SILK ISLAMIC DEVELOPMENT PAKISTAN CORPORATE PARKVIEW APARTMENT GYMKHANA APARTMENT

REIT CBD REIT REIT REIT

Particulars
Audited 2022 Audited 2024 Audited 2024 Audited 2023

AHL not invested yet in these Schemes

III. Earnings per share for the last three years
Year 2024: Audit is in progress As of June 30, 2024, Nil units were issued (0.17) Audit is in progress
Year 2023: Audit is in progress As of June 30, 2023, Nil units were issued Not applicable Not applicable
Year 2022: (0.02) - Not applicable Not applicable
Year 2021: Not applicable Not applicable Not applicable Not applicable
Year 2020: Not applicable Not applicable Not applicable Not applicable
IV. Break-up value of share, based on
the latest audited financial statements 9.98 N/A 9.83 Not applicable
Unit issued 300,000,000 - 215,686,647 Not applicable
V. Financial position, including main items of statement of financial position and profit and loss account on the basis of its latest financial statements
Non-current assets - - 100,000
Current assets 4,104,947,000 7,198,366,000 2,314,594,000
Equity 2,995,393,000 7,163,273,000 2,119,632,000
Non-current liabilities 1,000,000,000 - - Not applicable
Current liabilities 109,554,000 35,093,000 195,062,000
Operating Revenue - - -
Profit before Tax (4,607,000) 23,632,000 (37,234,000)
Profit after Tax (4,607,000) 16,779,000 (37,234,000)
VI. In case of investment in relation to a project of associated company or associated undertaking that has not commenced operations, following further information, namely:

1. description of the project and its 1. SIDR was created for investing in 1. PCCR has been established for 1. PAR was established for 1. GAR was established for
history since conceptualization; undeveloped land in Karachi with the investing in / acquiring commercial acquisition of real estate land acquisition of real estate land
objective of upliftment of the area and immovable property measuring 23.2544 parcel (FL-01 and FL-02) parcels (Com-42, Com-43, Com-44,
development of real estate including Kanals located in the Central Business admeasuring 23,049 square Com-47, Com-48, Com-49,
construction and sale of residential District of Lahore. The purpose is to yards in Naya Nazimabad, Com-50, Com-51, Com-52,
apartment and commercial units. The develop the Real Estate for mixed-use Karachi, with the objective of Com-53, Com-54, Com-55, and
SIDR project is spread over 60 acres of development, to generate income for the construction of the acquired Real Com-56) admeasuring 29,818
2. starting date and expected date commercial real estate situated at Deh Unit Holders, through sale of saleable Estate into Apartments; for square yards in Naya Nazimabad,
of completion of work; Jam Chakro, Surjani, Karachi, and is area, including commercial retail units, generating income for Unit Karachi, with the objective of
adjacent to Saima Arabian Villas, offices, and residential apartments to the Holders, through sale and/or construction of the acquired Real
accessible directly from Shahrah-e-Usman Customers and disposal of all other REIT renting of the end product to the Estate into Apartments and Retail
/ Hub Dam link road (Abdullah Chowrangi). Assets. customers and disposal of all Units (referred as ‘End Product’) ;
SIDR has acquired land from Silk Bank other REIT Assets for generating income for Unit
3. time by which such project shall Limited and World Group. Holders, through sale and/or
become commercially operational; 2 & 3. The Trust Deed of PCCR was renting of the End Product to the
registered on 29th October 2021 2 & 3. The Trust Deed was Customers and disposal of all other
2 & 3. SIDR’s Trust Deed was registered whereas SECP granted its approval registered on 20 June 2023 and REIT Assets
on July 08, 2021, whereas SECP granted granted on 22nd December 2021. Total SECP approval is awaited. PAR
its approval granted on June 30, 2021. completion time for the whole project is has an indicative life of 7 years. 2 & 3. The Trust Deed was
4. expected time by which the Total completion time for the whole estimated / targeted at 7 years; registered on 20 June 2023 and
project shall start paying return on project is estimated at 10 years; SECP approval is pending. GAR has
investment; and 4. PAR is epected to start paying an indicative life of 7 years.
4. PCCR is expected to start paying returns on investment in
4. At least 5 years from the date of returns on investment in approximately approximately 4 years from the
registration of SIDR is expected to pay 4 years from the date of registration ; and date of commencement of work 4. GAR is epected to start paying
return on investment; and of its project. returns on investment in
approximately 4 years from the
5. funds invested or to be invested date of commencement of work of
by the promoters, sponsors, 5. In addition to AHCL, another
5. Arif Habib Corporation Limited, an associated company Fatima Fertilizer 5. Javedan Corporation Limited, its project.
associated company or associated
associated company has invested Rs 600 Limited has also invested in the units of an associated undertaking has
undertaking distinguishing between million in units of SIDR. PCCR. invested Rs. 2.3 billion in the 5. Javedan Corporation Limited, an
cash and non-cash amounts; form of real estate. associated undertaking has
invested Rs. 3.72 billion in the form
of real estate.

