Strength-6 - FoxLogica

⏸️ ICIBL: HOLD Signal (6/10) – SCHEDULE II U/S 109(2) OF THE ACT

⚡ Flash Summary

Mrs. Ayesha Shehryar acquired 27,000,000 shares (9.48%) of Invest Capital Investment Bank Limited on October 16, 2025, at a price of Rs. Nil per share, through a gift from her sister. This acquisition increases her total shareholding to 158,447,250 shares, representing 55.62% of the total issued voting shares of the company. The transaction is reported under Section 109 of the Securities Act, 2015, and related regulations. This acquisition does not attract part IX of the Act (except reporting).

Signal: HOLD ⏸️

Strength: 6/10

Sentiment: NEUTRAL

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

1. 👩‍💼 Ayesha Shehryar acquired 9.48% of Invest Capital Investment Bank Limited.
2. 🗓️ Acquisition date: October 16, 2025.
3. 🎁 Shares acquired via gift from sister.
4. 💰 Price per share: Rs. Nil.
5. 📈 Total shares acquired: 27,000,000.
6. 📊 Previous shareholding: 131,447,250 shares.
7. 🎯 New total shareholding: 158,447,250 shares.
8. 👑 Total shareholding represents 55.62% of the company.
9. 📜 Transaction reported under Section 109 of Securities Act, 2015.
10. 🚫 Transaction does not attract part IX of the Act (except reporting).
11. 🏢 Target company: Invest Capital Investment Bank Limited.
12. 🤝 Transaction is between related parties (sisters).
13. 📄 Disclosure made to Pakistan Stock Exchange and SECP.
14. 🔒 Ayesha Shehryar’s CNIC number: 33102-4936337-4.

🎯 Investment Thesis

HOLD. Given the nature of this transaction (gift), there’s no direct investment decision to be made. The increased ownership by Mrs. Shehryar suggests a continued commitment to the company, but further information is required before determining any impact on the company’s financials or strategic direction. Monitoring how Mrs. Shehryar will use her controlling stake to influence company strategy is crucial.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: October 20, 2025

announcements NBP Signal: SELL

📉 NBP: SELL Signal (6/10) – Material Information

⚡ Flash Summary

National Bank of Pakistan (NBP) disclosed a transaction executed on October 16, 2025, where it sold 434,900 shares of First Dawood Properties Ltd. The sale was executed at a rate of PKR 9.03 per share, totaling PKR 3,927,386. Following this transaction, NBP’s holding in First Dawood Properties Ltd stands at 13.13%. This announcement is in compliance with the Pakistan Stock Exchange (PSX) regulations regarding disclosure of interest by substantial shareholders.

Signal: SELL 📉

Strength: 6/10

Sentiment: NEGATIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

📢 NBP sold 434,900 shares of First Dawood Properties Ltd.
🗓️ The transaction occurred on October 16, 2025.
💸 The sale price was PKR 9.03 per share.
💰 Total transaction amount: PKR 3,927,386.
📉 NBP’s holding in First Dawood Properties Ltd is now 13.13%.
📜 The disclosure is under PSX regulations.
🏢 NBP is identified as a substantial shareholder.
🏦 Transaction executed by National Bank of Pakistan.
📄 Form of shares: CDC
🤝 Transaction executed with First Dawood Properties Ltd.

🎯 Investment Thesis

Based on the information provided, a SELL recommendation is warranted. NBP’s decision to reduce its stake in First Dawood Properties Ltd suggests a potentially less favorable outlook for the company. A price target cannot be determined without a full valuation model, but investors should monitor First Dawood Properties Ltd’s performance and consider the implications of NBP’s reduced holding. Time horizon: MEDIUM_TERM.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: October 20, 2025

announcements Signal: HOLD

⏸️ FHAM: HOLD Signal (6/10) – Electronic Disbursement/Credit of Final Dividend for the year ended 2024-25

⚡ Flash Summary

First Habib Modaraba (FHAM) announced a final cash dividend of Rs. 2.25 per certificate, which is 22.5% for the year ended June 30, 2025. The dividend was approved by the Board of Directors on August 7, 2025, and electronically credited to the designated bank accounts of certificate holders on October 16, 2025. The disbursement applies to those certificate holders who have provided e-mandate with 24-digit complete IBAN numbers. The Modaraba has withheld dividends from certificate holders who have not provided their IBAN numbers and/or valid copies of their CNICs, in compliance with the Companies Act, 2017.

