New Risk • Aug 18
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: PK₨2.71b (US$9.76m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (48% accrual ratio). Market cap is less than US$10m (PK₨2.71b market cap, or US$9.76m). Minor Risk Profit margins are more than 30% lower than last year (4.4% net profit margin). Buy Or Sell Opportunity • Jul 08
Now 21% undervalued Over the last 90 days, the stock has risen 24% to PK₨8.02. The fair value is estimated to be PK₨10.11, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 80% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • May 18
Now 21% undervalued Over the last 90 days, the stock has risen 20% to PK₨8.03. The fair value is estimated to be PK₨10.11, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 80% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • May 01
Third quarter 2026 earnings released: EPS: PK₨2.41 (vs PK₨0.10 in 3Q 2025) Third quarter 2026 results: EPS: PK₨2.41 (up from PK₨0.10 in 3Q 2025). Revenue: PK₨1.63b (up 192% from 3Q 2025). Net income: PK₨93.8m (up 132% from 3Q 2025). Profit margin: 5.7% (down from 7.2% in 3Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has increased by 90% per year, which means it is tracking significantly ahead of earnings growth. Aankondiging • Apr 21
Clover Pakistan Limited to Report Q3, 2026 Results on Apr 29, 2026 Clover Pakistan Limited announced that they will report Q3, 2026 results on Apr 29, 2026 Valuation Update With 7 Day Price Move • Apr 21
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to PK₨7.89, the stock trades at a trailing P/E ratio of 16.7x. Average trailing P/E is 17x in the Retail Distributors industry in Asia. Total returns to shareholders of 566% over the past three years. Valuation Update With 7 Day Price Move • Mar 24
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to PK₨64.90, the stock trades at a trailing P/E ratio of 13.7x. Average trailing P/E is 16x in the Retail Distributors industry in Asia. Total returns to shareholders of 441% over the past three years. Valuation Update With 7 Day Price Move • Mar 06
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to PK₨56.20, the stock trades at a trailing P/E ratio of 11.9x. Average trailing P/E is 15x in the Retail Distributors industry in Asia. Total returns to shareholders of 365% over the past three years. Reported Earnings • Mar 03
Second quarter 2026 earnings released: EPS: PK₨1.89 (vs PK₨1.96 in 2Q 2025) Second quarter 2026 results: EPS: PK₨1.89 (down from PK₨1.96 in 2Q 2025). Revenue: PK₨1.29b (up 3.3% from 2Q 2025). Net income: PK₨73.7m (down 3.4% from 2Q 2025). Profit margin: 5.7% (down from 6.1% in 2Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has only increased by 68% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 19
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to PK₨68.32, the stock trades at a trailing P/E ratio of 13.6x. Average trailing P/E is 16x in the Retail Distributors industry in Asia. Total returns to shareholders of 455% over the past three years. Aankondiging • Feb 19
Clover Pakistan Limited to Report Q2, 2026 Results on Feb 25, 2026 Clover Pakistan Limited announced that they will report Q2, 2026 results on Feb 25, 2026 New Risk • Jan 23
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Pakistani stocks, typically moving 6.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (45% accrual ratio). Market cap is less than US$10m (PK₨2.37b market cap, or US$8.47m). Minor Risks Share price has been volatile over the past 3 months (6.8% average weekly change). Profit margins are more than 30% lower than last year (4.6% net profit margin). Valuation Update With 7 Day Price Move • Jan 21
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to PK₨50.30, the stock trades at a trailing P/E ratio of 10x. Average trailing P/E is 20x in the Retail Distributors industry in Asia. Total returns to shareholders of 318% over the past three years. Reported Earnings • Nov 01
First quarter 2026 earnings released: EPS: PK₨0.75 (vs PK₨2.45 in 1Q 2025) First quarter 2026 results: EPS: PK₨0.75 (down from PK₨2.45 in 1Q 2025). Revenue: PK₨1.39b (up 69% from 1Q 2025). Net income: PK₨29.2m (down 70% from 1Q 2025). Profit margin: 2.1% (down from 12% in 1Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 99% per year but the company’s share price has only increased by 34% per year, which means it is significantly lagging earnings growth. Aankondiging • Oct 24
Clover Pakistan Limited to Report Q1, 2025 Results on Oct 29, 2025 Clover Pakistan Limited announced that they will report Q1, 2025 results on Oct 29, 2025 Reported Earnings • Oct 02
