KARACHI, Oct 27(Focus Pakistan) — Pakistan’s securities regulator has turned down Al Shaheer Corporation’s request for more time to hold its annual meeting and publish its accounts. The decision leaves the Meat One operator staring at a Wednesday deadline with no chief financial officer at work and its takeover frozen.
The Securities and Exchange Commission of Pakistan rejected both requests in a letter dated Oct 23, Al Shaheer said in a filing to the Pakistan Stock Exchange on Tuesday.
The company had asked for 30 extra days. It wanted until Nov 27 to hold its annual general meeting for the year ended June 30, and until Nov 29 to circulate accounts for the July–September quarter.
Its reasons were unusual. In a Sept 29 filing, Al Shaheer blamed law enforcement proceedings involving another entity, which it said had disrupted its finance department. Its chief financial officer had stayed unavailable since Aug 29, the company said, so the finance team could not finish its reporting work or start the statutory audit.
The clock now runs out fast. The SECP reminded companies with a June year-end this month that they must hold their AGMs by Oct 28, within 120 days of closing their books.
Also Read: SECP Shuts 11 Audit Firms Out of Pakistan’s Big Lenders
Al Shaheer gave no revised timetable. It said only that it would keep the exchange informed.
The finance chief is not the only gap. Company Secretary Mubashhar Asif resigned effective Sept 30, a day after the company applied for the extension.
The refusal lands on a company that has spent months under the regulator’s glare. On June 30, Chief Executive Officer Muhammad Farrukh announced plans to buy 200.6 million shares, or 53.5% of Al Shaheer, through a share purchase agreement. He also planned a public offer for another 17.25%, a deal that could have lifted his holding to nearly 71%.
The SECP stepped in six weeks later. An Aug 10 order under Section 125 of the Securities Act suspended the acquisition until further orders. Public disclosures do not show the regulator’s reasons, and nothing in them links the takeover freeze to the latest refusal.
The numbers behind the company look grim. Al Shaheer’s half-year accounts put accumulated losses at Rs4.90 billion at the end of December 2025. Current liabilities exceeded current assets by Rs3.16 billion.
The company’s reviewers flagged a material uncertainty over its ability to continue as a going concern. Management had drawn up a revival plan, but the reviewers said they could not obtain sufficient evidence regarding it.
Sales have all but vanished. Al Shaheer booked Rs6.88 billion in turnover in fiscal 2023. By fiscal 2025, annual revenue had shrunk to about Rs195 million, according to its filings. In the September 2025 quarter, it earned Rs91.85 million and lost Rs201.81 million.
Its balance sheet has shrunk too. Total assets stood at Rs4.36 billion in March 2026, less than half the Rs9.35 billion it reported in fiscal 2022.
The fall stings longtime investors. Al Shaheer listed in August 2015 at Rs95 a share, riding a halal-meat export story that made it one of the market’s darlings. On the day Farrukh announced his bid, the stock closed at Rs13.65. The company already sits in the PSX non-compliant segment.
Tuesday’s filing did not mention any fine, trading suspension or enforcement action. It also did not say whether Al Shaheer plans to challenge the decision or file a fresh request.
For shareholders, the more pressing question is simpler. They have not seen audited accounts for fiscal 2026, and they still do not know who will control the company.
