⏸️ JVDC: HOLD Signal (5/10) – Ballot Paper – Voting Through Postal Ballot

📌 Key Takeaways

• 📅 AGM scheduled for October 18, 2025.
• 🗳️ Voting via postal ballot and video-link (Zoom).
• 📜 Agenda includes approval of related party transactions (Item No. 5).
• 🏢 Agenda includes investment in associated companies (Item No. 6).
• 🌐 Ballot paper available on company website: www.jcl.com.pk.
• 📰 Ballot paper published in ‘Pakistan Observer’ and ‘Roznama Dunya’.
• 🏢 THK Associates appointed as Balloter and E-Service Provider.
• 🔍 Rahman Sarfaraz Rahim Iqbal Rafiq & Co. as the Scrutinizer.
• ✉️ Postal ballots to be sent to the Chairman by October 17, 2025.
• 📧 Shareholders can also send filled ballots via email.
• ✅ Shareholders to ratify related party transactions for the year ended June 30, 2025.
• ✔️ Board authorized to approve related party transactions for FY ending June 30, 2026.
• 💰 Proposed fresh investment of PKR 6,500 million in Sapphire Bay Islamic Development REIT.
• 🤝 Renewal of PKR 500 million loan for Globe Residency REIT is being sought.

🎯 Investment Thesis

HOLD. The announcement is primarily about AGM procedures and approvals related to transactions with related parties and investments in associated companies. A HOLD recommendation is appropriate given the lack of concrete financial information to make a BUY or SELL decision. Further financial analysis is required before making any recommendation. I am unable to provide a price target or time horizon.