firms worldwide use Anaqua’s solutions. Over one million IP executives, attorneys, paralegals, administrators, and innovators use the platform for their IP management needs. The company’s global operations are headquartered in Boston, with offices across the U.S., Europe, Asia, and Australia. For additional information, please visit anaqua.com, or on Anaqua’s LinkedIn.

Company Contact:
Amanda Glagolev
Director, Communications
Anaqua
617-375-5808
aglagolev@anaqua.com

GlobeNewswire Distribution ID 9145896

Fortrea Introduces Comprehensive Solution to Improve Diversity and Inclusion in Clinical Research

Leverages real-world data, patient insights and a systematic process to design, operationalize and measure the effectiveness of diversity action plans in clinical trials

DURHAM, N.C., May 30, 2024 (GLOBE NEWSWIRE) — Fortrea (Nasdaq: FTRE) (the “Company”), a leading global contract research organization (CRO), today announced its comprehensive and integrated solution to improve the diversity and inclusion (D&I) of participants in clinical trials. Fortrea’s D&I solution is designed to expand patient access to participate in clinical trials and address the U.S. Food and Drug Administration (FDA) requirements, under The Food and Drug Omnibus Reform Act, to increase enrollment of underrepresented populations in clinical trials.

Fortrea’s comprehensive process integrates five components of diversity action planning and execution:

  • Real-world evidence advisors research relevant real-world data sets to inform diversity planning.
  • Regulatory, development and clinical operational experts design the Diversity Action Plan, validate with patient groups and negotiate with regulators.
  • Operational teams access multiple data platforms, Fortrea’s Site Advisory Board and technology-enabled solutions to implement the Diversity Action Plan as an integral part of Fortrea’s clinical trial execution.
  • Monitoring and reporting are enabled by Fortrea’s exclusive Diversity and Inclusion Study Insights Dashboard, providing actionable data and visualizations for ongoing study management.
  • Experienced report technical writers compile data and prepare reports for regulatory submission, with ongoing regulatory support provided as part of the D&I solution.

“Clinical research that reflects a representative population provides better insight into how a potential treatment will work in a real-world setting,” said John Doyle, DrPH, president Fortrea Consulting. “Recent regulatory requirements codify progress over the last few years in biopharma’s approach to improving the inclusion of diverse populations in their development programs. Fortrea’s solution brings deep, real-world data expertise to design D&I plans that are effective and realistic, along with more than 30 years of experience across more than 20 therapeutic areas in trial execution. We also bring a steadfast commitment to D&I, not just in clinical trials but across our entire company as we pursue our purpose of bringing life-changing treatments to patients faster.”

Fortrea’s D&I solution incorporates a series of proprietary tools, including epidemiological and feasibility assessments that leverage an exclusive combination of large data sets. The solution also integrates inputs from patient groups to create insights into protocol tolerance and study conduct support requirements in different patient populations across multiple therapy areas and geographies. These insights inform global and local patient recruitment and retention plans to reach under-represented patient populations and address barriers to participation in clinical trials.

“Ensuring the inclusion of diverse patient populations in clinical trials must go beyond a plan, it takes insight and action,” said Mark Morais, chief operating officer, Fortrea. “Because of our comprehensive Voice of Patient program and our collaboration with diverse investigator sites and site networks, we have a deep understanding of what it takes to be successful in reaching populations that have traditionally been under-represented in clinical trials. At Fortrea, we are informed by real-world data, enabled by innovative technologies, and driven by our passion to deliver new therapies for all patients.”

Please visit Diversity and Inclusion in Clinical Trials on Fortrea.com for more information.

About Fortrea

Fortrea (Nasdaq: FTRE) is a leading global provider of clinical development and patient access solutions to the life sciences industry. We partner with emerging and large biopharmaceutical, biotechnology, medical device and diagnostic companies to drive healthcare innovation that accelerates life-changing therapies to patients. Fortrea provides phase I-IV clinical trial management, clinical pharmacology, consulting services, differentiated technology enabled trial solutions and post-approval services.

