External broker reports(aggregated public sources), Topline Securities

Topline Securities

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.

External broker reports(aggregated public sources)

Event-Driven

<ul><li>MLCF and PIOC have both notified board meetings scheduled for September 02, 2026. In our view, the meetings could potentially be related to the proposed merger, given that both companies have scheduled their meetings on the same day.</li><li>We have conducted our analysis to estimate the potential range of the swap ratio that could be considered between MLCF and PIOC.</li><li>Our analysis is based on the valuation framework prescribed under the SECP Guidelines for Mergers and Amalgamations, which outlines various valuation methodologies that may be used to determine a fair and reasonable share exchange ratio.</li></ul>

MLCF and PIOC have both notified board meetings scheduled for September 02, 2026. In our view, the meetings could potentially be related to the proposed merger, given that both companies have scheduled their meetings on the same day.We have conducted our analysis to estimate the potential range of the swap ratio that could be considered between MLCF and PIOC.Our analysis is based on the valuation framework prescribed under the SECP Guidelines for Mergers and Amalgamations, which outlines various valuation methodologies that may be used to determine a fair and reasonable share exchange ratio.

Pakistan Cement: MLCF & PIOC Possible Merger: We Expect SWAP Ratio in the Range of 2.1-2.6

Maple Leaf Cement Factory

Pakistan Cement: MLCF & PIOC Possible Merger: We Expect SWAP Ratio in the Range of 2.1-2.6