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Interconnections: Who Controls PSX Ali Farid Khwaja

17 March 2019

Detailed report on the family groups and their interconnections ali@oxfordfrontier.com

+44 7887 761538

Syed Masroor Hussain Zaidi

smhz@kasb.com
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About the authors

Ali Farid Khwaja, CFA is the CEO of Oxford Frontier Capital, a London based investment firm
focusing on fintech in emerging markets and an MD at KASB Securities. Previously, Ali was a
Partner at Autonomous Research (now a part of Alliance Bernstein) where he was responsible
for European Fintech Research. He has also been the CFO and Board member of UK listed,
global payments company, SafeCharge Group (LSE: SCH LN). At SafeCharge, he was responsible
for M&A and was also the CEO of its card issuing subsidiary, SafeCharge Card Services in Dublin.
Ali has been ranked the top 3 Tech Analysts in Europe (in 2013) and has covered the tech sector
at UBS, Berenberg and Kudu Emerging Markets. He started his career as an Economist at AKD
Securities. Ali is an alumnus of Georgetown Leadership Seminar and a Rhodes Scholar from
Oxford. He is also a Patron of the British Pakistan Foundation and a member of the
Entrepreneurs Forum of the UK Conservative Party. He is an alumnus of LUMS, from here he did
a double major in Economics and Computer Science and Graduated with Distinction (Deans
Honours List).

Syed Masroor Hussain Zaidi, is a Senior Analyst at Khadim Ali Shah Bukhari Securities. His sector
coverage includes Banks and Chemicals. Previously he was on the buyside at BMA Funds.

www.kasb.com
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Table of Content

▪ Wazir Ali Group …………………………………………………………………………………….………..7

▪ Dawood Hercules Group ………………………………………………………………………….….….9
▪ Fauji & Askari Group ……………………………………………………………………………………..11
▪ Nishat Group…………………………………………………………………………………………….…...13
▪ House of Habib…………………………………………………………………………………….….…….15
▪ Bestway Group……………………………………………………………………………………….……...17
▪ The Agha Khan Fund………………………………………………………………………………….…..19
▪ Yunus Brothers Group………………………………………………………………………………......21
▪ Attock Group……………………………………………………………………………………………….…23
▪ Lakson Group………………………………………………………………………………………………...25
▪ Attock Group……………………………………………………………………………………………….…27
▪ Arif Habib Group………………………………………………………………………………………......29
▪ Atlas Group…………………………………………………………………………………………………...31
▪ Chinoy Group…………………………………………………………………………………………….....33
▪ Saigol Group……………………………………………………………………………………...............35
▪ Chinoy Group………………………………………………………………………………………………..37
▪ Crescent Group…………………………………………………..............................................39
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Interconnections: Who Controls PSX

▪ Our Macro blog on this subject went viral and there seems to be a lot of interest in this topic. So we have published this detailed report as a follow up,
which tracks 17 family groups who are “sponsor” shareholders in around 91 companies which collectively account for 42% of the total market capitalization
of Pakistan Stock Exchange. The collective market capitalization of these companies is around PkR7.9 trillion.
▪ The report maps out the companies which have a common controlling shareholder (also called “sponsor” domestically) and also tracks their performance
over the past 12months and 5 years. Our analysis shows that the Dawood Group and Fauji (and AWT) companies have performed the best over the past 12
months. Most other groups have underperformed relative to the market. We have tracked their performance relative to the KSE100 Index. We think this is
the most comprehensive study of the family group holdings ever conducted in Pakistan. It will be valuable as a primer for those investors who are new to
the market. In our opinion, corporate governance and trust of the management/control are the most important factors for investing in emerging markets.
This is why we think our analysis can assist our clients in their investment process.
▪ Research is a strong focus of our work at KASB and over the past 12 months, we have published more than 30 Macro Blogs and detailed sector and stock
reports. We have published on a range of issues such as digitalization, technology, corporate governance, political economy, global markets as well as
bottom up stock coverage of companies listed on the PSX. Readers can subscribe to our macro blog through clicking on the link here.
▪ Quite a few people pointed out that our infographic doesn’t capture the shareholding levels of the Sponsor and also does not capture layered
shareholdings between the companies. This is not relevant for our analysis, since as stated earlier, it is not an exercise in wealth ranking. This is why we
have only selected groups which have more than 2 listed companies. This means, we could not include the listed companies of the Sapphire Group and
Abdulla Family (Searle), despite their size.
▪ However, what is interesting from the analysis in this report, that the cross shareholdings are often via multiple entities and not straight forward. For
example, some companies seem to have very little direct holding from the “sponsor” family. It gets even more complicated with foreign partners, where
international holding companies get involved.
▪ There is a high degree of concentration even within this sample. For example, the top three groups control around 15% of the total market cap of PSX.
▪ The standard disclaimers apply. We are honoured that most of these groups are our clients. So in case we have missed any company of yours, please let me
us know and we can update this report.
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Corporate Governance: Female board representation