Fortrea’s solutions leverage three decades of experience spanning more than 20 therapeutic areas, a passion for scientific rigor, exceptional insights and a strong investigator site network. Our talented and diverse team working in more than 90 countries is scaled to deliver focused and agile solutions to customers globally.

Learn more about how Fortrea is becoming a transformative force from pipeline to patient at Fortrea.com and follow us on LinkedIn and X (formerly Twitter) @Fortrea.

Fortrea Contacts:
Fortrea Media: Galen Wilson – 703-298-0802, media@fortrea.com
Fortrea Media: Kate Dillon – 646-818-9115, kdillon@prosek.com

GlobeNewswire Distribution ID 9146130

Axi launches their biggest global trading competition ever, with $250,000 USD up for grabs

The trading competition is to have 49 winners including a grand prize of $100,000 USD

SYDNEY, Australia, May 30, 2024 (GLOBE NEWSWIRE) — Leading online FX and CFD broker Axi has launched 2024’s biggest global trading competition, with a total prize pool of $250,000 USD.

Axi is shaking the waves, inviting traders of all sizes to trade their edge and win mega prizes, including the grand prize of $100,000 USD. Over 45 prizes will be given for ROI, top trading volume, best ROI each week, as well as five random prizes of $500 USD per week.

Registration for the competition has commenced, and the four-week contest is set to run from June 3 to June 30. Per the broker, the competition is open both for new or existing clients, and ambitious traders who are interested in participating should open or already have a live trading account with Axi, deposit a minimum of $200, and trade at least 1 lot.

Louis Cooper, Chief Commercial Officer at Axi, shares his excitement for the upcoming competition: “‘Trade Your Edge’ is our strapline, and in June we invite our traders to do just that – trade their edge on their favourite markets like Forex, Gold, Crypto, for a chance to win amazing cash prizes, including the top prize of $100,000 USD.

This has been a very successful financial year for the broker; they’ve recently introduced cutting-edge new programmes and have also expanded their partnership portfolio to include Man City Women, LaLiga club Girona FC, and England international and six-time Premier League winner John Stones as the company’s Brand Ambassador.

To learn more about the competition and register, visit:

https://www.axi.com/int/promotions/global-trading-competition

About Axi

Axi is a global online FX and CFDs trading broker. As the preferred broker for thousands of ambitious customers in over 100 countries worldwide, we help all types of traders, trading businesses, banks and financial organizations find the edge they need to achieve their financial goals through informed transactions made on the world’s financial markets. Axi offers a comprehensive range of assets including CFDs for several asset classes such as Forex, Shares, Oil, Precious Metals, Coffee, Indices, and other commodities.

At Axi, we take pride in our reputation as an honest, fair, and responsible broker. Our numerous global awards and reviews attest to the confidence and trust we have earned from our customers who value our exceptional service, fast execution, secure payments, and easy withdrawals. Similarly, we also work pro-actively with leading regulatory governing authorities around the world to ensure that we surpass the highest industry standards.

The trading competition is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. Not available to AU, NZ, EU & UK residents. T&Cs apply.

For more information or additional comments from Axi, please contact: Media.Enquiries@axi.com

GlobeNewswire Distribution ID 1000963491

World No Tobacco Day: Addressing the “Misperception Epidemic”

World Vapers’ Alliance in Geneva

World Vapers’ Alliance in Geneva

GENEVA, May 30, 2024 (GLOBE NEWSWIRE) — On this World No Tobacco Day, the World Vapers Alliance (WVA) is shedding light on the rampant misperception epidemic around tobacco harm reduction. As revealed by Ipsos research for the think tank, We are Innovation, a staggering 74% of smokers worldwide mistakenly believe that vaping is as harmful or more harmful than smoking. This widespread misunderstanding is the result of misinformation and costs lives, as millions of smokers waver on making the switch to a scientifically proven, 95% less harmful alternative product.

