Lahore: Beco Steel Limited, during its Annual General Meeting held on October 28, 2025, at the Royal Palm Golf and Country Club in Lahore, adopted several significant resolutions impacting its financial structure and corporate governance. The meeting was attended by shareholders who reviewed and approved key financial documents and strategic changes to the company's capital framework.
The shareholders received and adopted the audited accounts of the company, along with the Directors' and Auditors' reports for the financial year ending June 30, 2025. Furthermore, Malik Haroon Ahmad & Co., Chartered Accountants, were reappointed as the statutory auditors for the fiscal year ending June 30, 2026. Their remuneration was set at Rs 250,000 for the limited scope review of the second quarter/half-year accounts ending December 31, 2025, and Rs 1,200,000 for the audit of the annual accounts.
In a special business resolution, Beco Steel Limited announced a significant alteration to its share structure. The face value of each ordinary share will be changed from Rs. 10 to Re. 1, effectively subdividing each share into ten ordinary shares. There will be no change to the rights and privileges attached to these shares.
Additionally, the company resolved to increase its authorized share capital from Rs. 1.50 billion to Rs. 3.00 billion. This change will result in the subdivision into 3 billion ordinary shares of Re. 1 each. According to information available from the Pakistan Stock Exchange (PSX), these changes reflect Beco Steel's strategic move to enhance its capital structure and improve marketability of its shares.
The Memorandum of Association of the company has been altered to reflect this increase in capital, allowing for greater flexibility in financial operations. The company granted authority to any director or the company secretary to fulfill all legal formalities related to these changes.
Beco Steel also ratified and approved transactions conducted with related parties, as disclosed in note #42 to the financial statements for the year ended June 30, 2025. The Board of Directors has been authorized to approve related party transactions on a case-by-case basis for the financial year ending June 30, 2026, which will be presented for formal ratification at the next Annual General Meeting.
These resolutions mark a pivotal point for Beco Steel Limited as it seeks to strengthen its financial position and governance structure in the competitive steel industry.