Karachi: Metropolitan Steel Corporation Ltd. has concluded its 71st Annual General Meeting, held on October 24, 2026. During the meeting, several resolutions were passed, as detailed in a certified copy of the proceedings.
The meeting commenced with the reading of the notice convening the AGM, followed by the confirmation of the minutes from the previous meeting held on October 25, 2025. The Director's report and the financial statements as of June 30, 2026, were then presented. These documents, audited and certified by the company's auditors, were approved and adopted by the attendees, marking a crucial step for the corporation’s financial transparency.
In a key resolution, the AGM appointed M/s. Reanada Haroon Zakaria & Company as the auditors for the fiscal year ending June 30, 2027. The remuneration for the auditors will be determined by the directors or the Chief Executive.
The board reviewed and approved several financial provisions and transactions. These included additions in fixed assets amounting to Rs. 18,000, donations totaling Rs. 108,000, and a reversal of an Expected Credit Loss (ECL) amounting to Rs. 273,000. Additionally, provisions were made for an ECL amounting to Rs. 62,000 and for obsolete items of stores, spare parts, and loose tools amounting to Rs. 643,000. The remuneration to the CEO was recorded at Rs. 6.587 million, while directors' meeting fees paid amounted to Rs. 2.001 million. Related party transactions were disclosed in note-37 of the financial statements.
The board also decided on a revision of the CEO's monthly remuneration, setting it at Rs. 500,000 effective from July 1, 2026. According to information available from the Pakistan Stock Exchange (PSX), these decisions are part of the company's ongoing financial and strategic planning.
This AGM and its resolutions underscore the corporation's commitment to maintaining rigorous financial oversight and governance. As the company looks ahead, the approved measures are expected to support its operational and strategic goals in the coming fiscal year.