JS Securities Limited – Morning Briefings

Karachi, March 27, 2015 (PPI-OT): Banks: 1-7% drag on valuations by 50bps discount rate cut JS Securities Limited continues to like Pak Banks despite another 50bps cut in discount rate by the State Bank of Pakistan (SBP). JS Securities Limited believes recent underperformance of the banking sector remains unjustified given a muted 1-7% valuations impact …

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Karachi, March 27, 2015 (PPI-OT): Banks: 1-7% drag on valuations by 50bps discount rate cut

JS Securities Limited continues to like Pak Banks despite another 50bps cut in discount rate by the State Bank of Pakistan (SBP). JS Securities Limited believes recent underperformance of the banking sector remains unjustified given a muted 1-7% valuations impact driven by -2.2% to +0.9% earnings revision for 2015E and -5.3% to +0.6% for 2016F. JS Securities Limited flags the magnitude of monetary easing impact on Pak Banks has shrunk post linkage of Minimum Deposit Rate (MDR) to the interest rate corridor.

JS Securities Limited’s top picks amongst Pak Banks are United Bank Limited (UBL, TP: Rs248) and Allied Bank Limited (ABL, TP Rs148), as they trade at 2015E P/B of 1.24x and 1.22x, respectively. Introduction of the Target Rate (TR) remains a key risk for the sector, which can potentially wipe out banks’ 2016F profitability by an average 16%.

Monetary easing concerns overplayed, TR remains a risk

JS Securities Limited continues to like Pak Banks despite another 50bps cut in discount rate by the State Bank of Pakistan (SBP). JS Securities Limited believes recent underperformance of the banking sector remains unjustified given a muted 1-7% valuations impact driven by -2.2% to +0.9% earnings revision for 2015E and -5.3% to +0.6% for 2016F on the back of shift in sizable high-yielding assets to low-yielding assets during 2016.

JS Securities Limited flags the magnitude of monetary easing impact on Pak Banks has shrunk post linkage of Minimum Deposit Rate (MDR) to the interest rate corridor. JS Securities Limited’s top picks amongst Pak Banks are United Bank Limited (UBL, TP: Rs248) and Allied Bank Limited (ABL, TP Rs148), as they trade at 2015E P/B of 1.24x and 1.22x, respectively.

However, introduction of the Target Rate remains a key risk for the sector. Contrary to expectations, SBP did not mention the Target Rate in its Monetary Policy Statement (MPS), which can potentially wipe out banks’ 2016F profitability by an average 16%. However, SBP still has three more MPS announcements before its deadline to introduce the Target Rate.

Varying impact of monetary easing on banks’ profitability

JS Securities Limited believes monetary easing affects Faysal Bank (FABL) profitability the most relative to peers as the bank (1) has a lower share of PIBs in total assets, (2) a higher ADR and (3) a low savings to deposit ratio (resulting in lower cost savings). On the other hand, JS Securities Limited expects UBL and NBP to be the least affected due to their (1) lower share of MTBs in total assets and (2) higher contribution from non-interest income.

Valuations drop in tandem; but impact remains muted

Similarly, valuation impact varies from bank to bank due to their distinct asset maturity profiles. ABL’s valuation declines the most within JS Securities Limited’s coverage on diminishing ROE given (1) high re-investment risk because of hefty investments in PIBs and (2) lower savings deposits together with high zero-cost deposits. That said valuation impact on UBL remains muted owing to (1) least re-investment risk amongst peers, (2) presence of higher foreign operations and (3) increasing contribution from fee-based income.
FX reserves to cross US$18bn by year-end

Pakistan’s foreign exchange reserves posted a decline of US$142mn during the last week because of external debt payments. The country’s total foreign exchange reserves stood at US$16.13bn on March 20, 2015 compared to preceding week’s reserves of US$16.27bn. Meanwhile, the Finance Minister has said that country’s foreign exchange reserves are likely to hit US$18.2bn by 2015-end.

