Karachi: Aisha Steel Mills Limited (ASML) has issued a notice for its Twenty-Second Annual General Meeting (AGM) to be held on October 23, 2026, at the PSX Auditorium in Karachi. This meeting will see the company's shareholders discuss and approve various significant business items.
The AGM will begin with the confirmation of minutes from the previous meeting held on October 17, 2025. Shareholders will then review and adopt the company's annual audited financial statements, which include the Directors' and Auditors' Reports for the fiscal year ending June 30, 2026. These documents have been made accessible online in compliance with legislative requirements and past shareholder approvals.
A key agenda item is the consideration and approval of preferential dividends for the period from July 1, 2022, to June 30, 2026. The Board of Directors has recommended a preferential dividend totaling Rs. 343.71 million for ASLPS and Rs. 114 million for ASLCPS. The dividends will be distributed as ordinary shares or cash, depending on the conversion status of the preference shares.
The appointment of auditors for the fiscal year ending June 30, 2027, is also slated for discussion. The Board has recommended the reappointment of M/s. A. F. Ferguson & Co., Chartered Accountants. Additionally, the election of eight directors, in accordance with Section 159 of the Companies Act, 2017, is on the agenda. The election follows the retirement of current directors on October 31, 2026.
Other significant resolutions include the authorization to issue up to 34.6 million ordinary shares to effect the preferential dividends and approval of related party transactions as disclosed in the latest audited financial statements. The Board of Directors is seeking authorization to approve future related party transactions up to the next AGM.
According to information available from the Pakistan Stock Exchange (PSX), the meeting will also address any other business that may arise with the Chair's permission.
Shareholders have been provided with statements under Sections 134(3) and 166(3) of the Companies Act, 2017, which pertain to the special business items on the agenda.