CHAIRMAN'S REVIEW
After experiencing numerous challenges due to political instability, inflation, and external shocks, Pakistan’s economy is expected to stabilize. Growth projections for 2024/25 indicate a modest rebound, depending on global economic conditions and domestic reforms. Government’s efforts to bring about fiscal consolidation helped clinch the IMF deal; however, the country needs a long term macroeconomic plan to bring about stability. Pakistan’s fiscal and monetary policies are crucial in shaping the economic direction the country takes.
The Company continues to manage changing landscape of the packaging sector especially market requirements and economic challenges while continuing to serve its customers diligently.
With its state-of-the-art equipment, well qualified personnel, and delivering required packaging solutions, it has become one of the leading players in the packaging industry. The Flexible Packaging Division continues to receive encouraging response from the market. During the year, the Company successfully commissioned its second Flexographic printer. Furthermore, it has also decided to establish SOS/Carrier bag project. As part of its strategic realignment and considering shift in consumption patterns of the cement industry, the Company took decision to sell its Papersack lines I, II and V. In a period of high interest rates, the proceeds, so realised, were utilized to lower the debt levels of the Company.
I am pleased to report that the Board of Directors has performed its duties and responsibilities diligently and has contributed towards guiding the Company in its strategic direction. It focused on major risk areas and remained actively involved in the strategic planning process of the Company. The Board recognizes that well defined corporate governance processes are important to preserve and enhance stakeholders’ value. All Directors including Independent Directors, fully participated and contributed in the decision making process of the Board. The Board carried out its annual selfevaluation in line with the requirements of Code of Corporate Governance.
The Company has aligned its strategy to meet the changing demands of its customers thus ensuring sustainable growth and value creation for its stakeholders. In a period characterized by the manifestation of climate change, the Company has directed its focus towards the mitigation of its carbon footprint. This involves active promotion of green energy through utilization of solar and hydroelectric power. This year the company successfully fulfilled around 40% of its energy requirements through sustainable channels. Furthermore, the Company also recycles some of its waste from production process. This accomplishment not only facilitated a reduction in the Company’s carbon footprint but also proved to be an economically prudent measure.
I would like to extend my thanks and appreciation to all the staff members, customers, suppliers, bankers, shareholders and the Board of Directors for their commitment and hard work.
Akbarali Pesnani
Chairman
BOARD OF DIRECTORS
Mr. Akbar Ali Pesnani
Chairman
Mr. Akbarali Pesnani is an MBA and fellow member of both the Institute of Chartered Accountants and Institute of Cost and Management Accountants of Pakistan. He has served as Chairman Gwadar Port and Gwadar Port Implementation Authority from 2004 to 2006. Mr. Pesnani has been associated with the Aga Khan Development Network at senior levels for over 48 years. Presently he is the Chairman of Aga Khan Cultural Service Pakistan, Jubilee General Insurance Co. Ltd. and a Director on the Board of Cherat Cement Company Ltd., and Pakistan Cables Ltd. His association with the Ghulam Faruque Group dates back almost 43 years.
Mr. Amer Faruque
Chief Executive
Mr. Amer Faruque is the Chief Executive of the Company. He is a Bachelor of Science (BS) graduate in Business Administration majoring in Management / Marketing from Drake University, Des Moines, Iowa, USA. He serves as a member of the Board of Directors of Mirpurkhas Sugar Mills Ltd., Faruque (Pvt.) Ltd., Greaves Pakistan (Pvt.) Ltd., Greaves CNG (Pvt.) Ltd., and Executive Director Marketing of Cherat Cement Co. Ltd. In the past he has served as a member of the Board of Governors of Ghulam Ishaq Khan (GIK) Institute of Engineering Sciences and Technology and Lahore University of Management Sciences (LUMS) and the Centre of International Private Enterprise (CIPE). He is also the Honorary Consul of Brazil in Peshawar.
Mr. Aslam Faruque
Director
Mr. Aslam Faruque is a graduate with a major in Marketing. He is the Chief Executive of Mirpurkhas Sugar Mills Ltd., Unicol Ltd. and UniEnergy Ltd. He is on the Board of Directors of Greaves Airconditioning (Pvt.) Ltd. and Greaves Engineering Services (Pvt.) Ltd.
In the past, he has served as the Chairman and Senior Vice Chairman of Pakistan Sugar Mills Association – Center. He also served as Chairman of Pakistan Sugar Mills Association Sindh Zone, and Director of Sui Southern Gas Company Ltd., State Life Insurance Corporation of Pakistan and Pakistan Industrial Development Corporation.
Mr. Shehryar Faruque
Director
Mr. Shehryar Faruque is a graduate from Davis & Elkins College, Elkins, WV, USA. He serves on the Board of Directors of Faruque (Private) Limited and Zensoft (Private) Limited.
In the past, he has served as Director of NBP Fullerton Asset Management Company (NAFA) and Summit Bank Limited.
Mr. Arif Faruque
Director
Mr. Arif Faruque is a Swiss – qualified Attorney-at-Law and also holds Masters degrees in both Law and Business Administration from the United States of America. He recently completed the Owner President Management Program at Harvard Business School. He is the Chief Executive of Faruque (Pvt.) Ltd. He is on the Board of Directors of Mirpurkhas Sugar Mills Ltd., Cherat Cement Company Ltd. and UniEnergy Ltd. Besides the above, he is also a member of the Board of Governors of Lahore University of Management Sciences (LUMS).