“World No Tobacco Day is a crucial opportunity to combat misinformation and promote effective harm reduction strategies,” said Michael Landl, Director of the World Vapers Alliance. “Instead of blindly fighting against safer nicotine alternatives, the WHO should be championing them as the key to a smoke-free future.”

Sweden has set a remarkable precedent by embracing harm reduction. The country is on the verge of becoming smoke-free, not by banning safer nicotine products but by endorsing them. Sweden’s success should serve as a model for global tobacco harm reduction strategies. The World Health Organization (WHO) should take note and adapt its current approach, which is failing.

Landl added, The WHO is missing the mark by targeting vaping and other safer nicotine products instead of focusing on the real threat – smoking. By fighting those products, they are keeping smokers from making the switch. This is not just misguided, it’s dangerous.”

The misperception that vaping is equally harmful as smoking is a public health crisis in itself. Evidence from numerous studies, including comprehensive reviews by Public Health England, confirms that vaping is significantly less harmful than smoking.

“We are facing a misperception epidemic and the WHO is part of the problem by spreading further misconceptions,” Landl stated. Accurate information is the cornerstone of effective public health policy. We must ensure that smokers have access to the truth about safer alternatives. Facts over lies!”

The World Vapers Alliance is calling on health authorities and the WHO to reevaluate their stance on harm reduction and to prioritize facts over fear. It is essential to support policies that promote safer alternatives to smoking rather than vilifying them.

In conjunction with these efforts, the WVA organized a protest in front of the WHO headquarters on World Vape Day, May 30th.

World Vapers' Alliance in Geneva

This demonstration aimed to compel the WHO to finally listen to consumers and acknowledge the scientific evidence in support of vaping, nicotine pouches and similar products as valid harm-reduction tools. It is high time the World Health Organization acknowledge reality, embrace science and help move the world toward a healthier future. Turns out, it’s as easy as giving people more choices, not less.

For media enquiries, please contact:

Michael Landl
Director of the World Vapers’ Alliance
info@worldvapersalliance.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0037ce8c-ca1f-48da-b4d3-384f0718d4a9

GlobeNewswire Distribution ID 9145908

Mutual Benefit Group Premiado com o Duck Creek Standard of Excellence Customer Award no Formation ‘24

O Mutual Benefit Group (MBG) Recebe o Prêmio Standard of Excellence Customer Award pela Integração do Software SPLICE com Duck Creek OnDemand Claims.

BOSTON, May 29, 2024 (GLOBE NEWSWIRE) — A Duck Creek Technologies, fornecedora de soluções inteligentes que definem o futuro do seguro de propriedade e acidentes (P&C) e geral, premiou o Mutual Benefit Group (MBG) com o 2024 Standard of Excellence Customer Award no Formation ’24 em Dallas.

O Duck Creek Standard of Excellence Customer Awards reconhece os clientes que alcançaram o mais alto nível de excelência através da implementação de soluções da Duck Creek e que tenham uma visão para o progresso dos seus negócios, reimaginando o futuro dos seguros.

O MBG foi premiado com o Standard of Excellence Customer Award por integrar a solução de mensagens de texto SPLICE Software e o SPLICE NPS Survey Solution com Duck Creek OnDemand Claims.

O MBG procurava melhorar o seu processo de sinistros para ser mais personalizado e proativo com os seus segurados, mantendo-os informados em todos os pontos do processo. O MBG aproveitou a parceria e a integração da Duck Creek e da SPLICE para elevar a experiência com sinistros. Isso permitiu que o MBG utilizasse uma solução inovadora para sinistros, garantindo que seus clientes fossem mantidos bem informados com os dados certos no momento certo.