X. Salient feature of agreement(s), if any, with associated company or associated undertaking with regards to proposed investment

Salient Feature of Agreement None None None None

XVII. Number of securities and percentage thereof held before and after the proposed investment

No of unit hold None None None None

* Advances from unit holders were received and no units were issued against such subscription money.

XVIII. Current and preceding twelve weeks’ weighted average market price where investment is proposed to be made in listed securities; and

Weighted average market price Not applicable Not applicable Not applicable Not applicable

204 AHL Annual Report | 2024

 SILK WORLD ISLAMIC SAPPHIRE BAY ISLAMIC MEEZAN CENTRE
DOLMEN CITY REIT
REIT DEVELOPMENT REIT REIT (MCR)
Particulars
Audited 2024 Audited 2024 Audited 2024 Audited 2024

AHL not invested yet in these Schemes

III. Earnings per share for the last three years
Year 2024: 3.66 (0.24) 1.19 8.21
Year 2023: 4.18 (0.49) - Not applicable
Year 2022: 4.39 (0.16) Audit is in progress Not applicable
Year 2021: 3.87 Not applicable Not applicable Not applicable
Year 2020: 3.65 Not applicable Not applicable Not applicable
IV. Break-up value of share, based on
the latest audited financial statements 32.91 9.11 10.61 10.15
Unit issued 2,223,700,000 591,003,205 621,389,879 130,385,356
V. Financial position, including main items of statement of financial position and profit and loss account on the basis of its latest financial statements
Non-current assets 71,671,881,000 - - 100,000
Current assets 2,383,088,000 6,055,030,000 9,722,681,000 1,515,486,000
Equity 73,189,002,000 5,382,737,000 7,112,876,000 1,323,780,000
Non-current liabilities - - 989,965,000 -
Current liabilities 865,967,000 672,293,000 1,619,840,000 191,806,000
Operating Revenue 4,348,045,000 - - -
Profit before Tax 8,140,055,000 (142,499,000) 287,059,000 1,069,927,000
Profit after Tax 8,140,055,000 (142,499,000) 287,059,000 1,069,927,000
VI. In case of investment in relation to a project of associated company or associated undertaking that has not commenced operations, following further information, namely:

1. description of the project and its Not applicable, Dolmen 1. SWIR was created for investment in 1. SBIDR is a PPP-REIT Scheme 1. MCR was established for
history since conceptualization; City REIT's project is undeveloped land in Karachi with the established to undertake the Public acquisition of Com-103, Com-12,
already operational objective of upliftment of the area and Private Partnership Project i.e. the Com-46, B-26, B-27, and B-28. The
development of real estate including Ravi Riverfront City, Zone 3 Sapphire Plots will be used for construction
construction and sale of residential Bay project, involving development and sale purposes.
apartment and commercial units. SWIR of the Real Estate on a design, build,
project is spread over 86.45 acres develop, operate, finance and
2. starting date and expected date commercial real estate situated at Deh Jam transfer (DBDFOT) mode, as per the
of completion of work; Chakro, Surjani, Karachi, and is adjacent to terms of the PPP Agreement with the 2 & 3. The Trust Deed of the
Saima Arabian Villas, accessible directly objective of development of Scheme was registered on 20 June
from Shahrah-e-Usman / Hub Dam link residential and commercial plots for 2023. The Scheme is a limited life (7
road (Abdullah Chowrangi). SWIR has generating income for Unit Holders, years), Closed-end, Shariah
acquired land from Silk Bank Limited and through lease of the end product to Compliant, Developmental REIT.
3. time by which such project shall World Group. its customers and disposal of all other
become commercially operational; REIT Assets.