Signal: HOLD ⏸️

Strength: 6/10

Sentiment: NEUTRAL

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

💰 Final cash dividend declared: Rs. 2.25 per certificate.
📊 Dividend rate: 22.5% for the year ended June 30, 2025.
🗓️ Board approval date: August 7, 2025.
🏦 Electronic credit date: October 16, 2025.
✅ Eligibility: Certificate holders with e-mandate and complete IBAN.
🚫 Withholding: Dividends withheld for non-compliant certificate holders.
📜 Compliance: Adherence to Companies Act, 2017.
💳 CNIC Requirement: Valid CNIC copies needed for dividend processing.
🌐 Mandate Form: Available on Modaraba’s website.
🏢 Share Registrar: CDC Share Registrar Services Limited.
📍 CDC Location: CDC House, Karachi.
📞 CDC Toll Free: 0800-CDCPL (23275).
ℹ️ CCDR: Centralized Cash Dividend Register developed by CDC.
🧾 CCDR Purpose: Maintains dividend payment history.
📢 Publication: Notices to be published in Business Recorder and Nawa-e-Waqt.

🎯 Investment Thesis

Based solely on this dividend announcement, a HOLD recommendation is appropriate. The dividend payout is positive, but a comprehensive analysis requires further financial information to assess the Modaraba’s overall financial health and future prospects. A more thorough review of the financial statements is necessary to determine a price target and time horizon. The yield of 22.5% may be attractive, but will need to be compared to alternate investments.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: October 20, 2025

announcements MLCF Signal: HOLD

⏸️ MLCF: HOLD Signal (6/10) – MLCF-Financial Results for the Quarter Ended 30.09.2025

⚡ Flash Summary

Maple Leaf Cement Factory Limited (MLCF) reported its unaudited financial results for the quarter ended September 30, 2025. The company’s revenue increased to PKR 16.483 billion from PKR 15.720 billion in the same quarter last year. Despite the revenue growth, the company did not declare any cash dividend, bonus shares, or right shares for the period. MLCF’s earnings per share (EPS) rose to PKR 2.60 from PKR 1.28 year-over-year.

Signal: HOLD ⏸️

Strength: 6/10

Sentiment: NEUTRAL

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

📈 Revenue increased to PKR 16,483.361 million, up from PKR 15,719.838 million in Q3 2024.
💰 Gross profit improved to PKR 5,591.609 million compared to PKR 4,962.677 million year-over-year.
⚠️ Selling and distribution expenses decreased significantly to PKR 774.268 million from PKR 1,347.200 million.
📉 Administrative expenses increased slightly to PKR 586.878 million from PKR 586.171 million.
❌ No cash dividend, bonus shares, or right shares were declared for the quarter.
💸 Finance cost decreased to PKR 396.710 million from PKR 674.512 million.
📊 Profit before income tax increased substantially to PKR 4,050.784 million from PKR 2,099.315 million.
✅ Profit for the period rose to PKR 2,728.238 million, up from PKR 1,342.410 million.
⭐ Earnings per share increased to PKR 2.60 from PKR 1.28.
↔️ Long-term loans from financial institutions decreased to PKR 8,743.976 million from PKR 9,781.639 million.
🏦 Cash and bank balances increased to PKR 2,194.266 million from PKR 1,861.551 million.
⚠️ Finance cost – net decreased to PKR 335.338 million compared to PKR 638.536 million year-over-year.
❌ No other entitlement/corporate action was recommended by the board.
✅ Total Equity increased to PKR 75,144.601 million compared to PKR 70,959.286 million

🎯 Investment Thesis

HOLD. Maple Leaf Cement shows improved profitability and financial stability. The increased EPS is a positive sign. However, further sector analysis and valuation are required to determine the potential for significant upside. A HOLD recommendation is appropriate until a more thorough analysis can be conducted.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: October 20, 2025

announcements GGGL Signal: HOLD

⏸️ GGGL: HOLD Signal (6/10) – POSTAL BALLOT AND PROVISION OF ELECTRONIC VOTING

⚡ Flash Summary

Ghani Global Glass Limited (GGGL) has announced the provision of electronic voting and postal ballot facilities for shareholders to vote on special business agenda items 4 to 7 at the upcoming 18th Annual General Meeting (AGM) on October 28, 2025. The resolutions include modifications and enhancements to previously approved investments in associated companies Ghani Global Holdings Limited, Ghani Chemical Industries Limited, and Ghani ChemWorld Limited, as well as the replacement of the existing Employee Stock Option Scheme. Shareholders can vote electronically from October 24-27, 2025, or through postal ballot, which must be received by October 27, 2025. The process ensures compliance with the Companies Act, 2017 and relevant regulations, providing shareholders with a convenient and transparent voting mechanism.

