MUGHAL

⚡ Flash Summary

Mughal Iron & Steel Industries Limited announced a book closure for its Sukuk Certificates-I to determine entitlement for the 19th rental and 15th principal payment. The transfer books will be closed from November 26, 2025, to December 2, 2025 (inclusive). Central Depository System (CDS) transaction IDs received by the Share Registrar, M/S THK Associates (Private) Limited, until the close of business on November 25, 2025, will be processed for the rental and principal payment. Sukuk holders are requested to update their International Bank Account Number (IBAN) details by November 25, 2025.

📌 Key Takeaways

• 📢 Mughal Iron & Steel Industries Limited announces book closure for Sukuk Certificates-I.
• 🗓️ Book closure period: November 26, 2025, to December 2, 2025 (inclusive).
• 💰 Purpose: To determine entitlement for the 19th rental and 15th principal payment.
• 🏦 CDS transaction IDs received by M/S THK Associates by November 25, 2025, will be considered.
• ℹ️ Sukuk holders must update their IBAN details by November 25, 2025.
• 📅 Payment due on Tuesday, December 02, 2025.
• 🏢 Share Registrar: M/S THK Associates (Private) Limited, Karachi.
• Tax implications: Profit on sukuk investments is subject to income tax under Section 151.
• 🧾 Sukuk holders need to provide valid Income Tax Exemption Certificates.
• ✉️ Contact the Share Registrar for certificates by November 25, 2025.

🎯 Investment Thesis

Given that the announcement is about an upcoming Sukuk certificate payment, a HOLD recommendation is appropriate. The company appears to be meeting its debt obligations, but there is no new information to significantly change the investment thesis. Continue to monitor for further developments.

⚡ Flash Summary

Mughal Iron & Steel Industries Limited has announced the issuance of rated, secured, listed, and privately placed short-term Sukuk certificates (“Sukuk-VII”) amounting to Rs. 1,500,000,000. The Sukuk will be offered to qualified institutional buyers (QIBs) and will have a tenure of 09 months. The purpose of this issuance is to meet the working capital requirements of the company. The transaction was completed on November 14, 2025, which is the issue date.

📌 Key Takeaways

• ✅ Mughal Iron & Steel Industries Limited issued Sukuk certificates.
• 💰 The total amount of Sukuk issued is Rs. 1,500,000,000.
• 🏢 These Sukuk are targeted towards qualified institutional buyers (QIBs).
• 🗓️ The tenure of the Sukuk is 09 months.
• 💼 The purpose of issuing Sukuk is to meet working capital needs.
• 🛡️ The Sukuk are rated, secured, listed, and privately placed.
• 📅 The issue date for the Sukuk is November 14, 2025.
• 📜 The Sukuk are referred to as “Sukuk-VII”.
• 📍 The announcement was made on November 17, 2025.
• exchange has been notified.

🎯 Investment Thesis

Given the announcement of the Sukuk issuance, a HOLD recommendation is appropriate. The Sukuk issuance itself doesn’t provide enough information to warrant a change in recommendation. The company’s ability to effectively deploy the working capital raised through the Sukuk will be crucial to its future performance. I will maintain a hold position until I see more data about the fundamental performance of the company.

⚡ Flash Summary

Mirza Javed Iqbal, Chairman/Non-Executive Director of Mughal Iron & Steel Industries Limited (MUGHAL), executed a gift-in transaction of 5,070,271 Ordinary Class-C shares. This transaction increased Iqbal’s total holding to 8,150,040 Ordinary Class-C shares, representing 24.65% of the company’s total Ordinary Class-C shares. The disclosure was made on November 17, 2025, in compliance with PSX regulations. This information will be presented in an upcoming board meeting.