▪ We tracked companies which have women on their boards. Gender diversity in
corporate boards is a sign of good corporate governance. Women equality and
empowerment is one of the 17 Sustainable Development Goals of the UN. We
have placed this icon in front of the companies which have female board
members.
▪ The companies which have atleast one female board member have this Icon
(left hand side) on its top right corner. We couldn’t find any firm with more
than one female board members.
▪ The aim for this analysis is to make the market aware of the importance of
good corporate governance practices. We hope our effort could make some
marginal impact on this front. We think improvement in corporate governance
is critical for driving shareholder value through meaningful re-rating of the
market.
▪ 42% of the companies we covered (total of 97) have at least one female board
member. 11 companies had more than two women on their boards.
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About Khadim Ali Shah Bukhari Securities

▪ Khadim Ali Shah Bukhari Securities is a full service brokerage and a TREC holder of the
Pakistan Stock Exchange. The company was set up in 2018 to provide insightful research,
trusted execution, corporate access and advisory services for investing in Pakistan.

▪ The KASB Group founded in 1956 has been responsible for bringing in more than $10bn of
foreign investment in Pakistan. Khadim Ali Shah Bukhari Securities is a partner of Oxford
Frontier Capital in the UK, which aims to connect capital to growth companies in Pakistan, Mr. Khadim Ali Shah Bukhari,
especially in new industries. Founder, KASB Group (est. 1956)

Ktrade.pk is KASB’s fintech app for investing in companies listed on the PSX. Its available
on both Android and App Store. Sign up to track stocks, demo trading, tracking your
portfolio, and get access to the research. Full trading account can be opened from as less
as PkR5000. Clients will also get access to a dedicated sales manager for support.
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WAZIR ALI GROUP

Wazir Ali Group is the oldest business family in Pakistan. Founded in 1858 by Syed Wazir Ali in Lahore as a
provision store for the British Indian army (Click here for an Autobiography of Syed Babar Ali). Wazir Ali was Company Market Cap. (PkR Bn)
PKGS 32.21
succeed by his sons Sir Maratab Ali and Syed Ahsan Ali. The Group is now spearheaded by Sir Maratab’s son
NESTLE 371.87
Syed Babar Ali and his brother, Amjad Ali’s son Syed Yawar Ali. The group has diverse business interests and IGIHL 29.24
a vast family. IGI Insurance is one of the family holding companies which connects most of the family TRIPF 4.11
companies. Syed Babar Ali founded Packages, which has stakes in Nestle, IGI Holdings (now owns IGI IGIL 3.46
Insurance) and TriPak. SAPL 8.24
TREET 3.70
LOADS 3.30
We tracked 8 listed companies with a combined market cap of PkR452bn; 5.7% of PSX. The largest group
company is Nestle, in which the Group has a 21% stake.
Packages Limited
Treet
IGI Insurance Limited 27.58%
Nestle Directors etc 39.53%
Loads 5.45% Other Associates 8.33%
IGI Insurance Limited 9.62%
Directors and Executives 8.26%
Packages Limited 8.05% IGI Holding Limited
Directors and Executives 4.47% Directors etc 32.13% Loads
Babar Ali Foundation 6.77% Directors etc 44.48%
Tripack Films
Packages Limited 33.33% Packages Limited 10.61% Treet Corporation 12.49%
IGI Insurance Limited 9.67% IGI Life Insurance Company Limited Sanofi-Aventis Pharmaceutical
Directors 2.41% IGI Holdings Limited 81.66% IGI Insurance Limited 19.10%
Babar Ali Foundation 0.46% Directors, etc 0.75% Directors 14.43%
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WAZIR ALI GROUP

▪ All of Wazir Ali Group companies have underperformed over the past 12 months. This might
be due to the fact that some of these stocks are illiquid, with higher ownership of global
funds. The worst performers were Treet (-37%), Loads (-38%), Tripak (-34%), IGI Insurance (-
33%) and Packages (-32%).
▪ The Group has also performed poorly over the past 5 years. Treet has underperformed by
78%, TriPak by 59%, Loads by 46%, Nestle by 35% and Packages by 26% IGI Insurance is the
only one which has outperformed the KSE100 by 6%.
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HUSSAIN DAWOOD GROUP

Dawood Hercules Group was set up by Mr. Ahmed Dawood who opened a shop in Bombay. Mr. Dawood
established the Dawood Group in 1948 and set up Dawood Cotton Mills in 1952. It is one of the largest
business groups in Pakistan. It is Chaired by Mr. Hussain Dawood. The family has a range of business interests
in agriculture, commodity, chemicals, power and technology.