Signal: HOLD ⏸️

Strength: 6/10

Sentiment: NEUTRAL

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

🗳️ GGGL is providing e-voting and postal ballot for the 18th AGM.
🗓️ AGM is scheduled for October 28, 2025.
💻 E-voting starts October 24, 2025, and closes October 27, 2025.
✉️ Postal ballots must be received by October 27, 2025.
🏢 Registered office is 10-N, Model Town Extension, Lahore.
💰 Resolution 4 modifies the investment in Ghani Global Holdings Limited from Rs. 200 million to Rs. 300 million.
🧪 Resolution 5 modifies the investment in Ghani Chemical Industries Limited from Rs. 300 million to Rs. 400 million.
🌍 Resolution 6 approves investment in Ghani ChemWorld Limited up to Rs. 200 million.
📜 Resolution 7 replaces the existing Employee Stock Option Scheme.
🏢 M/s. Digital Custodian Company Limited is the service provider.
✅ M/s. Nasir Jamil & Co. is the scrutineer.
🌐 Details are available on GGGL’s website: www.ghaniglobal.com.
✉️ Postal ballots can be sent to postalballotagmggg125@ghaniglobal.com.

🎯 Investment Thesis

Based on the information provided in the announcement, a HOLD recommendation is appropriate for Ghani Global Glass Limited. The announcement mainly concerns procedural updates for shareholder voting and proposed adjustments to investment allocations, with no immediate impact on the company’s financial performance. A potential upgrade to BUY would be warranted if future announcements indicate successful investment strategies and improved financial results. A downgrade to SELL might be appropriate if investments do not perform well.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: October 20, 2025

announcements GCIL Signal: HOLD

⏸️ GCIL: HOLD Signal (6/10) – POSTAL BALLOT AND PROVISION OF ELECTRONIC VOTING – GHANI CHEMICAL INDUSTRIES LIMITED

⚡ Flash Summary

Ghani Chemical Industries Limited (GCIL) is seeking shareholder approval via postal ballot and electronic voting for several key resolutions. These include increasing investments in associated companies such as Ghani Global Holdings Limited and Ghani Global Glass Limited, and Ghani ChemWorld Limited. Additionally, the company aims to disinvest shares in Ghani ChemWorld Limited and replace the existing Employee Stock Option Scheme (ESOS) with a new one. The notice outlines procedures for both e-voting and postal ballot participation for the AGM on October 28, 2025.

Signal: HOLD ⏸️

Strength: 6/10

Sentiment: NEUTRAL

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

🗳️ Shareholders to vote on increasing investment in Ghani Global Holdings Limited from Rs. 200 million to Rs. 300 million.
📈 Approval sought for enhancing investment in Ghani Global Glass Limited from Rs. 1,300 million to Rs. 1,500 million.
💰 Investment in Ghani ChemWorld Limited to increase from Rs. 1,500 million to Rs. 2,000 million, pending shareholder approval.
🏦 GCIL seeks authorization to issue cross corporate guarantees up to Rs. 1,000 million for financing Ghani ChemWorld Limited.
📉 Approval required for disinvesting 50,000 ordinary shares of Rs. 10 each in Ghani ChemWorld Limited.
🔄 Existing Employee Stock Option Scheme (ESOS) to be replaced in accordance with Companies Act, 2017 and ESOS Regulations, 2020.
🤝 GCIL aims to issue cross corporate guarantees up to Rs. 500 million for financing Ghani Global Holdings Limited.
📅 AGM is scheduled for October 28, 2025, with e-voting starting October 24, 2025, and postal ballots due by October 27, 2025.
💻 E-voting details to be shared via email with shareholders having valid CNIC numbers and email addresses.
📝 Postal ballots must include a copy of the CNIC and reach the Chairman by October 27, 2025.
🌐 Ballot papers are available for download on the company’s website: www.ghaniglobal.com/ghanichemicals.

🎯 Investment Thesis

HOLD. The announcement details internal restructuring and investment strategies rather than immediate financial performance. While the increased investment in associated companies could lead to long-term growth, there is no immediate catalyst to change the current investment rating. More information is needed on company financials to make a buy or sell recommendation.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: October 20, 2025

announcements JDMT Signal: HOLD

⏸️ JDMT: HOLD Signal (6/10) – Extracts of Minutes of Annual General Meeting

⚡ Flash Summary

Janana De Malucho Textile Mills Ltd. held its Annual General Meeting (AGM) on October 18, 2025. During the meeting, shareholders approved the annual audited financial statements for the year ended June 30, 2025, along with the reports from the Chairman, Directors, and Auditors. The shareholders also re-appointed Shine Wing Hameed Chaudhri & Co. as auditors for the upcoming year and authorized the Board of Directors to determine their remuneration. A key decision involved authorizing the sale of 134 Kanal of land adjacent to the mills area, subject to shareholder approval and at maximum realizable value.