📌 Key Takeaways

• 📝 Mirza Javed Iqbal, Chairman/Non-Executive Director, increased his stake in Mughal Iron & Steel.
• 🎁 Transaction type: Gift-in of Ordinary Class-C shares.
• 🗓️ Transaction date: Friday, November 14, 2025.
• 📈 Initial holding: 3,079,769 Ordinary Class-C shares.
• ➕ Acquired: 5,070,271 Ordinary Class-C shares.
• 📊 Revised holding: 8,150,040 Ordinary Class-C shares.
• ⬆️ Increase in Class-C shares percentage: from 9.32% to 24.65%.
• 📃 Disclosure made on November 17, 2025.
• 🏛️ Transaction executed through the Central Depository Company (CDC).
• 🤝 Compliance with PSX regulations under 5.6.4.
• 🏢 Information to be presented in the upcoming board meeting.
• ✔️ Total cumulative ordinary shares after transaction: 17,100,460 (4.64%).
• ℹ️ Announcement made by Muhammad Fahad Hafeez, Company Secretary.

🎯 Investment Thesis

HOLD. While the Chairman increasing his stake is generally a positive signal, the transaction is a gift-in and doesn’t directly involve the company’s financial performance. The current information isn’t sufficient to warrant a change in recommendation. A price target cannot be determined based on this announcement alone. It depends on a comprehensive analysis of MUGHAL’s financials, market conditions, and future growth prospects. The time horizon remains dependent on broader market trends and company-specific developments.

⚡ Flash Summary

Mughal Iron & Steel Industries Limited has announced a book closure for its Sukuk VI certificates. The purpose of this closure is to determine the entitlement of Sukuk holders for bullet principal and profit payments. The transfer books will be closed from November 27, 2025, to December 03, 2025. Sukuk holders are requested to update their international bank account details by November 26, 2025, and provide valid income tax exemption certificates to the share registrar.

📌 Key Takeaways

• 📅 Book closure dates: November 27, 2025 – December 03, 2025.
• 💰 Purpose: Determine bullet principal & profit payment for Sukuk-VI holders.
• 🏦 Sukuk holders must update IBAN details by November 26, 2025.
• 🧾 Provide valid income tax exemption certificates to the share registrar.
• 🏢 Share registrar: M/s. Digital Custodian Company Limited.
• 📍 Share registrar address: Perdesi house, 4th Floor, Old Queens Road, Karachi.
• 🧾 CDS transaction IDS received by November 26, 2025, will be treated for entitlement.
• ⚠️ Profit on Sukuk investments is subject to income tax deduction under section 151.
• 📜 Sukuk Certificates are Unlisted Sukuk-VI
• 🗓️ Payment due date is December 03, 2025

🎯 Investment Thesis

Given the nature of the announcement, which focuses on Sukuk payment processes, a HOLD recommendation is appropriate. The company is fulfilling its financial obligations, but further analysis of the company’s financials is necessary to make a more informed investment decision. The time horizon depends on overall company performance and Sukuk terms.

⚡ Flash Summary

Mughal Iron & Steel Industries Limited announced the re-appointment of Mr. Mirza Javed Iqbal as Chairman and Mr. Khurram Javaid as Chief Executive Officer for a term of three years. The announcement, dated November 10, 2025, also included the revised composition of the Board of Directors, the Audit Committee, Human Resource & Remuneration (HR&R) Committee, and Environment, Social and Governance (ESG) Committee. This information, disclosed as inside information, was filed with the Pakistan Stock Exchange Limited. The re-appointments signal stability in the company’s leadership.

📌 Key Takeaways

• 📅 Mr. Mirza Javed Iqbal re-appointed as Chairman for three years.
• 💼 Mr. Khurram Javaid re-appointed as CEO for three years.
• 🤝 Board of Directors’ composition revised.
• 🔍 Audit Committee composition revised.
• 🧑‍🤝‍🧑 HR&R Committee composition revised.
• 🌱 ESG Committee composition revised.
• 🗓️ Announcement date: November 10, 2025.
• 🏢 Company: Mughal Iron & Steel Industries Limited.
• 🇵🇰 Filing with Pakistan Stock Exchange Limited.
• ℹ️ Disclosed as inside information.
• 🏢 Registered office: 31-A Shadman 1, Lahore.
• 📧 Contact email: fahadhafeez@mughalsteel.com.
• 🌐 Website: www.mughalsteel.com.