4. SRR is expected to start paying

2 & 3. The Trust Deed was registered on 26 2 & 3. SBIDR’s trust deed was returns in 2 years.
August 2021 and SECP approval was registered on 24 December 2021,
granted on 27 September 20221, SWIR whereas SECP granted its approval
4. expected time by which the granted on 12 January 2022. Total
project shall start paying return on has an indicative life of 8 years.
completion time for the whole project 5. Associated companies namely
investment; and is estimated / targeted at 10 years; Arif Habib Equity (Private) Limited
has invested in the units of MCR.
4. SWIR is expected to start paying returns 4. SBIDR is expected to start paying
on investment approximately 2 years after returns on investment in
5. funds invested or to be invested commencement of operations. approximately 4 years from the date
by the promoters, sponsors, of commencement ; and
associated company or associated
undertaking distinguishing between 5. None 5. Associated companies namely
cash and non-cash amounts; Javedan Corporation Limited and
Fatima Fertilizer Limited has invested
in the units of SBIDR.

X. Salient feature of agreement(s), if any, with associated company or associated undertaking with regards to proposed investment

Salient Feature of Agreement None None None None

XVII. Number of securities and percentage thereof held before and after the proposed investment

No of unit hold None None None None

* Advances from unit holders were received and no units were issued against such subscription money.

XVIII. Current and preceding twelve weeks’ weighted average market price where investment is proposed to be made in listed securities; and

Weighted average market price Rs. 13.74 Not applicable Not applicable Not applicable

AHL Annual Report | 2024 205

STATEMENT UNDER SECTION 134(3)
OF THE COMPANIES ACT 2017
ANNEXURE - D

Statement under Section 134(3) of the Companies Act, 2017, in compliance with Regulation 4(2) of Companies (Investment in Associated
Companies or Associated Undertakings) Regulations, 2012, for decision to make investment under the authority of a resolution passed
earlier pursuant to provisions of section 208 of the Companies Ordinance, 1984 (repealed) is not implemented either fully or partially:

The Company in its previous general meetings had sought approvals under section 208 of the Companies Ordinance, 1984 (repealed) for
investments in the following Associated Companies and Associated Undertakings in which investment has not been made so far, either
fully or partially. Approval of renewal of unutilised portion of equity investments and sanctioned limit of loans and advances is also hereby
sought for the companies, in which directors of the company have no inertest except in their capacity as director/shareholder, as per
following details :

1. Name of associated company / undertaking : Arif Habib Corporation Limited

Loans, Advances &

S.No. Description Investment in Securities
Corporate Guarantees

(a) total investment approved; - 1,500,000,000

amount of investment made to
(b) -
date; -
reasons for not having made
Facility is in the nature of Running Finance
complete investment so far where
(c) to be availed as and when needed in the
resolution required it to be
interest of the shareholders
implemented in specified time; and
material change in financial
statements of associated company
or associated undertaking since
(d) 2024 2023 2024 2023
date of the resolution passed for
approval of investment in such
company :
Loss / Earnings per share - basic &
i
diluted 22.36 (2.38) 22.36 (2.38)
ii Net Profit / (Loss) 9,430,597,505 (972,360,544) 9,430,597,505 (972,360,544)
iii Shareholders Equity 34,069,438,786 20,469,173,995 34,069,438,786 20,469,173,995
iv Total Assets 38,304,031,598 23,814,057,751 38,304,031,598 23,814,057,751
v Break-up value 80.79 50.12 80.79 50.12
RENEWAL IN PREVIOUS LIMITS
Unutilised - Sanctioned 1,500,000,000
REQUESTED FOR PORTION I.E. :

206 AHL Annual Report | 2024

2. Name of associated company / undertaking : Safe Mix Concrete Products Limited

Loans, Advances &

S.No. Description Investment in Securities
Corporate Guarantees

(a) total investment approved; 250,000,000 250,000,000

(b) amount of investment made to date; 94,300,696 -
reasons for not having made complete
Waiting for an appropriate time in Facility is in the nature of running finance
investment so far where resolution
(c) the interest of the shareholders and availed as and when needed in the
required it to be implemented in
for complete utilisation interest of the shareholders
specified time; and
material change in financial
statements of associated company
or associated undertaking since date 2024 2023 2024 2023
(d)
of the resolution passed for approval
of investment in such company :
i Eanings per share 4.46 5.33 4.46 5.33
ii Net Profit 111,605,625 133,370,457 111,605,625 133,370,457
iii Shareholders Equity 382,393,629 274,294,662 382,393,629 274,294,662
iv Total Assets 805,627,771 744,983,048 805,627,771 744,983,048
v Break-up value 15.30 10.97 15.30 10.97
RENEWAL IN PREVIOUS LIMITS
REQUESTED FOR PORTION I.E. : Unutilised 155,699,304 Sanctioned 250,000,000

