Karachi: Agha Steel Industries Limited convened its 12th Annual General Meeting on October 24, 2025, at its Port Qasim premises in Karachi, as well as virtually, to address significant corporate matters. The meeting was marked by the participation of key stakeholders, including Hussain Iqbal Agha, Raza Iqbal Agha, Shazia Agha, and Muhammad Asif, who collectively represented substantial shareholdings in the company.

The agenda commenced with the confirmation of the minutes from the previous annual general meeting. Subsequently, the shareholders received, considered, and adopted the annual audited financial statement for the year ending June 30, 2025. This statement was presented alongside the auditor's and director's reports, as well as the chairman's review, reflecting the company's financial health and adherence to corporate governance standards.

In a significant development, the meeting confirmed the reappointment of Reanda Haroon Zakaria & Co. as the statutory auditors for the fiscal year ending June 30, 2026. According to the company's board of directors and audit committee, this reappointment aligns with current corporate needs and ensures continuity in financial oversight.

Amid the proceedings, a special resolution was passed, which notably involved a conversion process. The company sought and received approval to convert amounts received as advance against preference shares and loans from directors into ordinary shares at a nominal value. This decision was ratified with a considerable majority, with 109 votes in favor and 16 against, indicating strong shareholder support.

According to information available from the Pakistan Stock Exchange (PSX), the resolution marks a big move in Agha Steel's strategic financial planning. The conversion is set to bolster the company's capital structure by issuing ordinary shares without a rights issue or cash consideration.

The executive team, including the Chief Executive Officer and Company Secretary, has been empowered to undertake all necessary actions to implement this resolution. This includes filing requisite statutory returns with the Securities and Exchange Commission of Pakistan (SECP) and updating company records accordingly.

This meeting underscores Agha Steel Industries' commitment to transparent governance and strategic financial management, reflecting its ongoing efforts to enhance shareholder value and operational efficiency within the designated market category.