Category: General

Karachi, First Capital Equities Limited (“The Company”) is actively engaged in discussions with secured creditors and financial institutions to resolve its overdue financial obligations under favorable terms, according to a letter addressed to the Pakistan Stock Exchange (PSE) dated 01 April 2024. The move comes as part of the company’s broader strategy to reassess and revitalize its future business operations, with a particular focus on entering the real estate sector.

In addition to the ongoing negotiations, the company is exploring various strategic avenues to ensure its long-term sustainability and growth. The real estate projects, mentioned as a part of its future business plan, highlight a shift in the company’s operational focus towards diversifying its investment portfolio.

The company has assured that it will continue to keep the PSE updated on its progress and will make all necessary disclosures in compliance with legal requirements and PSE regulations. This initiative demonstrates First Capital Equities Limited’s commitment to transparency and regulatory compliance as it seeks to navigate through its current financial challenges and explore new business opportunities.

Karachi, Ittefaq Iron Industries, a key player in the engineering sector since 2017, reported a daily weighted average rate of Rs. 6.14 with a turnover of 1,443.43 million. The company has maintained a consistent market strategy, with no dividends announced for 2022, 2023, and 2024, and an EPS of Rs. 5.99 for January-March 2024. With a market lot of 500 and a par value of Rs. 10, Ittefaq Iron Industries continues to navigate the market with stability and resilience.

Islamabad, The Securities and Exchange Commission of Pakistan (SECP) has granted extensions for the holding of the Annual General Meeting (AGM) for the year ended December 31, 2023, and the filing of first quarterly accounts for the period ended March 31, 2024. Companies listed on the Pakistan Stock Exchange (PSE) are now allowed up to May 29, 2024, to hold their AGMs and file their quarterly financial statements, providing an additional 30 days for both requirements.

The SECP’s decision, communicated via letter No. SMD/PRDD/Comp/(97)/2023/43 on April 5, 2024, responds to applications for extensions under sections 132 and 237 of the Companies Act, 2017. This regulatory flexibility is aimed at accommodating the administrative and financial reporting processes of companies affected by the stipulated timelines.

Specifically, Pakistan International Container Terminal Limited has sought and been granted a 30-day extension to convene its AGM by May 29, 2024, and to submit its first quarterly accounts by May 30, 2024. The extensions are in line with sections 132 and 237 of the Companies Act, 2017, relating to the convening of AGMs and the filing of quarterly financial statements, respectively.

The SECP’s letter emphasizes the authority’s approval of the extensions and serves as a reminder to the TRE Certificate Holders of the Exchange. It also underscores that the granted extensions do not preclude the Commission from taking action in cases of non-compliance with any requirements of the Act.