The combined market cap of the eight companies we tracked is PkR436bn. This accounts for 5.5% of the PSX.
The largest group company is Engro Corp, followed by Engro Fertilizer and Dawood Hercules.

Engro Corporation Engro Fertilizers Ltd.

Associates 43.68% Engro Corporation 56.27%
General Public 19.84% Directors and Executive 0.00%

Dawood Hercules Engro Polymers and Chemicals Ltd.

Dawood Lawrencpur Ltd. 16.19% Engro Corporation Ltd. 56.19%
Dawood Foundation 3.95% EPCL Employees' Trust 0.11%
Cyan Ltd. 0.17%
Sach International Pvt. Ltd. 0.00% Dawood Lawrencpur
Directors 12.50% Dawood Industries (Pvt.) Ltd. 0.84%
Dawood Corporation (Pvt.) Ltd. 49.13%
Engro Powegen Qadirpur Ltd. Cyan Ltd. 5.02%
Engro Corporation Ltd. 68.89% Dawood Foundation 5.04%
Directors 2.98%
Engro Foods
Engro Corporation 39.93%
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HUSSAIN DAWOOD GROUP

▪ According to our analysis, the Dawood Hercules Group has been the best performer over the past 12
months. Its Core business of Engro, is up 5% and has outperformed by 18%. Enrgo Polymer has been the
best performer and is up 40%, an outperformance of 57%. Only two of their companies have
underperformed, Engro Power (-10%) and Engro Foods (-7%).
▪ Over the past 5 years, the best performer for the Group, has been Engro Polymer (+97%), followed by
DLL (+56%). Engro has outperformed by 17% and Dawood Hercules by 6%. The underperformers have
been Engro Food (-54%), Engro Power (-51%) and Engro Fertilizer (-11%).
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FAUJI GROUP (AND ASKARI WELFARE TRUST)

Fauji Foundation is a Charitable Trust set up in 1954 for the welfare of ex-servicemen and their dependents. The
Group runs more than 18 industries and 80% of the income goes towards welfare activities. The complete list of
their activities can be found here. The first company set up by the Group was a Textile Mill and then a TB
hospital. The group is run by the Central Board of Directors and Committee of Administration. Both are chaired
by the Secretary of Defence. The current MD is Lt. Gen. Syed Tariq Nadeem Gilani. We have added Askari Welfare
Trust to this group, although they are separate entities. AWT was set up in 1971 and has around 20 companies.
Its MD is Lt Gen. (Retd.) Najib ullah Khan and Chaired by the Adjutant General, Pakistan Army.

We tracked 7 publicly listed companies. Out of these 5 are a part of Fauji Group and 2 (Askari General and Askari
Life) are a part of AWT. The largest group company is Mari Petroleum (PkR158bn), followed by Fauji Fertilizer
(PkR135bn). The combined market cap is around PkR384bn which is 4.9% of PSX.

Fauji Fertilizers Company (FFC) Fauji Cement Company Limited (FCCL) Askari Bank Shareholding
44.35% Fauji Foundation Fauji Foundation 39.40% FFC 43.15%
FFC 6.79%
9.12% Directors etc FFBL 21.57%
FFBL 1.36%
Fauji Foundation 7.19%
Fauji Fertilizers Bin Qasim Limited (FFBL)
49.88% FFC Mari Petroleum Shareholding
18.29% Fauji Foundation Fauji Foundation 40.00%
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FAUJI AND ASKARI GROUP