Full year 2025 earnings released: EPS: PK₨6.51 (vs PK₨4.94 in FY 2024) Full year 2025 results: EPS: PK₨6.51 (up from PK₨4.94 in FY 2024). Revenue: PK₨3.68b (up 103% from FY 2024). Net income: PK₨253.4m (up 32% from FY 2024). Profit margin: 6.9% (down from 11% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 111% per year but the company’s share price has only increased by 37% per year, which means it is significantly lagging earnings growth. New Risk • Oct 02
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 6.9% Last year net profit margin: 11% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (56% accrual ratio). Market cap is less than US$10m (PK₨1.72b market cap, or US$6.11m). Minor Risk Profit margins are more than 30% lower than last year (6.9% net profit margin). Aankondiging • Oct 02
Clover Pakistan Limited, Annual General Meeting, Oct 28, 2025 Clover Pakistan Limited, Annual General Meeting, Oct 28, 2025. Location: karachi Pakistan Board Change • May 31
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Aamir Ozari was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • May 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Pakistani stocks, typically moving 7.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (109% accrual ratio). Market cap is less than US$10m (PK₨1.32b market cap, or US$4.67m). Minor Risk Share price has been volatile over the past 3 months (7.0% average weekly change). Reported Earnings • Apr 24
Third quarter 2025 earnings released: EPS: PK₨1.04 (vs PK₨2.10 in 3Q 2024) Third quarter 2025 results: EPS: PK₨1.04 (down from PK₨2.10 in 3Q 2024). Revenue: PK₨559.9m (down 62% from 3Q 2024). Net income: PK₨40.5m (down 51% from 3Q 2024). Profit margin: 7.2% (up from 5.6% in 3Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 127% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Aankondiging • Apr 04
Clover Pakistan Limited Announces Resignation of Shehzad Mohsin as Chairman and Director, Effective April 3, 2025 Clover Pakistan Limited has announced the resignation of Mr. Shehzad Mohsin from his positions as Chairman and Director, effective April 3, 2025. The company has communicated this decision to the relevant stakeholders, asking them to inform the TRE Certificate Holders of the Pakistan Stock Exchange. The company, which operates in the designated market category specific to the region, is now poised to undergo a period of transition as it seeks to appoint new leadership. Clover Pakistan Limited has not provided further details regarding the reasons behind Mr. Mohsin's resignation or the process for selecting his successor. New Risk • Feb 12
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Pakistani stocks, typically moving 8.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (119% accrual ratio). Market cap is less than US$10m (PK₨1.53b market cap, or US$5.47m). Minor Risk Share price has been volatile over the past 3 months (8.7% average weekly change). Valuation Update With 7 Day Price Move • Jan 02
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to PK₨53.03, the stock trades at a trailing P/E ratio of 5.8x. Average trailing P/E is 20x in the Retail Distributors industry in Asia. Total returns to shareholders of 91% over the past three years. Valuation Update With 7 Day Price Move • Dec 19
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to PK₨44.11, the stock trades at a trailing P/E ratio of 4.9x. Average trailing P/E is 20x in the Retail Distributors industry in Asia. Total returns to shareholders of 75% over the past three years. Valuation Update With 7 Day Price Move • Dec 03
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to PK₨47.17, the stock trades at a trailing P/E ratio of 5.2x. Average trailing P/E is 19x in the Retail Distributors industry in Asia. Total returns to shareholders of 90% over the past three years. Reported Earnings • Oct 30
First quarter 2025 earnings released: EPS: PK₨2.82 (vs PK₨0.089 loss in 1Q 2024) First quarter 2025 results: EPS: PK₨2.82 (up from PK₨0.089 loss in 1Q 2024). Revenue: PK₨825.4m (up PK₨818.9m from 1Q 2024). Net income: PK₨87.7m (up PK₨90.5m from 1Q 2024). Profit margin: 11% (up from net loss in 1Q 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 120% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Reported Earnings • Sep 02
Full year 2024 earnings released: EPS: PK₨6.18 (vs PK₨2.29 loss in FY 2023) Full year 2024 results: EPS: PK₨6.18 (up from PK₨2.29 loss in FY 2023). Revenue: PK₨1.81b (up PK₨1.75b from FY 2023). Net income: PK₨192.3m (up PK₨263.6m from FY 2023). Profit margin: 11% (up from net loss in FY 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 107% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Aankondiging • Aug 30
Clover Pakistan Limited, Annual General Meeting, Sep 30, 2024 Clover Pakistan Limited, Annual General Meeting, Sep 30, 2024. Location: at dream world, gulshan-e-maymar, super highway, karachi Pakistan Valuation Update With 7 Day Price Move • Aug 14