Mr. Ali H. Shirazi
Director
Mr. Ali H. Shirazi graduated with a BA from Yale University, U.S.A. in 2000 and thereafter completed his Masters in Law from Bristol University, U.K. in 2005. He has worked with the Bank of Tokyo-Mitsubishi in New York as well as American Honda in Torrance, California. He is Group Director Financial Services and President / Chief Executive of Atlas Battery Limited. He serves on the Board of Atlas Asset Management Limited, Atlas Insurance Limited, Shirazi Investments (Private) Limited, National Foods Limited, Cherat Packaging Limited, Pakistan Cables Limited, Atlas Foundation, Atlas Vocational Training Institute, National Management Foundation, (sponsoring body of LUMS), and Pakistan Society for Training and Development. Previously, he has also served on the Board of National Clearing Company of Pakistan Limited (NCCPL).
He is a ‘Certified Director’ from the Pakistan Institute of Corporate Governance and in 2018 completed the Owner / President Management Program (OPM) from Harvard Business School.
Mr. Abid Vazir
Director
Mr. Abid Vazir has been associated with Ghulam Faruque Group since 2000. He is serving as the Director and Chief Operating Officer of Cherat Packaging Limited. Furthermore, he is also serving as the Director of Greaves Airconditioning (Pvt.) Ltd., Greaves Engineering Services (Pvt.) Ltd. and Greaves CNG (Pvt.) Ltd. Mr. Vazir is also a member of the Executive Committee of the Management Association of Pakistan and is currently serving as its Vice President.
Mr. Abid Vazir holds an MBA degree from Lahore University of Management Sciences (LUMS), enrolled in the Dean’s Honors List. He belongs to the first batch of graduates of College of Business Management (IoBM) and holds an MBA degree from the Institute. Mr. Vazir is an Associate member of the Institute of Chartered Secretaries of Pakistan and a Certified Director from Pakistan Institute of Corporate Governance (PICG).
Mr. Sher Afzal Khan Mazari
Director
Mr. Sher Afzal Mazari is a progressive agriculturist who is committed to developing long term sustainable solutions to the current challenges of farming and land management. Prior to this, he had a 34-year corporate career across a range of industries from Chemicals to Foods and Fast-Moving Consumer Goods.
After graduating from Boston University, Sher Afzal began his career with ICI and then moved to Unilever, where he worked for 25 years. During this time, he has worked in senior General Management, Marketing, Communications Corporate Affairs and Sustainable Business roles, initially in Pakistan and then overseas, covering regions as diverse as Asia, Middle East and Africa.
He is deeply committed to driving a sustainable business agenda, and believes that the ESG framework should be at the core of business strategy and operations, for the long-term benefit of all stakeholders and the environment.
Mr. Sher Afzal’s deep understanding and knowledge of operating in developing, emerging and frontier markets has convinced him on the vital need for tailoring global business best practice to suit local environments. He is also a firm believer in ethical and transparent business operations that not only meet local regulatory requirements but are also in strict compliance with global standards of corporate governance.
Ms. Maleeha Humayun Bangash
Director
Ms. Maleeha Mimi Bangash is a highly reputed expert in the banking and financial industry, with over 26 years of experience in Singapore, Turkiye and Pakistan. She has a diverse background, having worked in the textile and telecommunications industries, as well as banking, financial services, and investments.
Ms. Bangash holds an MBA in Investment & Finance from the University Of Chicago Booth School of Business where she graduated with Honors and another MBA in Finance & Marketing from LUMS. Her career includes 18 years of C-Suite experience in Corporate & Investment Banking, Private Equity/VC, and Merger & Acquisitions in Pakistan and Singapore. She has also been a founding member of the Competition Commission of Pakistan. Additionally, she has extensive experience with public sector engagements and the IFC/World Bank Group.
As a strategist and result oriented leader, she has demonstrated the ability of setting up and building highly successful companies as well as turning around troubled firms into profitable market players, by driving revenues and growth. In the Fintech and Digital Banking space for the past eight years, Ms. Bangash has served as a consultant for IFC-International Finance Corporation in Singapore, focusing on Digital Banking, Climate/Green Banking, SME, and Gender. She also advised InfoTech Group on Digital Transformation Banking & Capital Markets, represented FINASTRA, and supported FCI Netherlands in launching Supply Chain Financing & Factoring for SMEs. Additionally, she served as an Ambassador for the SME Finance Forum, a G20 initiative managed by IFC.
Ms. Bangash is dedicated to Financial Inclusion, working on projects for underserved Communities, including SMEs, women, youth, and startups. She has been involved in the SME Mark-up Subsidy Scheme and Social Impact Investment. She authored a report on Development Impact Bonds and Blended Finance Vehicles, proposing ESG Screen through Public-Private partnerships to attract private sector investment for achieving SDGs.
As Chairpersons of the ESG Committee for a large cement company, she initiated and now leads the execution strategy for embedding ESG and sustainability in the organization. She has also been involved in various initiatives like SEZs, Green Sukuk, Environment Endowment Fund. She is currently rolling out ESG in Banking, Climate Finance, and Sustainable Finance in South Asia, East Asia, and Pacific.
Ms. Bangash has held the position of CEO/MD for the Word Bank Group’s Investment Climate Reform Unit (ICRU), where she significantly improved Pakistan’s ranking to 39th on EODB index. She has advised the Ministry of Finance on EODB, Investment Climate, and Financial Inclusion. She was a Founding Member of the Competition Commission of Pakistan, leading Advocacy, Mergers & Acquisitions Review, and Competition Research.
She has been recognized as one of the 100 Most Prominent Women in Anti-Trust globally and won the Miracle Women Award in 2016. Her innovative finance models have supported provincial governments and multilateral organizations. She has also obtained certifications from international institutions like OECD, ICN, and The Hague Academy. As a CEO designate, she was able to turn around the organization and provide unprecedented growth during her tenure.