Signal: HOLD ⏸️

Strength: 6/10

Sentiment: NEUTRAL

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

✅ Minutes of the previous AGM held on October 26, 2024, were confirmed and approved.
💰 Annual audited Financial Statements for the year ended June 30, 2025, were adopted.
💼 Shine Wing Hameed Chaudhri & Co. re-appointed as Auditors.
🏢 Board authorized to fix auditors’ remuneration.
🏞️ Approved the sale of 134 Kanal of land adjacent to the Mills area at maximum realizable value.
🔑 Executive Director (Finance & Production) and CFO authorized to complete the land sale.
✍️ Further modifications to resolutions allowed with SECP’s input.
🤝 Transactions with related parties for the year ended June 30, 2025, ratified and approved.
✔️ CEO and CFO authorized to approve transactions with related parties for the year ending June 30, 2026.
📜 Advance authorization granted to CEO and CFO for related party transactions under Sections 207 and 208 of the Companies Act, 2017.
🗓️ Related party transactions for the period ending June 30, 2026, deemed approved and to be placed before the next AGM.
🇵🇰 Complied with Clause 5.6.9(b) of the Pakistan Stock Exchange Limited Rule Book.
🗓️ The AGM was held on Saturday, October 18, 2025, at 11:00 A.M.
📍 The AGM took place at the registered office of the Company in Habibabad, Kohat.

🎯 Investment Thesis

HOLD. The information presented in the document relates to standard AGM proceedings and approvals of financial statements and operational decisions. While the land sale could be a positive development, more details are needed to assess the financial impact. The absence of concrete financial data and performance indicators makes a strong BUY or SELL recommendation difficult to justify. Monitoring the company’s financial performance and the execution of the land sale is crucial before revising the recommendation.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: October 20, 2025

announcements JDMT Signal: HOLD

⏸️ JDMT: HOLD Signal (6/10) – Extracts of Minutes of Annual General Meeting REVOKED

⚡ Flash Summary

Janana De Malucho Textile Mills Ltd. held its Annual General Meeting (AGM) on October 18, 2025, where several resolutions were passed. These included the confirmation of minutes from the previous AGM, adoption of the audited financial statements for the year ended June 30, 2025, and the appointment of ShineWing Hameed Chaudhri & Co. as auditors. A key resolution authorized the sale of 134 Kanal of company land, subject to shareholder approval, and authorized Mr. Khalid Kuli Khan Khattak and the Chief Financial Officer to execute the sale. The meeting also ratified related party transactions for the year ended June 30, 2025 and authorized the CEO and CFO to approve future related party transactions.

Signal: HOLD ⏸️

Strength: 6/10

Sentiment: NEUTRAL

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

🗓️ AGM held on October 18, 2025.
✅ Minutes from the October 26, 2024 AGM were confirmed.
📄 Audited financial statements for the year ended June 30, 2025, were adopted.
🏢 ShineWing Hameed Chaudhri & Co. appointed as auditors.
🏢 Auditors to hold office until the next AGM.
👨‍💼 Board of Directors authorized to fix auditor remuneration.
🏞️ Authorized the sale of 134 Kanal of freehold land.
📍 Land located at various Khasra Nos Mouza Garimawaz Khan.
💰 Sale subject to shareholder approval at maximum realizable value.
🧑‍⚖️ Mr. Khalid Kuli Khan Khattak and the CFO authorized to execute the sale.
📝 Authority includes completing legal formalities and filing documents.
🤝 Related party transactions for year ended June 30, 2025 ratified.
🧑‍💼 CEO and CFO authorized to approve future related party transactions.
🔄 Related party transactions for period ending June 30, 2026 deemed approved.
🗣️ Related party transactions to be placed before members at next AGM.