O MBG conheceu o SPLICE na Duck Creek Technologies 2022 Formation Conference em Orlando, Flórida. O SPLICE oferece produtos de comunicação automatizados para a experiência do cliente – ou seja, uma solução de mensagens de texto inovadora e automatizada. O objetivo deste projeto foi apoiar a transformação digital do MBG por meio da adoção deste programa estratégico de comunicação.

Atualmente o MBG mantém seus clientes de sinistros constantemente informados por meio de texto com treze pontos de contato diferentes do sinistro. A plataforma Duck Creek também foi configurada para documentar automaticamente o pedido de sinistro quando a notificação do SPLICE é enviada e registra quaisquer erros que possam ocorrer.

A versatilidade e o suporte do SPLICE e da Duck Creek permitiram que o MBG integrasse e automatizasse totalmente as mensagens, mantendo a capacidade de acionar manualmente as mensagens de texto também. Uma solução de mensagens de texto compatível com recursos de personalização e uma integração pronta para uso que ainda pode ser personalizada facilmente para trabalhar com os dados e necessidades do MBG permitiu que os funcionários do MBG economizasse tempo ao manter tudo dentro da Duck Creek, sem sacrificar os valores fundamentais do MBG, além de proteger o bem-estar econômico, a segurança e os relacionamentos existentes dos segurados.

“O Mutual Benefit Group (MBG) é uma empresa que realmente se preocupa com a experiência do segurado”, disse Jenna Ha, VP de Operações do MBG. “Eles trabalharam com o SPLICE para garantir que os segurados sejam mantidos atualizados com as informações certas e no momento certo, e implementaram o nosso aplicativo e programa de pesquisa Thrive™ para aprimorar constantemente as experiências internas e dos segurados. O SPLICE está muito contente em continuar trabalhando com o MBG em outras iniciativas de experiência do cliente e do funcionário.”

Duck Creek celebra o incrível sucesso do MBG na indústria de seguros de P&C.

Sobre a Duck Creek Technologies

A Duck Creek Technologies é fornecedora de soluções inteligentes que definem o futuro do setor de seguros de propriedade e acidentes (P&C) e geral. Somos a plataforma utilizadas como base dos sistemas de seguros modernos, permitindo que a indústria capitalize o poder da nuvem para executar operações ágeis, inteligentes e perenes. Autenticidade, propósito e transparência são fundamentais para a Duck Creek, e acreditamos que o seguro deve estar disponível para indivíduos e empresas quando, onde e como eles mais precisarem. Nossas soluções líderes do mercado estão disponíveis de forma independente ou como um pacote completo disponíveis em Duck Creek OnDemand. Visite www.duckcreek.com para obter mais informação. Siga a Duck Creek nos nossos canais sociais para obter as mais recentes informações – LinkedIn e X.

Sobre a MBG

O MBG se dedica a criar uma experiência de seguro que beneficie você. Fornecemos cobertura de seguro para automóveis, casas e empresas desde 1908; trabalhamos diligentemente todos os dias para ajudar a criar e proteger seu bem-estar econômico e garantir sua segurança. Somos conhecidos por nossos fortes relacionamentos com segurados e agentes; por nossa equipe responsiva, simpática e experiente; e pelo serviço de sinistros que consistentemente obtém um alto nível de satisfação, notadamente 97,5% com base em pesquisas com segurados de 2022.

Contato com a Mídia:
Carley Bunch
carley.bunch@duckcreek.com

GlobeNewswire Distribution ID 9145631

LSE Financial Services Limited Begins Trading on Pakistan Stock Exchange

Lahore, LSE Financial Services Limited (LSEFSL) will commence trading on the Main Board of the Pakistan Stock Exchange (PSX) starting May 31, 2024. This follows the successful transfer of listing status from Modaraba A I-Ma li (MODAM) to LSEFSL, as approved by the Lahore High Court on April 3, 2024.

The shares of LSEFSL will be traded under the security symbol "LSEFSL" with an opening price of PKR 101 per share. The first settlement date is scheduled for June 4, 2024, with transactions to be settled on a T+2 basis. According to information available from the Pakistan Stock Exchange (PSX), trading will begin as per the details outlined in the Scheme of Arrangement, where MODAM certificate holders have received 65.03 LSEFSL shares per 1,000 MODAM certificates.