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to PK₨47.34, the stock trades at a trailing P/E ratio of 49.7x. Average trailing P/E is 22x in the Retail Distributors industry in Asia. Total loss to shareholders of 16% over the past three years. New Risk • Jan 17
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Pakistani stocks, typically moving 9.5% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (9.5% average weekly change). Earnings have declined by 46% per year over the past 5 years. Revenue is less than US$1m (PK₨77m revenue, or US$273k). Market cap is less than US$10m (PK₨770.5m market cap, or US$2.75m). New Risk • Dec 01
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Pakistani stocks, typically moving 6.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 46% per year over the past 5 years. Revenue is less than US$1m (PK₨77m revenue, or US$269k). Market cap is less than US$10m (PK₨735.6m market cap, or US$2.58m). Minor Risks Latest financial reports are more than 6 months old (reported March 2023 fiscal period end). Share price has been volatile over the past 3 months (6.7% average weekly change). New Risk • Nov 25
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended March 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 46% per year over the past 5 years. Revenue is less than US$1m (PK₨77m revenue, or US$268k). Market cap is less than US$10m (PK₨623.2m market cap, or US$2.18m). Minor Risk Latest financial reports are more than 6 months old (reported March 2023 fiscal period end). New Risk • Aug 10
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Pakistani stocks, typically moving 6.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 46% per year over the past 5 years. Revenue is less than US$1m (PK₨77m revenue, or US$266k). Market cap is less than US$10m (PK₨481.5m market cap, or US$1.67m). Minor Risk Share price has been volatile over the past 3 months (6.4% average weekly change). Reported Earnings • Feb 26
Second quarter 2023 earnings released: PK₨0.49 loss per share (vs PK₨0.85 loss in 2Q 2022) Second quarter 2023 results: PK₨0.49 loss per share (improved from PK₨0.85 loss in 2Q 2022). Revenue: PK₨30.3m (up 15% from 2Q 2022). Net loss: PK₨15.1m (loss narrowed 43% from 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has fallen by 44% per year, which means it is performing significantly worse than earnings. Board Change • Nov 16
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Director . Nausherwan was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Aankondiging • Aug 02
Clover Pakistan Limited Announces Executive Changes Clover Pakistan Limited informed Pakistan Stock Exchange that Mr. Muhammad Kashif Naimatullah has been appointed as Company Secretary with effect from July 15, 2022 in place of Mr. Muhammad Bilal. Aankondiging • Jun 15
Clover Pakistan Limited Appoints Mr. Shehzad Mohsin as Chairman Clover Pakistan Limited informed that Mr. Shehzad Mohsin has been appointed as Chairman of the company with effect from April 28, 2022. Aankondiging • Jun 10
Clover Pakistan Limited Appoints of Shaista Khan as Director Clover Pakistan Limited announced that Ms. Shaista Khan has been appointed as Directors of the company with effect from June 09, 2022. Board Change • Apr 27
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Director . Nausherwan was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Executive Departure • Oct 03
Director Asad Azizi has left the company On the 23rd of September, Asad Azizi's tenure as Director ended after less than a year in the role. We don't have any record of a personal shareholding under Asad's name. A total of 4 executives have left over the last 12 months. Executive Departure • Sep 29
Director Asad Azizi has left the company On the 23rd of September, Asad Azizi's tenure as Director ended after less than a year in the role. We don't have any record of a personal shareholding under Asad's name. A total of 4 executives have left over the last 12 months. Executive Departure • Jun 16
Chief Financial Officer Muhammad Asim has left the company On the 10th of June, Muhammad Asim's tenure as Chief Financial Officer ended after 3.3 years in the role. We don't have any record of a personal shareholding under Muhammad's name. A total of 3 executives have left over the last 12 months. Reported Earnings • Apr 29
Third quarter 2021 earnings released: EPS PK₨0.09 (vs PK₨0.49 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: PK₨131.8m (up 164% from 3Q 2020). Net income: PK₨2.74m (up PK₨17.9m from 3Q 2020). Profit margin: 2.1% (up from net loss in 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 65 percentage points per year, which is a significant difference in performance. Executive Departure • Mar 23