🎯 Investment Thesis

Given the lack of concrete financial data and the procedural nature of the announcement, a HOLD recommendation is appropriate. The potential land sale and continued related party transactions warrant monitoring but do not immediately impact investment decisions. A price target cannot be determined without financial figures. Time horizon: Medium-term monitoring for developments in land sale execution and related party transactions.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: October 20, 2025

announcements Signal: HOLD

⏸️ KEL: HOLD Signal (6/10) – Disclosure of Material Information

⚡ Flash Summary

K-Electric Limited (KEL) has announced a delay in the release of its FY 2024 financial statements and the postponement of its Annual General Meeting (AGM), previously scheduled for November 11, 2025. This decision stems from ongoing proceedings by the National Electric Power Regulatory Authority (NEPRA) that could significantly impact the company’s financial results. The company is unable to reliably estimate the outcome of these proceedings and their effect on the financial statements. KEL assures stakeholders that they will be kept informed of any developments, including the re-authorization for the issuance of financial statements and holding of the AGM.

Signal: HOLD ⏸️

Strength: 6/10

Sentiment: NEGATIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

📅 AGM Postponed: KEL’s Annual General Meeting (AGM) initially set for November 11, 2025, is postponed due to NEPRA proceedings.
🚧 Regulatory Uncertainty: NEPRA’s ongoing proceedings create uncertainty regarding KEL’s financial outcomes.
📊 Financial Statement Delay: The release of FY 2024 financial statements is delayed until the NEPRA proceedings are resolved.
⚖️ NEPRA Review: NEPRA is reviewing multiple motions, including tariff determinations and write-off claims.
🗣️ Auditor Request: Auditors requested KEL’s management to represent the outcome and impact of NEPRA proceedings on FY24 financials.
🚫 Inability to Estimate: KEL cannot reliably estimate the outcome or financial impact of NEPRA proceedings.
📢 Prior Disclosure: This follows previous disclosures on September 23, 2025, regarding Board approval of FY 2024 statements.
⚡ Ministry of Energy Involvement: The Ministry of Energy (MoE) is involved in the reconsideration requests and review motions.
🤝 CPPA Involvement: Central Power Purchasing Agency (CPPA) is also involved in the review motions related to write-off claims.
🔄 Reconsideration Requests: Hearings conducted on maintainability of the reconsideration request filed by the MoE.
📶 Transmission and Distribution: Determinations related to Transmission and Distribution (Network) are also under review.
💧 Supply Tariff Review: The supply tariff determination dated May 27, 2025, is under review.
🔄 Continuous Updates: KEL promises to keep the Exchange and market participants updated on any developments.
🔒 Beyond Company Control: The circumstances causing the delay are beyond KEL’s control.

🎯 Investment Thesis

Given the uncertainty surrounding the financial impact of the NEPRA proceedings on K-Electric, a HOLD recommendation is appropriate. Until the regulatory issues are resolved and the audited financial statements for FY 2024 are released, it is difficult to make a definitive investment decision. Further clarity on the financial implications is needed to reassess the company’s prospects. A price target and time horizon will be determined once financial transparency is regained.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: October 20, 2025

ALFALAH-FUNDS announcements Signal: HOLD

⏸️ ALFALAH-FUNDS: HOLD Signal (6/10) – Alfalah Islamic Rozana Amdani Fund – Daily Dividend Distribution

⚡ Flash Summary

Alfalah Islamic Rozana Amdani Fund (AIRAF) announced a daily dividend distribution of Re. 0.0259 per unit, approved by the Chief Executive on behalf of the Board of Directors of Alfalah Asset Management Limited. This dividend will be paid to unit holders whose names appear in the unit holder register as of October 15, 2025. The announcement, dated October 15, 2025, pertains to the dividend distribution for the period ending June 30, 2026. This distribution aims to provide regular income to the fund’s investors.

Signal: HOLD ⏸️

Strength: 6/10

Sentiment: POSITIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

📣 Alfalah Islamic Rozana Amdani Fund (AIRAF) announces dividend distribution.
📅 Announcement date: October 15, 2025.
🏦 Distributed by: Alfalah Asset Management Limited.
✅ Approved by: Chief Executive on behalf of the Board of Directors.
💰 Dividend amount: Re. 0.0259 per unit.
🗓️ Record date: October 15, 2025 (close of business).
📜 Eligible recipients: Unit holders registered as of the record date.
🎯 Fund objective: Providing regular income through daily dividends.
Islamic Fund: Complies with Islamic finance principles.
Period Ending: June 30, 2026

🎯 Investment Thesis

HOLD. Based on the dividend announcement, a hold recommendation is appropriate. The dividend of Re. 0.0259 per unit provides a steady income stream, aligning with the fund’s objective. However, without comprehensive performance data, it is difficult to justify a buy recommendation. The hold rating is contingent upon maintaining consistent dividend payouts and competitive returns relative to peers. Time horizon: Medium Term.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: October 20, 2025

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