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AKD Securities Limited – Do Ferts have the muscle? AKD Securities Limited believes so

Karachi, March 27, 2015 (PPI-OT): Coming from a low base in the corresponding period last year, total urea off take in 2MCY15 stood at 1.084mn tons compared to 0.997mn tons during the corresponding period last year – a growth of 8.7%YoY (as per recently released NFDC figures). In this regard, total urea off take in …

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Karachi, March 27, 2015 (PPI-OT): Coming from a low base in the corresponding period last year, total urea off take in 2MCY15 stood at 1.084mn tons compared to 0.997mn tons during the corresponding period last year – a growth of 8.7%YoY (as per recently released NFDC figures). In this regard, total urea off take in Feb’15 stood at 455.58k tons compared to 628.87k tons in Jan’15, a 27.6%MoM sequential decline. Furthermore, DAP sales showed seasonal down tick, registering a decrease of 37.1%YoY to 63.60k tons in Feb’15.

That said AKD Securities Limited attributes recent price performance to interest rate dynamics and improved outlook where having gained 8.9%CY15TD, the Fertilizer space outpaced the broader market by 4.4% highlighting investors’ interest. At current levels, AKD Securities Limited believes any further dip in fertilizer sector share prices should be eyed as an opportunity to build fresh positions where AKD Securities Limited’s preferred plays are FATIMA (TP: PkR50.27/share; liking due to subsidized feedstock), FFBL (TP: PkR62.18/share; due to 10.9% D/Y) and FFC (TP: PkR157/share; due to 9.3% D/Y).

Urea/DAP Sales: During 2MCY15 the country’s total urea offtake stood at 1.084mn tons compared to 0.997mn tons during the corresponding period last year – a growth of 8.7%YoY backed by improved demand. Total urea off take during Feb’15 was realized at 455.58k tons, -27.6%MoM/+20%YoY, while DAP off take during Feb’15 slowed down, registering a decline of 37.1%YoY to 63.60k tons. On a sequential basis, DAP sales declined by 11.7%MoM. That said, DAP offtake by the sole local producer, FFBL, recorded growth of 2.9%MoM/15.7%YoY to 28.72k tons in Feb’15.

International roundup: In an interesting development this week, Chinese urea production rose by 5.4% in Jan’15 and Feb’15, having been down in FY14. This increased production, combined with capacity augmentation in other regions is the main explanation for market oversupply. Moreover, there is a substantial amount of new urea capacity due to come online in 1QCY15 and early 2QCY15 including 600kt in Indonesia (Keltim), 1.25mt in Saudi Arabia (Safco), 2.5mt in Algeria (AOA) and 660kt in Egypt (Mopco/Agrium), which already appears to be weighing down on sentiment. In total, this capacity should add around 5mt (3%) to global supply, hence short term downward pressure in international urea prices may persist.

Local roundup: Contrary to popular belief, AKD Securities Limited believes gas price increase for fertilizer sector would be limited to feedstock prices, which if increased to PkR200/mmbtu (+62.02% from its current price of PkR123.44/mmbtu) would translate into ~PkR100/bag price increase. In this regard, keeping in mind the current premium that int’l urea enjoys over locally produced (at 22.7%), AKD Securities Limited feels increase cost pressures are likely to be passed on to the end consumers where manufacturers would maintain their margins. In this scenario those who are supplied gas at concessionary rates will be prime winners as they will experience margin expansion.

Outlook and Investment Perspective: The Fertilizer sector lost 6.1% in 12 trading sessions after news regarding gas price increase, negatively affected investor sentiment. That said, with a 22.7% differential between int’l and local urea prices currently, room exists for local manufacturers to pass on cost pressures, a move which will lead to margin expansion for those getting gas at concessionary rate (US$0.70/mmbtu).

At current levels, AKD Securities Limited believes any further dip in fertilizer sector share prices should be eyed as an opportunity to build fresh positions where AKD Securities Limited’s preferred plays are FATIMA (TP: PkR50.27/share; liking due to subsidized feedstock), FFBL (TP: PkR62.18/share; due to 10.9% D/Y) and FFC (TP: PkR157/share; due to 9.3% D/Y).

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AKD Securities Limited – FATIMA: CY14 Result Review

Karachi, March 27, 2015 (PPI-OT): Fatima Fertilizer (FATIMA) announced NPAT of PkR9.3bn (EPS: PkR4.41) in CY14, registering an increase of 15%YoY as compared to NPAT of PkR8.0bn (EPS: PkR3.82) in the previous year. In 4QCY14 alone, the company recorded NPAT of PkR2.8bn (EPS: PkR1.34), down 7%QoQ against NPAT of PkR3.03bn (EPS: PkR1.45) in 3QCY14 as …

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Karachi, March 27, 2015 (PPI-OT): Fatima Fertilizer (FATIMA) announced NPAT of PkR9.3bn (EPS: PkR4.41) in CY14, registering an increase of 15%YoY as compared to NPAT of PkR8.0bn (EPS: PkR3.82) in the previous year.