▪ Fauji group has been one best performers over the past 12 months. All of their companies, except Fauji
Cement and Askari Life have outperformed the KSE100 during this period. The best performers have been
Askari Bank (+20.5% vs KSE100) and Fauji Fertilizers (+38%).
▪ Over the past years, the primary star of the Group has been Mari. Mari outperformed the KSE100 by 594%
over this period. The only other outperformance came from Askari General (+27% vs KSE100). The worse
performer has been Askari Life (-71% vs KSE100).
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NISHAT GROUP
Nishat Group was set up in 1951 by Mian Mohammad Yahya with Nishat Mills. It is Chaired by Mr. Mian Mansha.
The group has presence in all major sectors including Textiles, Cement, Banking, Insurance, Power Generation,
Hotel Business, Agriculture, Dairy and Paper Products (click here to see complete list). Nishat was also featured in
the original 22 families list of Mahbub ul Haq in the 70’s. Mr. Umar Mansha and Mr. Hasan Mansha are also on the
boards. Company Market Cap. (PkR Bn)
MCB 232.77
The Group has seven listed companies. The combined market cap of all the associated companies is PkR385bn, NML 48.51
4.6% of PSX. The largest company is MCB (PkR233bn), which is 22% owned by the Group via its entities. Nishat DGKC 39.29
Mills is the second largest (PkR48bn), and is 34% owned. DG Khan Cement (PkR39bn) is 35% owned by the group. AICL 15.23
NCL 12.53
NPL 8.50
MCB Bank Adamajee Insurance NCPL 8.38
Directors etc 10.28% Directors etc 0.01% LPL 5.91
Nishat Mills Limited 7.43% MCB Bank 21.70%
Adamjee Insurance Company Limited 3.98% Nishat Mills Limited 0.02% Nishat Chunian Ltd
Nishat Mills Directors etc 14.20%
Nishat Power
Directors etc 25.22% Nishat Mills Limited 13.61%
Nishat Mills Limited 51.01% Other Associates 3.03%
DG Khan Cement 8.61%
Lalpir Power DG Cement
Directors etc 6.84% Nishat Mills Limited 31.40% Nishat Chunian Power
Nishat Chunian Ltd 51.07%
Nishat Mills Limited 28.80% Adamjee Insurance Company Limited 0.77%
Directors etc 0.05%
Adamjee Insurance Company Limited 7.20% Directors 4.27%
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NISHAT GROUP
▪ Over the past 12 months, 2 companies of Nishat Group have outperformed; Nishat Chunian by 20.3% and
MCB by 3.6%. Nishat Chunian is the only one with a positive performance (+7%). The worse performer during
this period was the power companies which are down -22% to -25%.
▪ The Group has also performed poorly over the past 5 years. All the companies have underperformed relative
to the KSE-100 Index. NCPL has underperformed by 56%, NPL by 48%, MCB by 47%, Pakgen by 44%, Lalpir by
43%, NML by 25% and NCL by 27%. NML and NCL are the only ones with a positive return.
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HABIB GROUP
The House of Habib is also one of the oldest business families in Pakistan, set up in 1878 by Habib Esmail in
Bombay when he established a small utensil factory. The current business line of the House of Habib was
founded by Mr. Mohammad Ali Habib and they Habib bank was set up in 1941. The largest group company,
Indus Motors is Chaired by Mr. Ali S. Habib and Bank Al Habib is Chaired by Mr. Abbas D. Habib. Company Market Cap. (PkR Bn)
INDU 109.29
Being an old group, the Habib family has multiple business interest managed by various branches of the BAHL 95.15
family. We tracked 7 listed companies in this sample, which collectively have a market cap of PkR280bn, 3.6% HMB 42.37
of PSX. The direct shareholding of the family in each of the business optically seems low. This might be due THALL 35.00
to cross holdings and investments through other companies. HABSM 5.33
STCL 3.32
Habib Insurance Company Limited HICL 1.38
Habib Sugar Mills Limited 4.33%
Thal Limited 4.63%
Indus Motors
Directors etc 4.23% Thal Limited 6.22%
Bank Al Habib Habib Insurance Company Ltd. 0.05%
Other Associates 0.01% THAL LIMITED
Directors etc 13.09%
Directors etc 0.40% Directors etc 8.07%
Habib Sugar Mills Limited 2.17% Habib Insurance 0.59%
Habib Insurance Co. Ltd. 0.21%
Habib Sugar Mills
Bank Al Habib 6.28% Shabbir Textile
Habib Metro Bank
Other Associates 6.60% Directors etc 4.68%
Habib Bank AG. Zurich 51.00%
Directors etc 4.40% Thal Limited 1.30%
Directors etc 2.41% Habib Insurance Company Ltd. 0.35%
Habib Insurance Co. Ltd 2.97%
Habib Insurance Company Ltd 0.26%
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HABIB GROUP
▪ The House of Habib has a reasonably good performance over the past 12 months. The star have been
the two banks. Bank Al Habib is up 24% and has outoerformed by 39%. Habib Metro is up 3.5% and has
outperformed by 16%. Habib Sugar has also outperformed by 15% and Shabbir Textile has been inline
with the market. The underperformers have been Thal (-45% vs. KSE100) and Indus (-18% vs KSE100).
▪ The 5 year performance of the group is also very strong. Thal has outperformed by 135%, Indus by 133%,
Shabbir Textile by 50% and Bank Al-Habib by 65%. The two underperformers are Habib Insurance (-42%)
and Habib Sugar (-20% vs kse100).
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BESTWAY GROUP
Bestway Group is a UK based conglomerate set up in 1963 by Sir Anwar Pervez, OBE H Pk. The Group has
interests in wholesale, pharmacy, retail, real estate, cement and financial services (click here to see complete
list). In Pakistan, the Bestway Group is the controlling shareholder in two listed companies; UBL Bank and
Bestway Cement. Family group members, Sir Anwar, Mr. Zameer Choudrey, and Rizwan Pervez are board
members of the two companies.