LSEFSL's shares have been declared eligible for trading by the Central Depository Company of Pakistan Limited (CDC) and will be settled through the National Clearing Company of Pakistan Limited (NCCPL). The company's sector classification on the PSX will be "Investment Banks / Investment Companies / Securities Companies."

The share registrar for LSEFSL is CDC Share Registrar Services Limited, located at CDC House, 99-B, Block B, S.M.C.H.S., Main Shahrah-e-Faisal, Karachi. Volume Traded data for the shares will be available following the initial trading day.

PSX Hosts Investor Education Event at KASBIT

Karachi, Pakistan, PSX conducts an Investor Awareness Session at KASBIT as part of its Financial Literacy Initiative. The session was designed to inform students about the importance of the stock market and its central role in the nation's economy. Attendees received guidance on the investment process and how to navigate the PSX website effectively.

According to information available from the Pakistan Stock Exchange (PSX), the initiative seeks to enhance understanding of both the Primary and Secondary markets among young investors. The event featured a dynamic Q&A session where students engaged actively, inquiring about various aspects of investing through PSX. The session concluded with participants expressing their appreciation for the knowledge imparted, emphasizing the value of these educational efforts in promoting financial literacy.

Apna Microfinance Bank Schedules 21st Annual General Meeting

Karachi, Apna Microfinance Bank Limited has announced that its 21st Annual General Meeting (AGM) is scheduled to be held on June 21, 2024, in Karachi. The meeting will transact several key items as outlined in the recently published agenda.

The agenda for the meeting includes the confirmation of the minutes from the last AGM held on July 05, 2023. Shareholders will also receive, consider, and adopt the audited financial statements for the year ended December 31, 2023, along with the directors' and auditors' reports. Another significant item on the agenda is the consideration and appointment of RSM Avais Hyder Liaquat Nauman, Chartered Accountants, as the bank's auditors for the upcoming fiscal year ending December 31, 2024, with their remuneration to be fixed during the meeting.

According to information available from the Pakistan Stock Exchange (PSX), the AGM will be conducted electronically via video link, accommodating shareholders via smart devices. Shareholders interested in attending the AGM are required to register their participation details at least 48 hours before the meeting and can communicate their comments or suggestions regarding the agenda items through specified email and WhatsApp contacts.

The share transfer books of the company will remain closed from June 15, 2024, to June 21, 2024. During this period, transfers received at the share registrar office at the close of business on June 14, 2024, will be processed in time for the meeting.

Lucky Core Industries Limited Announces Share Buy-Back Amid Project Delay

Karachi, Lucky Core Industries Limited has disclosed material information related to its subsidiary, Lucky TG (Private) Limited, which is engaged in a joint venture with Tariq Glass Industries Limited to set up a float glass manufacturing facility. The project, initially planned to be operational in two phases with a total capacity of 1,000 metric tons per day, has encountered delays due to economic uncertainties.

According to information available from the Pakistan Stock Exchange (PSX), Lucky TG, which was to start its first phase during the fiscal year 2024-25 with a capacity of 500 metric tons per day, has not utilized the allocated funds due to the delay. Consequently, the Board of Directors of Lucky TG has authorized a buy-back of shares. This repurchase is aligned with section 88 of the Companies Act 2017 and is subject to obtaining necessary approvals. The buy-back will be proportional to Lucky Core Industries Limited’s current shareholding, which is 51%, and will not affect its majority stake.

The company reassured that despite the buy-back, Lucky TG would remain solvent and capable of meeting its financial commitments. The joint venture partners have expressed their commitment to progressing with the project as soon as the economic conditions improve.