In 4QCY14 alone, the company recorded NPAT of PkR2.8bn (EPS: PkR1.34), down 7%QoQ against NPAT of PkR3.03bn (EPS: PkR1.45) in 3QCY14 as the impact of seasonality subsides in 4Qtr, historically. In addition to this, CY14 result was accompanied by a full year cash dividend of PkR2.75/sh.

Key highlights of the result include: 1) 49bps growth in gross margins on account of a 5.3%YoY increase in urea prices, 2) 10% decrease in finance cost and 3) 25%YoY or PkR270mn increase in administrative expenses as the company expanded its dealer/distribution network.

Gaining 6.0% CYTD, FATIMA trades at a forward P/E of 7.8x, where AKD Securities Limited’s Dec’15 TP of PkR50.27/sh implies 32.6% upside. Although AKD Securities Limited updates AKD Securities Limited’s TP post release of detailed accounts, FATIMA remains AKD Securities Limited’s top pick in the fertilizer sector due to: 1) having GSA for feed gas locked at US$0.70/mmbtu Fatima will be amongst the prime beneficiaries of any increase in feed gas prices, 2) possible inclusion in the list of Sharia complaint stocks on back of swift deleveraging and soft interest rate environment, and 3) attractive CY15F D/Y of 10.6%.

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AKD Securities Limited — Trigger Shark

Karachi, March 27, 2015 (PPI-OT): Emotional Extremes Short‐Term: Yesterday’s high volume candle reflects emotional extremes at deeply oversold daily readings. This indicates that the first leg of correction (wave A) has reached selling climax and a reversal is due. AKD Securities Limited expects market registering a relief rally towards 31,325 and 32,038 levels in wave …

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Karachi, March 27, 2015 (PPI-OT): Emotional Extremes

Short‐Term: Yesterday’s high volume candle reflects emotional extremes at deeply oversold daily readings. This indicates that the first leg of correction (wave A) has reached selling climax and a reversal is due. AKD Securities Limited expects market registering a relief rally towards 31,325 and 32,038 levels in wave B to retrace some portion of recent fall from 35,055 to 30,172 levels.

However, general theme would still remain bearish.

General Outlook: After marking the fifth intermediate degree top at Feb’15 high of 35,055 level, market continues weaken in the first impulsive corrective sequence where it has violated the Dec’14 low of 30,562 level, marked as A. AKD Securities Limited expects market to soon register a relief rally in B to retrace some portion of recent fall. After such an upwards adjustment AKD Securities Limited expects the market diving in second round of bearish spell to much deeper correction in wave C which can possibly push the index down towards 29,392 level, projected by mid of May’15. Guideline also indicates that this correction might extend towards the Aug’14 lows around 28,179 — 27,354 levels. Wait for a bottom!

13‐day Leaders: PSEL, MARI, NPL, FML, FATIMA, EFUG, NCPL, JLICL, SHEZ and SHFA

13‐day Laggards: BATA, AICL, NETSOL, AVN, AKBL, DAWH, PSMC, BOP, SHEL and PICT

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AKD Securities Limited – Stock Smart

Karachi, March 27, 2015 (PPI-OT): Weekly Review The outgoing week saw the KSE‐100 index breaking the 30k pts barrier after a period of 22weeks as the market lost 5.9%WoW to conclude at 29,958pts. Such was the negativity (selling pressure from Mutual Funds) that market completely overlooked key macro‐economic developments like: 1) 50bps decline in MPS …

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Karachi, March 27, 2015 (PPI-OT): Weekly Review

The outgoing week saw the KSE‐100 index breaking the 30k pts barrier after a period of 22weeks as the market lost 5.9%WoW to conclude at 29,958pts. Such was the negativity (selling pressure from Mutual Funds) that market completely overlooked key macro‐economic developments like: 1) 50bps decline in MPS to 8% and 2) Moody’s recent revision of Pakistan’s foreign currency bonds outlook from ‘Stable’ to ‘Positive’.

Wider news flows throughout the week included, 1) CA balance for Feb’15 came in as a positive surprise with a surplus of US$877mn, helping the 8MFY15 deficit to contract to US$1.61bn vs. US$2.45bn in 8MFY14, and 2) The first floating storage regasification vessel containing 147,000cf of LNG arrived at Port Qasim, with the entire shipment destined for distribution to IPPs.