Company Secretary has left the company On the 15th of March, Basit Habib's tenure as Company Secretary ended after 1.2 years in the role. We don't have any record of a personal shareholding under Basit's name. A total of 2 executives have left over the last 12 months. Aankondiging • Mar 17
Clover Pakistan Limited Announces Company Secretary Changes Clover Pakistan Limited announced appointment of Mr. Hassan Khurshid has been appointed as company secretary with effective March 15, 2021 in place of Mr.Basit Habib. Aankondiging • Feb 28
Clover Pakistan Limited Announces Executive Changes Clover Pakistan Limited announced that Mr. Salim Chamdia has been appointed as Chairman with effect from February 26, 2021 in place of Mr. Muhammad Jamshed Azmet. Reported Earnings • Feb 28
Second quarter 2021 earnings released: PK₨2.50 loss per share (vs PK₨1.06 profit in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and control over costs. Second quarter 2021 results: Revenue: PK₨88.9m (down 64% from 2Q 2020). Net loss: PK₨77.9m (down 334% from profit in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Is New 90 Day High Low • Feb 26
New 90-day low: PK₨68.33 The company is down 10.0% from its price of PK₨75.90 on 27 November 2020. The Pakistani market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Retail Distributors industry, which is down 2.0% over the same period. Aankondiging • Feb 23
Clover Pakistan Limited Announces Resignation of Muhammad Jamshed Azmet as Director Clover Pakistan Limited announced that the Mr. Muhammad Jamshed Azmet, Director of the company has submitted his resignation as Director of the company. Executive Departure • Feb 17
Independent Director has left the company On the 12th of February, Irfan Hyder's tenure as Independent Director ended after 2.1 years in the role. As of December 2020, Irfan personally held only 625.00 shares (PK₨50k worth at the time). Irfan is the only executive to leave the company over the last 12 months. Is New 90 Day High Low • Feb 08
New 90-day low: PK₨73.70 The company is down 5.0% from its price of PK₨77.35 on 10 November 2020. The Pakistani market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Retail Distributors industry, which is down 3.0% over the same period. Reported Earnings • Jan 21
First quarter 2021 earnings released: PK₨0.72 loss per share The company reported a mediocre first quarter result with weaker earnings and control over expenses, although revenues were improved. First quarter 2021 results: Revenue: PK₨128.2m (up 43% from 1Q 2020). Net loss: PK₨22.5m (down 157% from profit in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. Reported Earnings • Jan 10
Full year 2020 earnings released: PK₨4.98 loss per share The company reported a poor full year result with weaker earnings, revenues and control over expenses. Full year 2020 results: Revenue: PK₨394.4m (down 68% from FY 2019). Net loss: PK₨155.2m (down 162% from profit in FY 2019). Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 28% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Nov 06
New 90-day low: PK₨79.16 The company is down 18% from its price of PK₨95.98 on 07 August 2020. The Pakistani market is flat over the last 90 days, indicating the company underperformed over that time. It also underperformed the Retail Distributors industry, which is down 5.0% over the same period. Aankondiging • Nov 06
Clover Pakistan Limited Announces Board Changes, Effective November 04, 2020 Clover Pakistan Limited announced that Mr. Salim Chamdia and Mr. Sohail Allana have been appointed as Director with effect from November 04, 2020. Aankondiging • Nov 05
Clover Pakistan Limited, Annual General Meeting, Nov 27, 2020 Clover Pakistan Limited, Annual General Meeting, Nov 27, 2020, at 11:00 Pakistan Standard Time. Reported Earnings • Nov 05
Full year 2020 earnings released: PK₨4.98 loss per share The company reported a poor full year result with weaker earnings, revenues and control over expenses. Full year 2020 results: Revenue: PK₨394.4m (down 68% from FY 2019). Net loss: PK₨155.2m (down 162% from profit in FY 2019). Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Oct 03
New 90-day low: PK₨90.36 The company is down 6.0% from its price of PK₨95.89 on 03 July 2020. The Pakistani market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Retail Distributors industry, which is up 2.0% over the same period. Aankondiging • Sep 20
Clover Pakistan Limited Announces Board Changes Clover Pakistan Limited announced that Abdul Wahab Kodvavi and Rashid Ahmed Jafer Independent Directors have resigned, as Directors of the company, due to personal reasons.