External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

Topline Securities is one of the fastest growing brokerage houses in Pakistan. It has strong equity brokerage, economic / equity research, mutual fund distribution, commodity trading and corporate finance & advisory functions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>As per our channel checks and based on the invitation notice circulating on social media, the signing ceremony of the financing facility agreement for circular debt resolution is scheduled for Wednesday (Tomorrow), 24th September 2025, at the Prime Minister’s Office.</li><li>Previously, the government finalized a plan to borrow Rs1.25-1.275 trillion from banks to retire the power sector’s circular debt.</li><li>News flow suggest this Rs1.25tn will include restructuring of existing debt of Rs683bn held in balance sheet of Power Holding Limited (PHL) at KIBOR plus 2%, as per our channel checks and news reports.</li></ul>

As per our channel checks and based on the invitation notice circulating on social media, the signing ceremony of the financing facility agreement for circular debt resolution is scheduled for Wednesday (Tomorrow), 24th September 2025, at the Prime Minister’s Office.Previously, the government finalized a plan to borrow Rs1.25-1.275 trillion from banks to retire the power sector’s circular debt.News flow suggest this Rs1.25tn will include restructuring of existing debt of Rs683bn held in balance sheet of Power Holding Limited (PHL) at KIBOR plus 2%, as per our channel checks and news reports.

Topline Flash Note: Pakistan Power - Power Circular Debt: Financing Facility Signing Ceremony Will Take Place Tomorrow

Equity Bottom-Up

<ul><li>Topline Securities organized the Pakistan Day Conference 2025 for foreign investors. The conference began with a session on OGDC, where the key speaker of the session was Mr. Anas Farook, CFO of OGDC.</li><li>Regarding the ongoing offshore bidding round, management stated that discussions are underway with several US based petroleum and services companies. The company has also signed an MOU with Turkish Petroleum for offshore blocks.</li><li>The company expects to receive the second interest instalment of Rs7.7bn against TFCs issued by the government within the next 7 days. This will bring the outstanding interest amount down to Rs76.6bn, payable over the next 10 months.</li></ul>

Topline Securities organized the Pakistan Day Conference 2025 for foreign investors. The conference began with a session on OGDC, where the key speaker of the session was Mr. Anas Farook, CFO of OGDC.Regarding the ongoing offshore bidding round, management stated that discussions are underway with several US based petroleum and services companies. The company has also signed an MOU with Turkish Petroleum for offshore blocks.The company expects to receive the second interest instalment of Rs7.7bn against TFCs issued by the government within the next 7 days. This will bring the outstanding interest amount down to Rs76.6bn, payable over the next 10 months.

Pakistan Day Conference 2025 - OGDC To Receive Rs80bn From Uch Power Under Power Sector Circular Debt Resolution

Portugal

Sonaecom, SGPS, S.A. offers telecommunications services.  The Company offers mobile and fixed-line telephone and Internet access services.  Sonaecom also offers systems integration and consulting services.

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Sonaecom Sgps Sa (SNC PL)

Topline Flash Note: Pakistan Power - Power Circular Debt: Financing Facility Signing Ceremony Will Take Place Tomorrow

As per our channel checks and based on the invitation notice circulating on social media, the signing ceremony of the financing facility agreement...

Topline Securities

Pakistan Day Conference 2025 - OGDC To Receive Rs80bn From Uch Power Under Power Sector Circular Debt Resolution

Topline Securities organized the Pakistan Day Conference 2025 for foreign investors. The conference began with a session on OGDC, where the key...

Topline Securities

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