⚡ Flash Summary

National Refinery Limited (NRL) has announced a board meeting scheduled for October 28, 2025, to review the financial statements for the quarter ended September 30, 2025, and to consider the declaration of any entitlement. In preparation for the meeting, the company has declared a “Closed Period” from October 20, 2025, to October 28, 2025. During this period, directors, CEOs, and executives are prohibited from directly or indirectly dealing in the company’s shares. This announcement was made to the Pakistan Stock Exchange (PSX) on October 17, 2025.

📌 Key Takeaways

• 📅 NRL’s board meeting scheduled for October 28, 2025, at 10:30 hours in POL House, Morgah Rawalpindi.
• 🏢 Meeting agenda: Review financial statements for the quarter ended September 30, 2025.
• 💰 Consideration of any entitlement declaration during the board meeting.
• 🔒 “Closed Period” declared from October 20, 2025, to October 28, 2025.
• 🚫 During the closed period, no director, CEO, or executive can trade in NRL shares.
• 📜 Closed period enforced under Clause 5.6.4 of the PSX’s Rule Book.
• 📢 TRE Certificate Holders informed of the closed period.
• 👤 Contact person for inquiries: Mr. Sardar Khan.
• 📞 Mr. Sardar Khan’s telephone number: 35061544.
• 📧 Mr. Sardar Khan’s email address: sardar_khan@nrlpak.com.
• 📍 NRL’s registered office: 7-B, Korangi Industrial Zone, Karachi.
• 🌐 NRL’s website: www.nrlpak.com.
• 📝 Announcement date: October 17, 2025.
• 💼 Company Secretary: Badruddin Khan.

🎯 Investment Thesis

Given the limited information, a HOLD recommendation is appropriate. The board meeting is a standard corporate event, and the closed period is a precautionary measure. A change in recommendation would depend on the actual financial results and any declared entitlement. A review of the financials will be required to re-evaluate the investment thesis.