⏸️ FRCL: HOLD Signal (5/10) – Notice Pursuant to Section 246 of the Companies Act, 2017

📌 Key Takeaways

• 📅 FRCL announced a notice for a change in auditors on October 20, 2025.
• 📜 The notice is pursuant to Section 246 of the Companies Act, 2017.
• 🏢 M/s Crowe Hussain Chaudhry & Co. are proposed as the new auditors.
• 💼 They will replace the retiring auditors, M/s BDO Ebrahim & Co.
• 🗓️ The auditor appointment will cover the fiscal year ending June 30, 2026.
• 🤝 The proposal was initiated by a shareholder.
• 📍 Crowe Hussain Chaudhry & Co. are based in Islamabad (House No. 982, Street 21, Phase 4, Bahria Town).
• 🏢 BDO Ebrahim & Co. are located at 3rd floor Saeed Plaza 22-East Blue area Islamabad.
• 🗓️ The Annual General Meeting (AGM) is scheduled for October 28, 2025 at 09:00 a.m.
• 🏢 The AGM will be held at the Registered Office: 29-Industrial Estate, Jamrud Road, Peshawar.
• 🌐 The shareholder notice is available on the company’s website.
• ✉️ A copy of the notice was sent to the retiring auditors.
• 📰 The notice was published in “Daily Times” and “Nawa-e-Waqt” newspapers on October 20, 2025.
• 📜 Regulation 5.6.9(b) of the Pakistan Stock Exchange Rule Book necessitates this notice.
• 👤 Rehman Khan Sherwani, Company Secretary, signed the notice.

🎯 Investment Thesis

HOLD. The change of auditors is a routine corporate governance matter. There is no immediate financial impact. Investors should monitor the audit process and any subsequent reports for potential implications on financial reporting quality. A HOLD rating is maintained until further financial results or strategic changes are announced.