The combined market cap of the two listed companies in Pakistan is PkR248bn (3% of PSX). UBL is the larger
of the two and is 59% owned by Bestway Holding and Bestway Cements. Bestway Cements (PkR70bn) is 66% Company Market Cap. (PkR Bn)
owned by the Group. UBL 168.25
BWCL 70.43

UBL Bestway Cement Limited

51.60% Bestway (Holdings) Limited Directors, etc 17.2%
7.65% Bestway Cement Limited Bestway Foundation Limited 3.9%
Bestway Northern Limited 2.5%
Bestway Holdings Limited 53.9%
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BESTWAY GROUP
▪ Both of Bestway Group’s Pakistan companies; UBL and Bestway Cement have underperformed over the
past 12 months. Bestway Cement is down 24% and has underperformed by 15% and UBL is down 28%,
an under performance of 19%. This is contrasting from a strong 5 year track record.
▪ Over the last 5 years, both Bestway Cement and UBL have seen strong outperformance. Bestway Cement
has outperformed the KSE100 Index by 68% and UBL by 9%.
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AGA KHAN GROUP

Agha Khan Fund for Economic Development is an international development agency which invests in
developing countries. It has more than 90 project companies globally. The Group is Chaired by His Highness
the Agha Khan. The group’s investments in the banking, insurance and aviation sector is overseen by Mr.
Sultan Ali Allana. Mr. Allana is also the Chairman of Habib Bank Limited in Pakistan.

The combined market cap of the three companies associated with the Agha Khan Fund is around PkR245bn,
which makes the group one of the largest in the country. Habib Bank is the largest bank in Pakistan, which
provides the Group exposure to almost all sectors of the economy. Company Market Cap. (PkR Bn)
HBL 197.51
Jubilee Life Insurance JLICL 34.91
Habib Bank Limited
Aga Khan Fund 51.00% Aga Khan Fund 69.22% JGICL 10.76
HBL Employees Provident Fund Trust 1.07% Habib Bank Limited - Treasury Division 22.15%
Jubilee Life Insurance Company Limited 0.89% Jubilee General Insurance Company Limited 7.69%
Jubilee General Insurance Company Limited 0.29% The Aga Khan University Foundation 0.94%

Jubilee General Insurance

Habib Bank Limited 19.25%
Agha Khan Fund 14.05%
Aga Khan Hospital and Medical College Foundation
20.60%
Jubilee Life Insurance Company Limited 0.48%
Other Associates 17.23%
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AGHA KHAN GROUP

▪ The Agha Khan Group has had a difficult 12m period. All of their three companies have underperformed.
Their core holding of HBL has underperformed by 25% and Jubilee Life has underperformed by 32%.
Jubilee General has underperformed the KSE100 by 16%.
▪ Over a 5 year period, HBL has underperformed the KSE100 Index by 43% and Jubilee General by 34%.
Jubilee Life has been the star of the group with a 56% outperformance versus the market.
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LUCKY GROUP (YUNUS BROTHERS GROUP)

The Yunus Brothers Group was established in 1962 as a trading house and is Chaired by M. Yunus Tabba. YBG
is one of the largest export houses and cement manufacturers in Pakistan and has a diverse portfolio in
building materials, textiles, energy, chemical, trading, food and real estate. The Group’s annual turnover is
around USD 1.7bn and the annual export turnover is around US$471 m. The primary holding company is YB
Holding.
Company Market Cap. (PkR Bn)
YB Group has three listed companies; Lucky Cement, ICI Pakistan and Gadoon Textile Mills. The combined LUCK 148.74
market cap of the three companies is PkR219bn, 2.7% of the PSX. The group owns around 33% of Lucky ICI 63.09
Cement, via its different companies. Lucky cement has a 56% stake in ICI Pakistan and the family owns an
GADT 6.64
additional 12% stake via Gadoon Textile and Lucky Textile Mills. Gadoon Textile is 70% held by YB Holding
directly.

Lucky Cement ICI Pakistan Limited Gadoon Textile Mills

Tabba Family 23.61% Gadoon Textile Mills 6.48% Y.B. Holdings (Pvt.) Limited 69.57%
Yunus Textile Mills Limited 6.63% Lucky Cement 55.62%
Lucky Energy (Private) Limited 3.55% Lucky Textile Mills Limited 5.50%
YB Pakistan Limited 2.27%
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LUCKY GROUP (YUNUS BROTHERS GROUP)

▪ The past 12 months have been tough for YBG. Their core business of Lucky Cement is down 29% and has
underperformed by 20%. Gadoon Textile has outperformed by 14% and ICI has been inline with the
market is and down 11%.
▪ Over the past 5 year period, Lucky Cement is up 36% but has underperformed KSE100 by 6%. Gadoon
Textile is up 4% and underperformance of 28%. ICI has performed well and is up 48% versus KSE100 with
an absolutely price gain of 123%.
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ATTOCK GROUP
Attock Group is owned by Pharaon Group, which is an international business group with interests in hotels,
oil exploration, production, refining, chemicals, cement and real estate. The Group was led by Mr. Ghaith
Pharaon, a Saudi businessmen who died in 2017. His sons, Mr. Laith Pharaon and Mr. Wael Pharaon are on
the boards of their group companies in Pakistan.

