Al Shaheer Corporation Limited, a leading name in Pakistan’s food industry, has disclosed several significant developments that are expected to have a material impact on its business operations and financial outlook.
The announcement was made in a notification to the Pakistan Stock Exchange (PSX) and shared with the general public.
The Securities and Exchange Commission of Pakistan (SECP) has lifted the caution previously imposed on the operation of the Company’s bank accounts. This decision reflects positively on Al Shaheer’s compliance status and internal governance practices, signaling a step forward in restoring investor and stakeholder confidence, the company stated.
The Adjudication Court of the State Bank of Pakistan (SBP) has concluded its proceedings regarding the non-repatriation of export proceeds. The court ruled that the new management was not involved in the business operations at the time of the export transactions. However, the responsibility for repatriating foreign exchange has been placed on the Company and its former CEO/Director.
A penalty of Rs. 7 million has been imposed on the Company, while the former CEO/Director faces a penalty of Rs. 5 million. Al Shaheer is currently consulting its legal advisors to determine the next steps.
In a major financial breakthrough, Al Shaheer Corporation has successfully entered into settlement agreements with several financial institutions. Additionally, the Company has rescheduled its outstanding loans, significantly improving its liquidity position and supporting long-term operational sustainability.
The Company has undertaken a comprehensive restructuring of its business operations, leading to the successful resumption of production at both of its manufacturing facilities. This operational turnaround marks a key milestone for Al Shaheer and is expected to enhance revenue generation in the coming months.
ASC’s stock, currently listed in the non-compliant section of the PSX, closed at Rs. 20.23, marking an increase of Rs. 0.21 or 1.05%, with a trading volume of 2.9 million shares.
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