🎯 Investment Thesis

Given the announcement of key leadership re-appointments and committee revisions, a HOLD recommendation is appropriate. This announcement signals a continuation of current strategies. Without further financial data or performance indicators, there is insufficient evidence to warrant a BUY or SELL recommendation. The price target will be determined based on future financial results and market conditions.

⚡ Flash Summary

Mughal Iron & Steel Industries Limited is holding a corporate briefing session (CBS) to discuss the company’s annual audited accounts for the financial year ended June 30, 2025. The session will be held via Zoom video link on November 13, 2025, at 4:00 p.m. The announcement provides the Zoom meeting link, meeting ID, and passcode for participants to join. Interested participants can email cbs@mughalsteel.com for queries, feedback, and advanced questions.

📌 Key Takeaways

• 📅 Mughal Iron & Steel Industries Limited will hold a Corporate Briefing Session (CBS) for FY 2025.
• 💻 The CBS will be conducted via Zoom video link.
• 🗓️ Date: November 13, 2025.
• ⏰ Time: 4:00 p.m. Pakistan Standard Time.
• 🔗 Zoom Meeting Link: https://us06web.zoom.us/j/86952604195?pwd=9Bcb4UKGy36ZiZcM4SYdhSWOye5b7d.1
• 🆔 Meeting ID: 869 5260 4195
• 🔑 Passcode: 937149
• 📧 For queries, feedback, and advanced questions, email cbs@mughalsteel.com.
• 🏢 The CBS is based on the company’s annual audited accounts for the financial year ended June 30, 2025.
• 🗣️ Khurram Javaid, Chief Executive Officer, will moderate and present the session.
• 🧑‍💼 Shakeel Ahmed Mughal, Chief Operating Officer, will be present.
• 👨‍💼 Muhammad Zafar Iqbal, Chief Financial Officer, will be present.

🎯 Investment Thesis

Given the lack of financial data, a definitive recommendation (BUY/SELL/HOLD) cannot be made. Based solely on the announcement, a HOLD recommendation is assigned until further information is released during the corporate briefing session. The price target will be set after reviewing company’s financials.

⚡ Flash Summary

Mughal Iron & Steel Industries Limited held its 16th Annual General Meeting on October 28, 2025. The meeting addressed ordinary business including the adoption of audited financial statements for the year ended June 30, 2025, and the appointment of joint statutory auditors for the upcoming term of 2025-2026. Additionally, the election of seven directors for a three-year term commencing October 31, 2025, was conducted. Special business included resolutions regarding related party transactions, ratifying those from the year ended June 30, 2025, and authorizing future transactions, subject to board approval.

📌 Key Takeaways

• ✅ Audited financial statements for the year ended June 30, 2025, were adopted.
• 👨‍💼 Fazal Mahmood & Company and Muniff Ziauddin & Company appointed as Joint Statutory Auditors for 2025-2026.
• 🗓️ The auditor’s remuneration will be fixed and approved by the Board of Directors.
• 🗳️ Seven directors elected for a three-year term starting October 31, 2025.
• 🏢 Directors elected: Mirza Javed Iqbal, Mr. Shoaib Ahmad Khan, Mr. Muhammad Aslam Bhatti, Mr. Jamshed Iqbal, Mr. Khurram Javaid, Mrs. Samina Jamshed, and Mr. Muhammad Mateen Jamshed.
• 🤝 Related party transactions for the year ended June 30, 2025, were ratified.
• 👍 The company is authorized to enter into related party transactions for the year ending June 30, 2026.
• 🛡️ Board Audit Committee and Board of Directors will review and approve related party transactions.
• 📜 Related party transactions for the period ending June 30, 2026, will be presented at the next AGM.
• 📍 The AGM was held at Avari Hotel, Shahrah-e-Quid-e-Azam, Lahore.

🎯 Investment Thesis

Given the resolutions passed are routine governance matters, a HOLD recommendation is maintained. The price target will be reviewed upon release of the audited financial statements, with a reassessment of revenue growth, profitability, and cash flow generation. Time horizon: Medium Term.