⚡ Flash Summary

First National Equities Limited (FNEL) held its Annual General Meeting on October 28, 2025, approving key resolutions. These include the approval of financial statements for the year ended June 30, 2025, and the appointment of Muniff Zia Uddin & Co. as auditors, replacing Tariq Abdul Ghani & Co. Furthermore, the company received authorization to sell its investment in Kingbhai Digisol and to invest up to PKR 400 million in its subsidiary, FNE Developments. Additionally, FNEL is authorized to invest up to PKR 500 million to establish a pharmaceutical manufacturing facility or acquire an existing pharmaceutical company.

📌 Key Takeaways

• ✅ AGM held on October 28, 2025, in Lahore.
• 👍 Minutes of the Extra Ordinary General Meeting held on July 1, 2025, were approved.
• 🧾 Audited financial statements for the year ended June 30, 2025, were adopted.
• 👨‍💼 Muniff Zia Uddin & Co. appointed as auditors, replacing Tariq Abdul Ghani & Co.
• 🏢 Authorization to sell investment in Kingbhai Digisol.
• 💰 Up to PKR 400 million investment approved for FNE Developments.
• 💸 Investment in FNE Developments via shares or loans, as per Board terms.
• 💊 Approval to enter pharmaceutical business via subsidiary investment.
• 🏭 Up to PKR 500 million approved for setting up a pharma facility or acquiring one.
• 🤝 Board authorized to finalize terms of the pharmaceutical investment.
• 📄 CEO and Company Secretary authorized for necessary SECP filings.
• 🗓️ Next AGM to be held in 2026.

🎯 Investment Thesis

A HOLD recommendation is appropriate due to the limited financial information. The company is undergoing strategic changes that could be positive or negative. Further financial disclosures are needed to make a definitive BUY or SELL decision. The investment in pharmaceuticals is speculative.