Lucky Core Industries Limited Announces Share Buy-Back Amid Project Delay

Karachi, Lucky Core Industries Limited has disclosed material information related to its subsidiary, Lucky TG (Private) Limited, which is engaged in a joint venture with Tariq Glass Industries Limited to set up a float glass manufacturing facility. The project, initially planned to be operational in two phases with a total capacity of 1,000 metric tons per day, has encountered delays due to economic uncertainties.

According to information available from the Pakistan Stock Exchange (PSX), Lucky TG, which was to start its first phase during the fiscal year 2024-25 with a capacity of 500 metric tons per day, has not utilized the allocated funds due to the delay. Consequently, the Board of Directors of Lucky TG has authorized a buy-back of shares. This repurchase is aligned with section 88 of the Companies Act 2017 and is subject to obtaining necessary approvals. The buy-back will be proportional to Lucky Core Industries Limited’s current shareholding, which is 51%, and will not affect its majority stake.

The company reassured that despite the buy-back, Lucky TG would remain solvent and capable of meeting its financial commitments. The joint venture partners have expressed their commitment to progressing with the project as soon as the economic conditions improve.

Dawood Lawrencepur Reports Quarterly Earnings Amid Economic Challenges

Karachi, Dawood Lawrencepur Limited (DLL) announced its financial results for the first quarter ended March 31, 2024, reflecting varied performance across its sectors. The company presented its unaudited unconsolidated and consolidated financial statements, highlighting activities and strategic movements, including the divestiture of significant assets.

The directors highlighted an ongoing struggle with structural economic bottlenecks and political uncertainties, which have impacted the macroeconomic climate. Despite these challenges, Dawood Lawrencepur achieved a primary surplus, attributed to robust revenues, and inflation projections are set to decline with stringent monetary policies by the State Bank of Pakistan.

In the renewable energy sector, Reon Energy Limited, a subsidiary of DLL, reported the installation of 27 MWs in the Commercial and Industrial (C&I) sectors, valued at PKR 2.3 billion. Additionally, negotiations for a PKR 2 billion project with leading mobile network operators are nearing completion. Reon Energy also manages a 228 MW portfolio and secured a deal for advisory services with Lucky Cement Limited for a portfolio of 103 MWs.

According to information available from the Pakistan Stock Exchange (PSX), Dawood Lawrencepur faced significant strategic decisions, including the divestiture of its solar business, Reon Energy Limited (REL), to Juniper International FZ LLC, finalized by shareholder approval on May 30, 2023. This move followed the board’s decision on March 22, 2023, prompted by the challenges of low margins and competitive pressures that left the company vulnerable to external economic shocks.

Financially, Dawood Lawrencepur reported dividends from investments and a slight profit on a standalone basis. The earnings per share for the period were PKR 0.12, compared to a loss per share of PKR 1.41 in the same period the previous year. The consolidated revenue of the Group from continued operations slightly decreased compared to the prior year, but the profit after tax from these operations increased.

The company emphasized the ongoing challenges in the energy sector, particularly the high circular debt, which is affecting the broader economic landscape. Moving forward, the company plans to continue adapting its strategy to navigate the evolving economic and energy environment effectively.

Dawood Lawrencepur Limited (DLL) has announced the sale of its entire stake in the wind energy business, Tenaga Generasi Limited (TGL), as part of its strategic realignment. This decision was communicated during the presentation of the company’s financial results for the quarter ending March 31, 2024.

TGL, known for leveraging the group’s engineering expertise in addressing energy challenges in Pakistan, has faced numerous obstacles, including low wind conditions and insufficient grid development. These challenges, compounded by the chronic issue of circular debt in the energy sector, have impacted value creation and shareholder returns.

The Board of Dawood Lawrencepur approved the sale of TGL on December 18, 2023, and subsequently finalized a Sale and Purchase Agreement with Artistic Milliner (Pvt) Limited in February 2024.

