Category: Business & Finance

Karachi, Supernet Limited, in accordance with Section 96 and 131 of the Securities Act, 2015, and clause 5.6.1 of PSX Regulations, has taken on the role of Holding Company for Hallmark Company Limited. This transition follows the acquisition by Supernet Limited's subsidiary, Supernet Infrastructure Solutions (Private) Limited (the "Acquirer"), of 314,220 ordinary shares, accounting for a substantial 62.84% stake in Hallmark Company Limited. As of August 15, 2023, Supernet Limited officially emerges as the primary Holding Company for Hallmark Company Limited.

Karachi, Hinopak Motors Limited, a renowned player in the automotive industry, has unveiled plans to host a comprehensive Corporate Briefing Session (CBS) designed to illuminate the company's financial trajectory and prospective outlook. The CBS is slated to take place on August 24, 2023, and will encompass both an in-person event at the company's Registered Office in Karachi and a virtual session via Zoom/video-link.

The impending briefing session is aimed at fostering a deeper understanding of Hinopak Motors Limited's financial performance throughout the year ended March 31, 2023, as well as the strategic vision set forth for its future endeavors. Investors and analysts are among the primary audience of this event, and the company anticipates a robust turnout of individuals eager to glean insights into its financial landscape and upcoming strategic directions.

Participants desiring to engage in the CBS, either in person or through the digital platform, are urged to submit their pertinent credentials, including their full name, CNC, organization name, and Folio number (if applicable). These details should be forwarded to the designated email address, info@hinopak.com, utilizing the subject line "Registration for Hinopak Motors Limited CBS - 2023." This registration process must be completed by the close of business hours on August 22, 2023.

In pursuit of ensuring a seamless virtual experience for online participants, the login credentials for the Zoom/video-link segment will be shared exclusively with those who confirm their participation by providing the requested information. This strategic approach not only facilitates convenient attendance but also underscores Hinopak Motors Limited's commitment to transparency, engagement, and fostering an informed investor community.

The Corporate Briefing Session holds the promise of delivering in-depth insights, illuminating financial performance, and providing a glimpse into the company's future endeavors. As Hinopak Motors Limited continues to navigate the dynamic automotive landscape, this session serves as an opportunity for stakeholders to align themselves with the company's trajectory and contribute to its growth journey.

Karachi, Maqbool Textile Mills Limited is pleased to announce the appointment of Muhammad Ehsanullah Khan as the company's new "Chief Financial Officer." The appointment officially takes effect from August 17, 2023. This strategic addition to the leadership team reflects the company's commitment to strengthening its financial management and further enhancing its operational excellence.

Karachi, The Bank of Punjab has scheduled a significant Board of Directors meeting for August 24, 2023, in Lahore. The primary focus of the meeting is to deliberate on the Half-Yearly Financial Statements for the bank, covering the period ending June 30, 2023. The meeting will also encompass discussions on various other agenda items.

The outcomes of the meeting will be relayed to the Pakistan Stock Exchange Limited through PUCARS, ensuring transparency and compliance with regulations.

Additionally, adhering to PSX Rule Book, Rule 5.6-4, a "Closed Period" will be observed from August 17, 2023, to August 24, 2023, inclusive of both days. During this period, no Director, Chairman, CEO (President), or Executive of The Bank of Punjab will be permitted to engage in any form of share trading involving BOP shares.

Karachi, Engro Corporation Limited, a leading conglomerate known for its diverse portfolio, has announced a significant development in its Board of Directors. In a meeting convened on August 16, 2023, the Board of Directors formally accepted the resignation of Ms. Dominique Russo from her position as Independent Director. The resignation, effective from August 15, 2023, marks a transition in the leadership structure of the company.

Ms. Dominique Russo's tenure as an Independent Director has been notable for her contributions to the company's strategic direction and governance. Her insights and expertise have been instrumental in shaping Engro Corporation's trajectory within a dynamic business landscape. The decision to step down from the Board reflects her desire to explore new avenues while leaving behind a lasting impact on the organization.

The vacancy created by Ms. Russo's resignation will be treated as a casual vacancy, an occurrence that prompts the company to initiate a process to select a new Director to fill the role. Engro Corporation Limited's Board of Directors will undertake the responsibility of identifying a suitable candidate to occupy the vacant Independent Director position. The forthcoming selection process underscores the company's commitment to maintaining a balanced and skilled leadership team that aligns with its corporate vision.

Engro Corporation Limited, renowned for its pioneering initiatives across multiple sectors, remains dedicated to upholding transparency, corporate governance, and sustainable growth. The Board's acceptance of Ms. Russo's resignation and its subsequent plan to fill the casual vacancy reinforces the company's ongoing commitment to effective leadership and responsible decision-making.