We tracked 5 companies in which the Pharaon family have a controlling stake. The largest is POL in which
Attock Oil has a 44% stake. This is followed by Attock Petroleum, in which the family has a direct stake of
Company Market Cap. (PkR Bn)
34%.
POL 126.88
APL 41.31
Attock Petroleum Limited (APL)
NRL 14.39
Pharaon Investment Group 34.38% Pakistan Oilfields Limited (POL) ACPL 13.19
Attock Refinerly Limited 21.88% The Attock Oil Company Limited. 43.96% ATRL 12.23
Trustees of APL Employees Fund 21.88% Other Associates 0.30%
Pakistan Oilfields Limited 7.02% Directors and Executives 0.84%
Attock Refinery Limited (ARL)
Attock Oil Company Limited 61.01%
Attock Petroleum Limited 1.68% National Refinery Limited (NRL)
Attock Refinery Limited 25.00%
Attock Cement Pakistan Limited (ACPL)
Pakistan Oilfields Limited 25.00%
Pharaon Investment Group 84.06%
Directors and Executives 0.01%
Directors and Executives 0.11%
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ATTOCK GROUP
▪ All of Attock Group companies have underperformed both over the past 12 months and also over the
last 5 year period. During the last 12 months, the worse performer has been NRL which has
underperformed by 55%, followed by ATRL -38%) and ACPL (-32%). POL and APL have underperformed
by 2% and 3% respectively.
▪ The underperformance over the past 5 years has been quite severe. NRL has underperformed by 43%,
ATRL by 56%, APRL by 36%, ACPL by 41% and POL by 32%. The data shows that Attock Group companies
might be the worst performers in our sample covered in this report.
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LAKSON GROUP
The Lakson Group was set up in 1954. It manages more than 15 companies in areas such as agriculture, BPO,
consumer non durables, fast food, financial services, media, paper and board, printing and packaging,
surgical instruments and travel. Click here for the complete list. The also privately own the second largest
media company in Pakistan. They represent global brands such as McDonalds and Colgate Palmolive. Total
assets of the group exceed $1bn. The group has four listed companies. Mr. Iqbal Ali Lakhani is the Chairman
of the Group and the other two sponsors are Mr. Amin Mohammad Lakhani and Mr. Sultan Ali Lakhani. Other
family members who are partners include Mr. Bilal Lakhani, Mr. Danish Lakhani, Mr. Babar Lakhani and Mr.
Zulfiqar Lakhani.

The four companies we tracked have a combined market cap of PkR125bn (1.6%) of PSX. Compared to other
business groups which we have tracked, the Lakson family companies have higher shareholding in their listed
companies.

Colgate Palmolive Pakistan Merit Packaging

Sponsors and Nominee Directors 57.95% Sponsors and Nominee Directors 57.60%

Century Papers Century Insurance

Sponsors and Nominee Directors 68.17% Sponsors and Nominee Directors 76.70%
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LAKSON GROUP
▪ Over the past 12 months, Merit has been the outperformer amongst Lakson group companies. It has
outperformed the KSE100 Index by 34%. All the other group companies; Colgate, Century Insurance and
Century Papers have underperformed.
▪ During the past 5 years, two of Lakson companies; Merit (+17%) and Colgate Palmolive Pakistan (+7%)
have outperformed the market. The other two have underperformed.
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ARIF HABIB GROUP

Arif Habib Group was established in 1970 by Mr. Arif Habib. The core business of the group is financial
services but they have diversified into areas such as fertilizers, cement, steel, real estate, and alternative
energy. The main holding company of the group is Arif Habib Corp which is run by Mr. Arif Habib. Other
family member on the board is Mr. Samad Habib.

We tracked 6 listed companies which had significant shareholding of the Group. The combined market cap is
around PkR105bn, which accounts for 1.3% of the PSX. The largest company is Fatima Fertilizer, in which the
Arif Habib Group has a 25% stake.

Fatima Fertilizer Silk Bank

Arif Habib Corp 15.20% Arif Habib Corp 28.45%
Arif Habib 7.12%
Arif Habib Equity 2.60% Arif Habib Limited
Power Cement
Arif Habib Corp 69.00% Arif Habib 21.41%
Arif Habib Corp Aisha Steel Arif Habib Equity 19.54%
Mr. Arif Habib 69.60% Arif Habib Equity 34.20% Arif Habib Corp 7.28%
Mr. Arif Habib 19.61%
Arif Habib Corp 7.79%
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ARIF HABIB GROUP