The report highlighted the plant’s performance with an availability rate of 99.33%, surpassing the target of 97.00%, and a balance of plant loss of 2.56%, well below the target of 4.60%. The plant has operated safely with zero injuries for 2729 days, underscoring its commitment to health, safety, and environmental standards.

Despite some operational successes, high curtailment rates have been a persistent issue, with significant energy losses noted during the first quarter of 2024. These operational challenges, along with the strategic decision to divest, align with the company’s broader efforts to optimize asset management and shareholder value.

Proceeds from the sale are intended to fund opportunities that maximize shareholder returns, reflecting the company’s ongoing commitment to its stakeholders.

Dawood Lawrencepur Reports Quarterly Earnings Amid Economic Challenges

Karachi, Dawood Lawrencepur Limited (DLL) announced its financial results for the first quarter ended March 31, 2024, reflecting varied performance across its sectors. The company presented its unaudited unconsolidated and consolidated financial statements, highlighting activities and strategic movements, including the divestiture of significant assets.

The directors highlighted an ongoing struggle with structural economic bottlenecks and political uncertainties, which have impacted the macroeconomic climate. Despite these challenges, Dawood Lawrencepur achieved a primary surplus, attributed to robust revenues, and inflation projections are set to decline with stringent monetary policies by the State Bank of Pakistan.

In the renewable energy sector, Reon Energy Limited, a subsidiary of DLL, reported the installation of 27 MWs in the Commercial and Industrial (C&I) sectors, valued at PKR 2.3 billion. Additionally, negotiations for a PKR 2 billion project with leading mobile network operators are nearing completion. Reon Energy also manages a 228 MW portfolio and secured a deal for advisory services with Lucky Cement Limited for a portfolio of 103 MWs.

According to information available from the Pakistan Stock Exchange (PSX), Dawood Lawrencepur faced significant strategic decisions, including the divestiture of its solar business, Reon Energy Limited (REL), to Juniper International FZ LLC, finalized by shareholder approval on May 30, 2023. This move followed the board’s decision on March 22, 2023, prompted by the challenges of low margins and competitive pressures that left the company vulnerable to external economic shocks.

Financially, Dawood Lawrencepur reported dividends from investments and a slight profit on a standalone basis. The earnings per share for the period were PKR 0.12, compared to a loss per share of PKR 1.41 in the same period the previous year. The consolidated revenue of the Group from continued operations slightly decreased compared to the prior year, but the profit after tax from these operations increased.

The company emphasized the ongoing challenges in the energy sector, particularly the high circular debt, which is affecting the broader economic landscape. Moving forward, the company plans to continue adapting its strategy to navigate the evolving economic and energy environment effectively.

Dawood Lawrencepur Limited (DLL) has announced the sale of its entire stake in the wind energy business, Tenaga Generasi Limited (TGL), as part of its strategic realignment. This decision was communicated during the presentation of the company’s financial results for the quarter ending March 31, 2024.

TGL, known for leveraging the group’s engineering expertise in addressing energy challenges in Pakistan, has faced numerous obstacles, including low wind conditions and insufficient grid development. These challenges, compounded by the chronic issue of circular debt in the energy sector, have impacted value creation and shareholder returns.

The Board of Dawood Lawrencepur approved the sale of TGL on December 18, 2023, and subsequently finalized a Sale and Purchase Agreement with Artistic Milliner (Pvt) Limited in February 2024.

The report highlighted the plant’s performance with an availability rate of 99.33%, surpassing the target of 97.00%, and a balance of plant loss of 2.56%, well below the target of 4.60%. The plant has operated safely with zero injuries for 2729 days, underscoring its commitment to health, safety, and environmental standards.

Despite some operational successes, high curtailment rates have been a persistent issue, with significant energy losses noted during the first quarter of 2024. These operational challenges, along with the strategic decision to divest, align with the company’s broader efforts to optimize asset management and shareholder value.

Proceeds from the sale are intended to fund opportunities that maximize shareholder returns, reflecting the company’s ongoing commitment to its stakeholders.