3. Name of associated company / undertaking : Power Cement Limited

Loans, Advances &

S.No. Description Investment in Securities
Corporate Guarantees

(a) total investment approved; 1,107,000,000 1,000,000,000

(b) amount of investment made to date; 237,291,815 -
reasons for not having made complete
Waiting for an appropriate time Facility is in the nature of running finance
investment so far where resolution
(c) in the interest of the shareholders and availed as and when needed in the
required it to be implemented in
for complete utilisation interest of the shareholders
specified time; and
material change in financial statements
of associated company or associated
undertaking since date of the FY2024 FY2023 FY2024 FY2023
(d)
resolution passed for approval of
investment in such company :
i Loss per share (2.88) (0.19) (2.88) (0.19)
ii Net Profit / (Loss) (2,703,284,000) 168,993,000 (2,703,284,000) 168,993,000
iii Shareholders Equity 19,419,121,000 17,568,027,000 19,419,121,000 17,568,027,000
iv Total Assets 48,530,623,000 48,530,623,000 48,530,623,000 48,530,623,000
v Break-up value 5.85 8.01 5.85 8.01
RENEWAL IN PREVIOUS LIMITS
REQUESTED FOR PORTION I.E. : Unutilised 869,708,185 Sanctioned 1,000,000,000

AHL Annual Report | 2024 207

4. Name of associated company / undertaking : Aisha Steel Mills Limited

Loans, Advances &

S.No. Description Investment in Securities
Corporate Guarantees

(a) total investment approved; 1,000,000,000 1,000,000,000

(b) amount of investment made to date; 410,630,156 -
reasons for not having made
Waiting for an appropriate time Facility is in the nature of running finance
complete investment so far where
(c) in the interest of the shareholders and availed as and when needed in the
resolution required it to be
for complete utilisation interest of the shareholders
implemented in specified time; and
material change in financial statements
of associated company or associated
undertaking since date of the FY2024 FY2023 FY2024 FY2023
(d)
resolution passed for approval of
investment in such company:
i (Loss) / eanings per share - Basic (0.26) (3.56) (0.26) (3.56)
ii Net Profit / (Loss) (132,470,000) (3,215,653,000) (132,470,000) (3,215,653,000)
iii Shareholders Equity 15,706,978,000 15,691,715,000 15,706,978,000 15,691,715,000
iv Total Assets 40,597,158,000 38,046,164,000 40,597,158,000 38,046,164,000
v Break-up value 12.01 12.00 12.01 12.00
RENEWAL IN PREVIOUS LIMITS
REQUESTED FOR PORTION I.E. : Unutilised 589,369,844 Sanctioned 1,000,000,000

5. Name of associated company / undertaking : Javedan Corporation Limited

Loans, Advances &

S.No. Description Investment in Securities
Corporate Guarantees

(a) total investment approved; 1,000,000,000 1,000,000,000

(b) amount of investment made to date; 412,117,240 -
reasons for not having made complete
Waiting for an appropriate time Facility is in the nature of running finance
investment so far where resolution
(c) in the interest of the shareholders and availed as and when needed in the
required it to be implemented in
for complete utilisation interest of the shareholders
specified time; and
material change in financial statements
of associated company or associated
undertaking since date of the FY2024 FY2023 FY2024 FY2023
(d)
resolution passed for approval of
investment in such company :
i Eanings per share - Basic 4.47 17.07 4.47 17.07
ii Net Profit 1,703,627,000 6,741,951,000 1,703,627,000 6,741,951,000
iii Shareholders Equity 25,339,236,000 25,921,679,000 25,339,236,000 25,921,679,000
iv Total Assets 40,313,731,000 42,883,146,000 40,313,731,000 42,883,146,000
v Break-up value 66.53 68.06 66.53 68.06
RENEWAL IN PREVIOUS LIMITS
REQUESTED FOR PORTION I.E. : Unutilised 587,882,760 Sanctioned 1,000,000,000

208 AHL Annual Report | 2024