The entire AKD Universe experienced diminished price performance with the lowest decline experienced by, 1) UBL (‐1.1%WoW), 2) SHEL (‐1.9%WoW), 3) OGDC (‐3.0%WoW) and, 4) SSGC (‐3.5%WoW). Depressed volumes continued to characterize the market, with volume leaders being 1) BOP (64.4mn shares), 2) PAEL (62.7mn shares), 3) KEL (52.2mn shares) and, 4) JSCL (39.1mn shares), while average daily turnover fell by 19.05%WoW to 168.2mn shares.

Outlook

Having lost 14.0% since touching its high of 34,826pts the market is now trading at a forward P/E of 7.95x. Although the market does look attractive at these levels but AKD Securities Limited advises investors to adopt cautious approach keeping the steep decline the market saw during the outgoing week in mind. That being said, the fundamental story remains intact, as the recent DR cut and tanking inflation raises the spectre for strong corporate sector earnings. AKD Securities Limited asserts AKD Securities Limited’s liking for high value, dividend yielding plays including HUBC, FATIMA, FFBL and FFC.

Do Ferts have the muscle? AKD Securities Limited believes so!, (AKD Daily, March 27, 2015)

Coming from a low base in the corresponding period last year, total urea offtake in 2MCY15 stood at 1.084mn tons compared to 0.997mn tons during the corresponding period last year ‐ a growth of 8.7%YoY (as per recently released NFDC figures).

In this regard, total urea off‐take in Feb’15 stood at 455.58k tons compared to 628.87k tons in Jan’15, a 27.6%MoM sequential decline. Furthermore, DAP sales showed seasonal down tick, registering a decrease of 37.1%YoY to 63.60k tons in Feb’15.

That said AKD Securities Limited attributes recent price performance to interest rate dynamics and improved outlook where having gained 8.9%CY15TD, the Fertilizer space outpaced the broader market by 4.4% highlighting investors’ interest. At current levels, AKD Securities Limited believes any further dip in fertilizer sector share prices should be eyed as an opportunity to build fresh positions where AKD Securities Limited’s preferred plays are FATIMA (TP: PkR50.27/share; liking due to subsidized feedstock), FFBL (TP: PkR62.18/share; due to 10.9% D/Y) and FFC (TP: PkR157/share; due to 9.3% D/Y).

Pakistan Market: Moody’s improve outlook to Positive, (AKD Daily, March 26, 2015)

Marred by continuous foreign selling and rising temperature on the political front, Pakistan market has been on a continuous decline since touching its high where CY15TD returns have turned red (‐ve 3.5%). Such has been the level of negativity that the KSE‐100 Index has completely overlooked improving macro‐economic indicators such as: 1) low CPI based inflation 3.27%YoY in the month of Feb’15 translating into another 50bps Discount Rate (DR) cut, 2) strengthening Fx reserve position (SBP’s reserves now at US$16.1bn), and 3) 13.6% increase in 1HFY15 provisional tax collection figures.

However, with Moody’s upgrading its gov’t bond outlook for Pakistan from ‘Stable’ to ‘Positive’ (maintaining the rating at Caa1) question that arises in the mind of the investors remains whether it will bring much needed stability to the market. In this regard, using the last outlook upgraded as a proxy, AKD Securities Limited believes the market should provide impetus to the broader re‐rating theme where the KSE‐100 Index trading at forward P/E of 8.2x is still at a discount of 32% to MSCI Asia (Ex‐JP). AKD Securities Limited reiterates AKD Securities Limited’s bullish stance on the market in the light of current round of correction and stay firm on AKD Securities Limited’s Dec’15 index target of 37k points where AKD Securities Limited’s preferred plays include: MLCF, DGKC, EN‐GRO, HUBC and FFBL.

Pakistan Economy: Credit Rating change is on the cards!, (AKD Daily, March 25, 2015)

Pakistan’s sovereign credit ratings, commencing in 1994 with a ‘B+’ from S and P and a ‘Ba3’ rating from Moody’s, have gradually treaded down to B‐ and Caa1, respectively, at present. Moody’s last downgraded Pakistan’s rating in Jul’12 and while raised its outlook from ‘negative’ to ‘stable’ in Jul’14, it has refrained from a ratings upgrade itself.

