⚡ Flash Summary

Malik Haroon Ahmad & Co., Chartered Accountants, issued an independent reasonable assurance report on the Statement of Free Float of Shares for Hala Enterprises Limited for the periods ending September 30, 2024, December 31, 2024, March 31, 2025, and June 30, 2025. The audit was conducted to comply with Pakistan Stock Exchange (PSX) regulations. The auditors believe that the statement is prepared, in all material respects, in accordance with the PSX Regulations. This report is restricted in use and distribution, meant only for PSX regulatory requirements.

📌 Key Takeaways

• ✅ Assurance report issued by Malik Haroon Ahmad & Co.
• 🗓️ Covers periods: Sep 30 ’24, Dec 31 ’24, Mar 31 ’25, Jun 30 ’25.
• 🏢 Hala Enterprises Limited’s free float of shares is the subject.
• 📜 Complies with Regulation No. 5.7.2(c) (ii) of PSX Regulations.
• 💼 Management is responsible for preparing the statement.
• 🛡️ Auditor complied with ethical requirements of the Code of Ethics for Chartered Accountants.
• ⭐ Assurance engagement followed ISAE 3000 (Revised) standards.
• ℹ️ Procedures included verifying information with Central Depository Company statements.
• ✔️ Opinion: Statement is prepared in accordance with PSX Regulations.
• 🚫 Report’s use and distribution are restricted.
• 📊 Total outstanding shares remain constant at 12,996,304 across all quarters.
• 📉 Shares held by Directors/Sponsors/Senior Management Officers decreased from 198,400 in Sep ’24 to 122,679 in Jun ’25.
• 📉 Shares held by Associated Companies/Group Companies remain constant at 11,396,747 until Mar ’25, then decrease to 10,817,224 in Jun ’25.
• 📈 Free Float increased from 1,401,157 in Sep ’24 to 2,056,401 in Jun ’25.
• October 15, 2025, Lahore is the report date.

🎯 Investment Thesis

HOLD. The increasing free float is a positive development, potentially improving liquidity. However, without further analysis of the company’s financial performance and broader market conditions, a HOLD recommendation is appropriate. More information is needed to determine if the increased free float will translate into sustained positive investor sentiment and improved stock performance. This analysis needs a sector comparison and more data.