As the company embarks on the process of selecting a new Independent Director, the industry and stakeholders alike will be keenly observing the developments, anticipating the addition of a new perspective and expertise to the Board of Engro Corporation Limited.

Karachi, Saif Maqbool, an executive at Crescent Fibres Limited, a prominent listed company, has disclosed a series of substantial share transactions involving himself, his spouse, and the company’s substantial shareholders. These transactions were made public in accordance with regulatory requirements to ensure transparency and accountability.

Saif Maqbool, holding the position of an executive within the company, received a gift of 50,000 shares from an undisclosed source. The transaction was executed through the Central Depository Company (CDC) and was conducted at a rate of 0.00 per share. The shares were held in CDC form.

This pattern continued with two subsequent transactions on August 15 and August 16, 2023. Saif Maqbool again received gifts of shares through the CDC. On August 15, he acquired 150,000 shares with a stated rate of 0.00 per share. The following day, on August 16, he received a substantial gift of 600,000 shares at the same rate of 0.00 per share. Both of these transactions were in CDC form as well.

Karachi, In a recent disclosure that has sent ripples through the financial landscape, Khawar Maqbool, a prominent figure identified as a substantial shareholder of Crescent Fibres Limited, has executed an intriguing share transaction. On August 16, 2023, Mr. Maqbool made a striking move by gifting out a significant number of shares to the company, shaking up the market dynamics.

The transaction involved a total of 600,000 shares, with a rather unusual twist – the shares were transferred at a rate of 0.00. This unexpected value has led to speculation about the underlying motives of the move. The shares were held in the Central Depository Company (CDC), reflecting the modern digital landscape of share ownership.

Karachi, The news coverage of Pakistan International Airlines’ (PIA) ongoing restructuring efforts, as published in various print and electronic media outlets. The focus of the coverage has been on the steps taken by the Government and the Ministry of Aviation to reform and revitalize the national carrier, which has been grappling with legacy losses accumulated over the past two decades.

The information presented in these media reports has been attributed to two distinct sources. The first source stems from the Senate Standing Committee hearing on the proposed bill related to PIA’s restructuring. Media personnel covering the proceedings have provided insights into the hearing, with most of the figures and data derived from documentary evidence presented during the session. This documentary evidence was pivotal in gaining the recommendation for the bill’s approval by the Standing Committee and its subsequent consideration by the Senate of Pakistan. The restructuring of PIA is seen as a critical step to address the airline’s financial challenges, requiring legislative and multi-level approvals.

The second source of information stems from a media briefing conducted by the former Minister for Aviation. During this briefing, the Minister highlighted the measures taken during their tenure to address the issues plaguing PIA. Emphasis was placed on the need for restructuring to address the significant financial setbacks the airline has faced over the past two decades. The legacy losses have prompted the government to engage in an extensive consensus-building process to garner support for the restructuring efforts.

Karachi, The Board of Directors of EFG Hermes Pakistan Limited is scheduled to convene a crucial meeting on August 23, 2023, in Karachi. The primary agenda of the meeting will be the discussion and consideration of the company’s Quarterly Accounts for the period ending June 30, 2023.

The upcoming board meeting, EFG Hermes Pakistan Limited has announced a Closed Period commencing on August 16, 2023, and lasting until August 23, 2023.

Karachi, RMS (Private) Limited has unveiled its ambitious plan to acquire a substantial 87.96% stake in Escorts Investment Bank Limited, operating under the company name Arif Habib Limited. The announcement was formalized through a Public Announcement of Intention, marking a significant development in the financial sector.

The move has garnered attention across the business community and beyond, as it signifies a potential transformation of the investment banking industry.

Karachi, Meezan Bank Limited, one of Pakistan’s leading Islamic banks, announced today that its Board of Directors, in a meeting held on August 10, 2023, has approved the declaration of an Interim Cash Dividend of Rs. 4/- per share, representing 40% of the total dividend. This decision reflects the bank’s strong financial performance and commitment to providing value to its shareholders.

To facilitate the distribution of this dividend, the Share Transfer Books of Meezan Bank Ltd. will remain closed from August 24, 2023, to August 25, 2023. During this period, no transfers of shares will be permitted. The closure period includes both days.

Shareholders who wish to receive the Interim Cash Dividend are advised to ensure their share transfer requests are submitted by the close of business on August 23, 2023.

Karachi, Atlas Asset Management Limited has revealed that its investment committee, in accordance with the mandate from the Board of Directors, has greenlit a daily dividend distribution for the Atlas Liquid Fund (ALF). The distribution, slated for August 15, 2023, will see unit holders benefitting from a dividend of Rs. 0.2635 per unit, equivalent to 0.0527% of the par value.

Investors who will be eligible for the dividend are those whose names are listed in the unit holder register of the fund, as of the close of business on August 15, 2023.