▪ During the past 12 months, two companies, Arif Habib Limited (brokerage) and Fatima Fertilizer have
outperformed the market by 12% and 14% respectively. The others have lagged the KSE100. The worse
performer has been Aisha Steel, which is down 52% and has underperformed by 46%.
▪ All of the companies, with shareholding from the Group have underperformed over the past 5 years.
AHCL has underperformed by 25%, AHL by 18%, Silk Bank by 52%, Fatima Fertilizer by 28%, Aisha Steel
by 18% and Power Cement by 6%.
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JS GROUP
The Jehangir Siddiqui Group was set up in 1971 by Mr. Jehangir Siddiqui. The core business and origins of the
group is from financial services. The family has operations of businesses across financial services, energy,
industrial sector, real estate and transportation. Click here for complete list of associated companies. The
Group is Chaired by Mr. Jehangir Siddiqui and his son Mr. Ali Raza Siddiqui. Market Cap. (PKR Bn)
JSCL 11.6
We tracked 9 listed companies in which the family has significant stake. The combined market cap is BIPL 11.2
PkR93bn (1.2% of PSX). Most of the companies are in the financial services sector. The largest group JSIL 0.7
company is EFU General.

JS Group
JSBL 7.3
JSGCL 1.1
EFUG 21.4
EFUL 18.7
AABS 3.2
PIBTL 17.6
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JS GROUP
▪ JS Group’s listed companies are relatively small and illiquid. They are also all in the financial services
sector. Over the past 12 months, all the JS companies have underperformed, except for BIPL in which
they have a non-controlling stake. BIPL has outperformed by 17% during this period.
▪ During their past 5 years, all of the JS Group companies have underperformed the market. The worse
performer has been JS Investments, which has underperformed by 50%. JS Bank has underperformed by
6%, JS Global by 40%, Bank Islami by 18% and JSCL by 11%.
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ATLAS GROUP
Mr. Yusuf Shirazi founded the Atlas Group in 1962 with the establishment of Shirazi Investments. The group
has business interests in automotive, power generation, trading and financial services. Its strength has been
partnership with global multi-nationals (similar to Wazir Ali Group), especially from Japanese groups. Click
here for the corporate profile. The group has 18 companies out of which 4 are listed. The annual sales of the
group companies are close to $3bn. Company Market Cap. (PkR Bn)
ATLH 39.29
We tracked the four listed companies which have a combined market capitalisation of PkR85bn (1.1% of HCAR 35.56
PSX). The largest now is Atlas Honda (which produces motorcycles), followed by Honda Atlas. Mr. Saquib
ATIL 5.40
Shirazi is the CEO of Honda Atlas and Mr. Yusuf Shirazi the Chairman of both of these companies.
ATBA 3.29

Atlas Battery Limited Honda Atlas Cars (Pakistan) Limited

Atlas Foundation 1.84% Honda Motor Company Ltd. (Global) 51.00%
Atlas Insurance Limited 1.74% Shirazi Investments (Pvt) Limited 30.20%
GS Yuasa International Limited - Japan 15.00% Atlas Insurance Limited 0.60%
Shirazi Investments (Private) Limited 58.86%

Atlas Insurance Limited Atlas Honda Limited

Shirazi Investments (Pvt) Limited 75.33% Atlas Insurance Limited 2.84%
Atlas Foundation 2.75% Honda Motor Company Limited 35.00%
Directos and Executives 0.16% Shirazi Investments (Pvt) Limited 52.43%
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ATLAS GROUP
▪ Over the past 12 months, the listed companies of Atlas Group have underperformed. The Group is
primarily into automotive sector and consequently has been impacted by the cyclical nature, higher
inflation, FX depreciation and the changes in tax laws. Honda Atlas has underperformed by 42%, Atlas
Honda by 23% and Atlas Batteries by 45%.
▪ The 5 year performance is much better, driven by a 233% outperformance by Honda Atlas. The other two
companies, Atlas Honda (-8%) and Atlas Battery (-66%) have underperformed the market during this
period.
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SAIGOL GROUP
▪ One of the oldest business groups in Pakistan (along with the Wazir Ali and Habib families), the Saigol
business group was set up in 1930s by Sayeed Saigol when he opened a shoe shop in Calcutta. Saigol’s
rubber shoe factory, Kohinoor Rubber Works was a supplier to the British Army during WWII. The family
migrated to Lahore in early 1940s and entered the textile industry by setting up a spinning mill in
Faisalabad in 1949. Being an old business group, multiple family arms are now in business. For our
analysis we have includes the Kohinoor Maple Leaf Group which is Chaired by Mr. Tariq Saigol and PEL
Group of Mr. Naseem Saigol. The primary business areas for the family are textiles, cement, energy, real
estate and consumer electronics.
KTML 12.9
▪ We tracked 8 listed companies of the group. The combined market capitalization of the companies is MLCF 23.2
around PkR56bn, or 0.7% of PSX.

