Lahore: Beco Steel Limited has announced the convening of its Annual General Meeting (AGM) scheduled for October 28, 2025, at the Royal Palm Golf and Country Club in Lahore. The meeting aims to address several key agenda items, including the confirmation of minutes from the previous AGM, adoption of annual audited accounts, and the appointment of external auditors for the upcoming financial year.
Shareholders will deliberate on the re-appointment of M/s Malik Haroon Ahmad & Co as the company’s auditors for the financial year ending June 30, 2026. Additionally, a noteworthy proposal under special business will be the subdivision of the company’s share capital. This proposal seeks to alter the existing capital structure by reducing the face value of each ordinary share from Rs.10 to Rs.1, thereby increasing the number of shares available to investors.
Another significant item on the agenda is the proposed increase in the authorized share capital of the company from Rs. 1.50 billion to Rs. 3.00 billion. This increase is intended to be achieved by subdividing the capital into three billion ordinary shares with a face value of Rs.1 each. The adjustment aligns with the company’s strategy to enhance affordability and broaden access to its shares without affecting existing shareholders’ equity.
According to information available from the Pakistan Stock Exchange (PSX), the market price of Beco Steel Limited’s ordinary shares has seen a substantial increase, prompting the management to propose these changes. The goal is to make the shares more accessible to a wider investor base while maintaining the underlying value of the shares.
The AGM will also seek to ratify and approve transactions conducted with related parties for the year ended June 30, 2025. Furthermore, shareholders will consider authorizing the Board of Directors to approve related party transactions for the financial year ending June 30, 2026.
To facilitate shareholder participation, the company has arranged for e-voting and postal ballot options. E-voting will be available from October 24 to October 27, 2025, while postal ballots must be submitted by October 27, 2025. The company has also made provisions for video conferencing upon request by shareholders holding at least 10% of the shareholding.
The AGM notice underscores the importance of updating shareholder information, such as bank details and CNIC/NTN numbers, to ensure compliance with regulations and facilitate dividend distributions. The company has also encouraged shareholders to convert physical shares into book-entry form.