AKD Securities Limited now believes a formal ratings upgrade is likely – based on Moody’s own methodology AKD Securities Limited posits that factors such as rising GDP growth rate, soft inflation and improvement in external liquidity should counter fiscal shortcomings and political concerns to affect a ratings upgrade.

This is underpinned by Pakistan’s macro metrics being more reflective of ‘B’ category peers (Belarus, Bangladesh, and Mongolia) rather than Caa1‐rated sovereigns (Argentina, Egypt, and Greece). A rating upgrade should (i) result in better pricing for foreign debt instruments and loans, (ii) encourage increase in FDI and FPI (iii) feed into AKD Securities Limited’s thesis for valuation rerating at the KSE‐100. In this regard, AKD Securities Limited estimates a rating change will increase Pakistan’s (forward) P/E to 10.0x from 8.3x at present.

Pakistan Economy: DR cut reiterates macroeconomic stability, (AKD Daily, March 24, 2015)

In line with AKD Securities Limited’s expectations, the SBP (State Bank of Pakistan) in its latest MPS (Monetary Policy Statement) has reduced the policy rate by 50bps to 8%. The SBP’s decision to continue with its on‐going monetary easing stance received support from improving macroeconomic indicators such as: 1) considerable slowdown in headline inflation (8MFY15 avg.

5.47%YoY vs. 8MFY14), 2) sustained strength in the external a/c with 8MFY15 CAD shrinking 34.2%YoY to US$1.6bn and 3) Fx reserves lying comfortably at US$16.2bn. Resultantly, the SBP’s discount rate has now come to a multi‐year low where the rates last time were seen this low in March FY05, during the same period the KSE‐100 Index was trading at a P/E of 12.7x.

This reduction in the policy rate is likely to act is a catalyst for the market which has been going through a correction phase (since Feb 3’15) where the market’s P/E came down from 9.1x to current 8.5x. In addition to this, the KSE‐100’s discount to its regional and MSCI Asia (Ex‐JP) peers has gone up to 31% from recent 27%. Within the backdrop of expansionary monetary policy AKD Securities Limited continues to favor leveraged players within the AKD Universe and flag MLCF, ENGRO, PSO, HUBC, FFBL and POL as AKD Securities Limited’s preferred plays.

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Lahore Chamber of Commerce and Industry to facilitate members to get membership renewed on March 28

Lahore, March 27, 2015 (PPI-OT): The membership department of the Lahore Chamber of Commerce and Industry will continue to facilitate its members from 9 am to 5 pm on Saturday (today 28th March) which is usually treated as half day. The decision to work full day instead of half day on Saturday has been taken …

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Lahore, March 27, 2015 (PPI-OT): The membership department of the Lahore Chamber of Commerce and Industry will continue to facilitate its members from 9 am to 5 pm on Saturday (today 28th March) which is usually treated as half day.

The decision to work full day instead of half day on Saturday has been taken by the management of the Lahore Chamber of Commerce and Industry to facilitate members who wanted to get their membership renewed by 31st March which is the last date for renewal. The LCCI President Ijaz A. Mumtaz said that the decision was made in the larger interest of the members.

For more information, contact:
Shahid Khalil
Information Department
Lahore Chamber of Commerce and Industry (LCCI)
11-Shahrah-e-Aiwan-e-Tijarat,
Lahore -54000, Pakistan
Tel: +92-42-111-222-499
Fax: +92-42-6368854

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Bank Alfalah earns Rs.8.514billion profit before tax

Karachi, March 27, 2015 (PPI-OT): Bank Alfalah delivered strong financial results with profit before taxation of Rs.8.514 billion for the year ended 31 December 2014, as compared to Rs.6.807 billion earned in 2013, registering an increase of 25 percent over the previous year. Earnings per share increased by 20 percent and were reported at Rs. …

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Karachi, March 27, 2015 (PPI-OT): Bank Alfalah delivered strong financial results with profit before taxation of Rs.8.514 billion for the year ended 31 December 2014, as compared to Rs.6.807 billion earned in 2013, registering an increase of 25 percent over the previous year. Earnings per share increased by 20 percent and were reported at Rs. 4.09 as against Rs. 3.41 in 2013.

During the 23rd Annual General Meeting (AGM) of the Bank held on Friday, the shareholders were informed that the Bank’s deposits stood at Rs. 606 billion at year end, witnessing a growth of 15.3percentover the year 2013.Grossadvances increased from Rs.274 billion to Rs.305 billion at end of December 2014, reflecting a year on year growth of 11.3percent.

