Saudi Pak Leasing : Quarterly Progress Report for the period ended September 30, 2022.

SAUDI PAK LEASING COMPANY LIMITED

No: SPLC/PSX/Progress Report /2022/0177	Dated: 05 October, 2022.
Hafiz Maqsood Munshi	Through PUCARS
Head
Listed Companies Compliance Department -RAD
Pakistan Stock Exchange Limited (PSX)
Karachi

Subject: Progress Report for quarter ended September 30, 2022.

Dear Sir,

This refers to your letter Ref. No. PSX/Gen-1926 dated September 30, 2022 on the captioned subject.

In this connection it is submitted that during the reporting period the company could make recovery of an amount of PKR 44.4 million despite all possible efforts due to present critical circumstances of the Company and in the backdrop of the existing scenario of the company due to cancellation of its license by the SECP and suspension of trading on 24.03.2022 by the PSX viz-a-viz; chances of de-listing, the process of recovery despite all out efforts on part of the management and recovery team has been on a slower pace. The debtors/ defaulters are showing very non-cooperative and cold response. However, all possible efforts are being made by resorting to vigorously following and expediting Court proceedings as well as we are trying our level best for out of court settlement with the defaulters to reach at an amicable and reasonable compromised stage through negotiations. For out of Court settlements certain defaulters are in verbal negotiation and if the reasonable settlements could be materialized the same will be submitted for Board approval and it is expected that it might reduce the negative equity significantly.

Meanwhile, the company (SPLC) is willing to pay off Individual COI and TFC holders and an advertisement to this effect has been published in the newspaper besides disseminating this information through PUCARS and company's website.

We have been informed by our major shareholders i.e. M/S. SAPICO that the

divestment plan initiated by them has reached to an advanced stage of completion whereof the request for approval of Divestment of Saudi Pak's Stake in SPLC to a qualified Bidder is duly submitted to the SECP.

Pursuant to that the new investor would be able to submit its Business Plan to SECP for

consideration/approval inter-alia containing plan to meet MER and resolve issues with the SPLC's COI holders/creditors etc.

We had noted your kind instructions to address the remaining non-compliances at the earliest possible, however, due to prevailing business and economic slow-downs throughout the country and even world-over in wake of ongoing economic condition

6th.Floor, LaksonSquareBuilding#1,Sarwar ShaheedRoad, Saddar,Karachi Ph: 021-35655181-82-83, Fax: [phone]

www.saudipakleasing.com

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SAUDI PAK LEASING COMPANY LIMITED

which is seriously impacting the business environment in Pakistan and other developing countries, has simultaneously created yet another force majeure situation. We are trying our level best even in prevailing adverse circumstances to address the issues as highlighted by the PSX vide PSX Regulation 5.11.2(b) as early as possible.

We assure you timely compliance of all the PSX Regulations with due diligence in future.

Please acknowledge receipt of this letter.

Yours Sincerely

Muhammad Imtiaz Ali

Company Secretary

Copy for information to:-

The Chief Regulatory Officer- PSX, Karachi.

6th.Floor, LaksonSquareBuilding#1,Sarwar ShaheedRoad, Saddar,Karachi Ph: 021-35655181-82-83, Fax: [phone]

www.saudipakleasing.com

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