Lahore: Saudi Pak Leasing Company Limited is set to undergo significant changes, including a shift in business focus and a name change, as revealed in the Chairman's Review of the Annual Report 2024. The 34th Annual General Meeting (AGM) is scheduled for October 11, 2024, in Karachi, where shareholders will vote on these strategic decisions.

According to information available from the Pakistan Stock Exchange (PSX), the company faced numerous challenges throughout the fiscal year 2023-2024, including economic instability, political unrest, and the passing of their CEO, Mr. Ahsanullah. Despite these hurdles, the company managed a pre-tax profit of Rs. 128.930 million, a substantial increase from Rs. 14.58 million the previous year.

The financial year was marked by leadership transitions after the untimely demise of the former CEO. Mr. Muhammad Naeem Khan was appointed to the board, and Mr. Niaz Ahmed Khan transitioned from Chairman to CEO and Managing Director. These changes were ratified during an Extraordinary General Meeting (EOGM) on April 24, 2024, in Islamabad, along with the restructuring of the board and its committees.

The upcoming AGM will address several key points, including the adoption of the 34th Audited Financial Statements and the appointment of M/s. UHY Hassan Naeem and Co as external auditors. The company will also seek shareholder approval to change its name from "Saudi Pak Leasing Company Limited" to "Saudi Pak Consultancy Company Limited" and to shift its business model from leasing to consultancy services.

This strategic pivot is aimed at avoiding a SECP show cause notice for winding up and adapting to a multi-faceted consultancy model that is expected to be more sustainable in the current economic climate. The Board anticipates that the SECP will soon withdraw the liquidation notice, allowing the company to resume trading on the PSX under its new business line and name.

In conclusion, the company's robust recovery efforts and strategic shifts are paving the way for a revival, with the management optimistic about future growth and stability. The Chairman expressed gratitude towards the regulatory authorities, creditors, depositors, and the management team for their continued support during this transition.