At the AGM, shareholders were informed that the Bank registered a balance sheet growth of 22 percent, with net investments increasing by 48 percent during 2014. The Bank’s current Capital Adequacy Ratio stands at 12.75 percent, as per Basel III standards. The Bank’s Islamic Banking business continues to serve as one of the largest Islamic Banking window operations in Pakistan and generated a profit before tax of Rs 1.142 billion for the year 2014.

Speaking at the occasion, Atif Bajwa, President and CEO of Bank Alfalah said “The Bank has delivered sound financial performance along with strong and consistent long-term shareholder returns in a tough business environment. Understanding our customers’ needs, developing innovative financial solutions and building long-term relationships are the foundations of our commitment to our customers. We are optimistic that we will continue to create further value in the lives of the people we touch.”

The AGM of the Bank was chaired by Abdulla Khalil Al Mutawa and attended by other Board members, including Khalid Mana Saeed Al Otaiba, Nadeem Iqbal Sheikh and Atif Bajwa, senior management of Bank Alfalah and the Bank’s shareholders.

For more information, contact:
Salimah Shiraj,
Head of Corporate Communications
Bank Alfalah Limited
2nd Floor, B.A Building, I.I Chundrigar Road,
Karachi, Pakistan
Tel: (+92-21) 111-777-786 Ext 2638
Tel: (+92-21) 32423952
Email: salimahshiraj@yahoo.com

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Lahore Stock Exchange decides to delist Libaas Textile Limited

Lahore, March 27, 2015 (PPI-OT): Due to merger of Libaas Textile Limited with and into Ghani Global Glass Limited, LSE decided to delist Libaas Textile Limited from the Ready Board Quotations of the Exchange with effect from March 31, 2015. After the de-listing of this company the number of Companies listed at LSE would reach …

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Lahore, March 27, 2015 (PPI-OT): Due to merger of Libaas Textile Limited with and into Ghani Global Glass Limited, LSE decided to delist Libaas Textile Limited from the Ready Board Quotations of the Exchange with effect from March 31, 2015. After the de-listing of this company the number of Companies listed at LSE would reach to 432.

The shareholders of Libaas Textile Ltd. and Ghani Global Glass Ltd. in their respective EOGMs held on December 12, 2014 approved the Scheme of Arrangement for the Merger of Libaas Textile Ltd. with and into Ghani Global Glass Ltd. Lahore High Court vides its Order dated January 27, 2015 has approved the Scheme of Arrangement.

As per Scheme of Arrangement the shareholders of Libaas Textile Ltd. allotted shares of Ghani Global Glass Ltd. in a swap ratio of 2:1. The register of shareholders of Libaas Textile Ltd. has been finally closed on February 26, 2015. Ghani Global Glass Ltd. will be technically listed at Lahore Stock Exchange after fulfilment of necessary regulatory requirements.

Further to our Notice No. 0626 dated February 13, 2015, concerning suspension of trading of Libas Textile Limited . It is hereby informed to all concerned that Libaas Textile Limited as a result of amalgamation/merger with an into Ghani Global Glass Limited shall stand delisted from the Lahore Stock Exchange with effect from Tuesday, March 31, 2015. It is further informed that Ghani Global Glass Limited will be listed on the Exchange upon fulfilment of the relevant requirements as applicable in this behalf.

Managing Director and Chief Executive Officer of Lahore Stock Exchange Mr. Aftab Ahmed Chaudhry congratulated the management/stakeholders of the Company on successfully completing the amalgamation/merger process with and into Ghani Global Glass Limited.

MD also highlighted the steps taken by the LSE contributing to build a mechanism that has produced more transparency in the trading of the shares as well as to secure the investment of the investors. Lahore Stock Exchange is a fully electronic and completely automated stock exchange of Pakistan that is the only domestic exchange to have more than one trading floors in the region.

For more information, contact:
Barkat Ali Anjum
Deputy Manager-Media and Public Relations Department
Lahore Stock Exchange (LSE)
Lahore Stock Exchange Building,
19, Khayaban-e-Aiwan-e-Iqbal, P. O. Box: 1315,
Lahore – 54000, Pakistan
Tel: +92-42-36368000
Fax: +92-42-36368484-85
Email: barkatali@lse.com.pk
Website: www.lse.com.pk

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