Karachi: International Steels Limited (ISL) convened its 19th Annual General Meeting on October 5, 2026, where shareholders approved several key resolutions, including financial statements, dividend payments, and strategic divestments.
During the meeting, held in Karachi, shareholders confirmed the minutes of the previous AGM conducted on September 24, 2025. The audited financial statements for the fiscal year ending June 30, 2026, together with the reports from directors and auditors, were also approved and adopted.
A critical resolution was the approval of a 30% final cash dividend, amounting to Rs. 3.00 per share, for the year concluded on June 30, 2026. This aligns with the recommendations provided by the company's Board of Directors.
As part of the ordinary business, M/s A.F. Ferguson & Co., Chartered Accountants, were appointed as external auditors for the financial year ending June 30, 2027. Their appointment, as recommended by the Board, includes a fee arrangement to be mutually agreed upon, covering federal and provincial taxes and out-of-pocket expenses as incurred.
In a significant move under special business, shareholders authorized the disposal of ISL's entire 17% shareholding in Chinoy Engineering & Construction (Private) Limited (CECL). The sale involves 4,845,000 ordinary shares at a price of PKR 72.24 per share, resulting in an aggregate consideration of PKR 350 million. This strategic decision is subject to compliance with applicable laws and receipt of requisite regulatory approvals.
According to information available from the Pakistan Stock Exchange (PSX), the transaction empowers ISL’s executive team, including the Chief Executive Officer, Chief Financial Officer, and Company Secretary, to undertake necessary actions to finalize the sale. This includes completing regulatory filings with the Securities and Exchange Commission of Pakistan and other authorities.
The resolutions passed will incorporate any modifications as required by regulatory bodies, ensuring compliance without necessitating further shareholder approval unless changes are deemed substantial.