IMS

⚡ Flash Summary

Intermarket Securities Limited (IMS) disclosed that AB Holdings acquired 102,079,820 ordinary shares, equivalent to 7.92% of IMS’s issued and paid-up capital, from EFG Hermes Brokerage Holding LLC at PKR 0.01 per share. This transaction results in an indirect change in the beneficial shareholding and ownership of Ms. Erum Bilwani, a director and substantial shareholder of both IMS (holding 43.07% shares) and AB Holdings (holding 30% shares). The shares are held in electronic form with the Central Depository Company (CDC). The disclosure aims to keep the Pakistan Stock Exchange (PSX) and market participants informed as per regulatory requirements.

📌 Key Takeaways

• 📢 AB Holdings acquired 7.92% of Intermarket Securities Limited (IMS).
• 💰 Purchase price: PKR 0.01 per share.
• 🏢 Seller: EFG Hermes Brokerage Holding LLC.
• 📅 Transaction date: September 30, 2025.
• 👤 Ms. Erum Bilwani is a director and substantial shareholder of both IMS (43.07%) and AB Holdings (30%).
• 📊 The transaction involved 102,079,820 ordinary shares.
• 🏛️ Shares are held electronically with the Central Depository Company (CDC).
• 🔄 Indirect change in beneficial shareholding of Ms. Erum Bilwani.
• 📜 Disclosure made under Rule 5.6.4 of the PSX Rule Book.
• 🗓️ Disclosure date: November 17, 2025.
• ✉️ AB Holdings’ purchase intimation letter dated November 10, 2025.
• 🤝 Share Purchase Agreement (SPA) executed on September 30, 2025.

🎯 Investment Thesis

HOLD. The acquisition of a 7.92% stake in Intermarket Securities Limited (IMS) by AB Holdings introduces both opportunities and uncertainties. While the transaction may signal strategic alignment and potential synergies, a comprehensive understanding of the financial implications and operational changes is needed. Given the limited information available in the disclosure, a HOLD recommendation is appropriate until further details emerge. The price target will need more information and is not possible to compute given the limited financial detail.

⚡ Flash Summary

Intermarket Securities Limited will hold a corporate briefing session on Tuesday, November 18, 2025, at 4:00 p.m. via Zoom video conference. The purpose of this session is to brief investors, shareholders, and analysts on the company’s financial performance and results for the period ended June 30, 2025, as well as its future outlook. Interested participants are requested to confirm their participation by November 17, 2025, and can submit questions in advance via email.

📌 Key Takeaways

• 🗓️ Corporate Briefing Session on November 18, 2025.
• ⏰ Session will be held at 4:00 p.m. via Zoom.
• 📢 Aimed at briefing investors, shareholders, and analysts.
• 📊 Focus on financial performance for the period ended June 30, 2025.
• 🔮 Discussion of the company’s future outlook.
• 📧 Participants should confirm attendance via investors@imsecurities.com.pk by November 17, 2025.
• ❓ Participants can submit queries in advance via email.
• 🤝 Encouraged to provide feedback after the session.
• 🏢 Organized by Intermarket Securities Limited.
• 👤 Contact Shahid Kamal, Company Secretary.
• 🌐 Registered office in Karachi, Pakistan.
• 📞 UAN (92 21) 111 467 000

🎯 Investment Thesis

Based on the limited information, a HOLD recommendation is appropriate. Further information from the briefing session is needed to evaluate the company’s financial performance and future outlook. Without financial data, setting a price target is not feasible.

⚡ Flash Summary

IMS announced: Grant of Securities Manager License by SECP. Basic analysis suggests neutral sentiment. Professional review recommended.

📌 Key Takeaways

• IMS made announcement: Grant of Securities Manager License by SECP
• Automated analysis: HOLD signal detected
• Signal strength: 5/10
• This is basic analysis – manual review recommended
• Professional CFA analysis unavailable

🎯 Investment Thesis

Basic HOLD indication for IMS. Manual verification required.

⚡ Flash Summary

Intermarket Securities Limited held its 27th Annual General Meeting on October 22, 2025, where shareholders approved the audited financial statements for the year ended June 30, 2025. They also re-appointed Rahman Sarfaraz Rahim Iqbal Rafiq – Chartered Accountants, as auditors for the financial year ending June 30, 2026. A significant resolution was passed to approve an additional unsecured credit facility of PKR 40,000,000 to Mrs. Erum Bilwani, the Chairperson of the Company, for a two-year period, extending the total outstanding amount to PKR 50,750,482/- until December 31, 2025, subject to SECP approval.

📌 Key Takeaways

• ✅ AGM held on October 22, 2025, at ICAP Auditorium, Karachi.
• ✔️ Audited financial statements for the year ended June 30, 2025, approved.
• 👨‍💼 Rahman Sarfaraz Rahim Iqbal Rafiq re-appointed as auditors for the year ending June 30, 2026.
• 🤝 CEO authorized to negotiate and fix auditors’ remuneration for the year ended June 30, 2025.
• 🏦 Approved an additional unsecured credit facility of PKR 40,000,000 to Chairperson Mrs. Erum Bilwani.
• 🗓️ The credit facility is for a period of two years from actual disbursement.
• 📑 Existing outstanding amount of PKR 50,750,482/- being availed till an extended term till Dec.31, 2025.
• ✍️ Loan terms to be set out in a Loan Agreement between the company and Mrs. Bilwani.
• 🔒 Terms include amount, tenure, interest rate, repayment schedule, and other covenants.
• 🏦 The loan is subject to obtaining approval from the SECP before sanctioning.
• ✔️ Shareholders approved the execution of the Loan Agreement and any ancillary documents.
• 🤝 Authorized Persons are authorized to amend the loan terms as required by SECP.
• ✔️ CEO and/or Company Secretary authorized to finalize and execute the loan.
• ✔️ They are authorized to make an application to the SECP for its approval.

🎯 Investment Thesis

Given the limited financial information and the corporate governance focus of the announcement, a HOLD recommendation is appropriate. Further analysis of the company’s financials and the specific terms of the credit facility would be necessary to make a more informed investment decision.

⚡ Flash Summary

IMS announced: Board Meeting. Basic analysis suggests neutral sentiment. Professional review recommended.

📌 Key Takeaways

• IMS made announcement: Board Meeting
• Automated analysis: HOLD signal detected
• Signal strength: 5/10
• This is basic analysis – manual review recommended
• Professional CFA analysis unavailable

🎯 Investment Thesis

Basic HOLD indication for IMS. Manual verification required.