Karachi: In its 41st Annual General Meeting, Amreli Steels Limited announced the approval of its annual audited financial statements as well as the reappointment of its external auditors for the upcoming financial year. The meeting, held on October 28, 2025, at the Institute of Chartered Accountants of Pakistan in Karachi, also authorized a special resolution for the direct issuance of shares.

The shareholders of Amreli Steels Limited approved the annual audited financial statements for the fiscal year ending June 30, 2025. This approval was accompanied by the endorsement of the Directors’ and Auditors’ Reports, marking a significant milestone in the company’s fiscal year operations.

Additionally, the company reappointed M/s. BDO Ebrahim & Co., Chartered Accountants, as the external auditors for the financial year ending June 30, 2026. The reappointment was made with the recommendation and approval of the Board of Directors, with the auditors set to hold office until the next Annual General Meeting.

A notable highlight of the meeting was a special resolution concerning the direct issuance of shares. Subject to compliance with applicable laws and the approval of the Securities and Exchange Commission of Pakistan (SECP), Amreli Steels Limited is authorized to issue up to 40 million ordinary shares. The shares, with a face value of PKR 10 each, will be offered to Mr. Shayan Akberali, an existing sponsor of the company, at a price of PKR 25 per share, including a premium of PKR 15 per share. This issuance is expected to aggregate up to PKR 1 billion.

According to information available from the Pakistan Stock Exchange (PSX), Amreli Steels Limited’s strategic decision for direct issuance is aimed at enhancing its capital structure. The company is also authorized to obtain an advance against equity from Mr. Akberali for this issuance.

The resolution empowers the company’s executives, including the Chief Executive Officer, Chief Financial Officer, and Company Secretary, to undertake all necessary actions, filings, and applications with regulatory bodies, including the SECP and the Pakistan Stock Exchange Limited, to fulfill the resolution’s objectives.

These resolutions are subject to changes suggested or required by the SECP or other regulatory bodies, without necessitating fresh shareholder resolutions unless deemed substantial.