⚡ Flash Summary

First National Equities Limited (FNEL) has announced its Annual General Meeting (AGM) to be held on October 28, 2025. The AGM will cover ordinary business such as the confirmation of minutes from a previous meeting, adoption of financial statements for the year ended June 30, 2025, and the appointment/re-appointment of auditors. In addition, the AGM will include special business items, namely the sale of investment in Kingbhai Digisol (Private) Limited and the enhancement of the company’s equity investment limit in FNE Developments (Private) Limited. Finally, the AGM also seeks approval for investment of Rs. 500 million in the pharmaceutical sector.

📌 Key Takeaways

• 🗓️ First National Equities Limited’s AGM will be held on October 28, 2025, at 4:00 PM.
• 📍 The AGM will take place at 179-B, Abubakar Block, New Garden Town, Lahore, Pakistan.
• ✅ Agenda includes confirming minutes from the Extra Ordinary General Meeting held on July 1, 2025.
• 📊 Shareholders will vote on adopting the financial statements for the year ended June 30, 2025.
• 👨‍💼 The meeting will address the appointment/re-appointment of M/s. Tariq Abdul Ghani & Co. as auditors until the next AGM in 2026.
• 🤝 Members will consider the sale of investment in Kingbhai Digisol (Private) Limited.
• 💰 The sale of Kingbhai Digisol investment aims to widen the company’s investment and improve profitability.
• 📈 Shareholders will vote on increasing the equity investment limit in FNE Developments (Private) Limited from Rs. 200 Million to Rs. 400 Million.
• 🏢 The increased investment in FNE Developments targets long-term revenue generation through dividends/bonus.
• 💊 Approval is sought for a new investment of Rs. 500 million in the pharmaceutical sector.
• 🧪 The pharmaceutical investment may involve setting up a facility or acquiring an existing company.
• 🗳️ Voting can occur via postal ballot for special business.
• 💻 Members can attend via VC/OAVM by registering with the company and submitting required documents before the AGM.
• 🛑 Share transfer books will be closed from October 21, 2025, to October 28, 2025.

🎯 Investment Thesis

HOLD. Given the limited financial information in this announcement, I maintain a HOLD rating. The strategic moves towards increasing investments in FNE Developments and the new pharmaceutical sector provide growth potential but are accompanied by execution and market risks. A more detailed financial analysis is needed to reassess the valuation and provide a BUY or SELL recommendation. The price target will be determined after detailed review of the FY2025 financial statements, with a time horizon of medium-term.