Saigol Group
KOHE 6.5
KOHP 0.0
KOIL 0.1
Maple Leaf Cement KOSM 0.5
Kohinoor Textile Mills KML 1.3
Kohinoor Textile Mills 55.22%
Syed Taufique Saigol 14.51% PAEL 11.6
Syed Tariq Saigol 14.51%

Pak Electron
Naseem Saigol 25.10%
Azam Saigol 21.30%
Zeid Yousaf Saigol 2.96%
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SAIGOL GROUP
▪ Similar to the Chinoy’s the Saigol Group companies have been hit over the past 12 months due to the
weakness in the economy. Kohinoor Textile Mills has underperformed the market by 35%, Maple Leaf
Cement by 35% and Pak Electron has underperformed by 41%.
▪ However, the 5 year track record of the Saigol family companies is still very strong. KTML has beaten the
market by 89%, Maple Leaf by 59% and Pak Electon by 74%. This makes Saigol Group one of the top
performing groups over the past 5 years.
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CHINOY GROUP
The Chinoy Group was set up by Mr. Amir S. Chinoy, son of Sir Sultan Chinoy from Bombay. Mr. Chinoy
migrated to Pakistan in 1948. The Group companies include International Industries (steel tubes and pipes_
established in 1948, Pakistan Cables (wires and cables) set up in 1955 and International Steel (established in
2007. Pakistan Cables is run by Mr. Fahd Chinoy, International Industries by Mr. Riyaz Chinoy and Chaired by
Mr. Mustapha Chinoy. International Steel is Chaired by Mr. Kemal Shoib and run by Mr. Yousuf Mirza.

The combined market capitalization of the three listed companies is around PkR47bn. The largest is
International Steel (PkR27bn), followed by International Industries (PkR16bn) and Pakistan Cables (PkR4.7bn)

International Steels Limited

Sponsors and Nominee Directors 56.33% Pakistan Cables
Directors 3.69% International Industries Limited 17.12%
Directors 37.35%
International Industries Limited
Sponsors and Directors 50.31%
Associate Companies 1.13%
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CHINOY GROUP
▪ The Chinoy Group is primarily into cyclical construction related sectors. Consequently, the companies
have significantly underperformed over the past 12 months. The three companies have lagged the
KSE100 index by 49% for INIL, 36% for ISL and 41% for PCAL.
▪ Besides the recent downturn, the 5 year returns by the group companies are stellar. INIL has beaten the
KSE100 by 88%, ISL by 102% and PCAL by 40%. The 5 year track record makes Chinoy Group one of the
top performing group in our sample.
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CRESCENT GROUP
Crescent, along with Nishat, Wazir Ali, Saigol and Habib are one of the families in the “original list of 22
families who “own” Pakistan”. The Group was set up in 1910 by Mr. Shams Din of Chiniot and his four sons,
Mr. Fazal Karim, Mr. Muhammad Amin, Mr. Mohammad Bashir, and Mohammad Shafi when they established
a leather tannery in Amritsar in India. They group was run by Mr. Mazhar Karim, who passed away in 2014.
There are twenty working members. It spans 20 listed companies. Their businesses are primarily focused on CSAP 3.4
textiles, but span across agriculture, commodities, trading, steel, sugar, technology, financial services and FECM 0.0
printing material. Click here for more information. According to the company, the CG aggregative revenues FEM 0.2
CSIL 0.2
are greater than $1bn.
CJPL 0.1

Crescent
We tracked 13 listed companies of the Crescent Group with a combined market capitalisation of PkR20bn. CSM 0.1
The largest amongst this sample is Shakarganj Mills (sugar) which is run by Mr. Altaf Saleem. This is followed STML 0.2
by Suraj Cotton, Chaired by Mr. Khalid Bashir. Crescent Steel is run by Mr. Ahsan Saleem. SML 8.0
PMRS 0.3
SURC 4.7
Crescent Steel CRTM 1.8
Suraj Cotton
Crescent Textile Mills 11.00% CCM 0.8
Crescent Powertec 44.20% CFL 0.5
Directors and Assoc 9.00%
Directors & Associates 31.16%
Crescent Textile Mills
Shakarganj Mills Crescent Textile 9.22%
Crescent Steel 28.00% CS Capital 7.41%
Crescent Textile Mills 7.22% Crescent Cotton 5.45%
Directors and Assoc 9.00%
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CRESCENT GROUP
• Crescent Group companies are also illiquid and hence more volatile. Past 12 months, all except CFL have
underperformed. The worse performer has been Crescent Steel, which has underperformed by 60%.
• Over the past 5 years, SML has had significant outperformance. The stock has beaten KSE100 by 197%.
Suraj Cotton has outperformed by 23%. The other companies have performed worse than the market.
Relative to KSE100, the returns have been -28% for CSAP, -14% for PMRS, -6% for CRTM, -53% CCM and -
17% for CFL.
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