Oct 23, 2026, 3:11 PM
Aisha Steel shareholders approve FY2026 accounts, preference dividends, conversion shares and related-party transactions
AGM / EGMAt its 22nd Annual General Meeting held on October 23, 2026, Aisha Steel shareholders adopted the audited financial statements for the year ended June 30, 2026, approved preference dividends for July 1, 2022 to June 30, 2026, confirmed the unopposed election of eight directors effective October 31, 2026, reappointed the external auditor, and approved resolutions concerning preference-share conversion and related-party transactions.
Key Findings
- The meeting approved and adopted the audited financial statements for the year ended June 30, 2026; financial results are not detailed in this announcement.
- Cumulative preference dividends for July 1, 2022 to June 30, 2026 were approved: Rs. 343.71 million on ASLPS and Rs. 1.14 million on ASLCPS, payable under the respective terms through ordinary shares and cash, respectively.
- Eight directors were confirmed elected unopposed for a three-year term commencing October 31, 2026.
- Shareholders approved issuance of up to approximately 34.6 million ordinary shares of Rs. 10 each in lieu of preference dividends, subject to conversion applications and applicable taxes.
- The external auditor, A. F. Ferguson & Co., was reappointed for the year ending June 30, 2027; related-party transactions were approved and the board authorized to approve such transactions through the next AGM.
Meeting Details
Meeting
Annual general meeting
Date
Oct 23, 2026, 4:30 PM
Venue
PSX Auditorium, Stock Exchange Building, Stock Exchange Road, Karachi
Meeting Details
Agenda
- Adoption of audited financial statements for the year ended June 30, 2026 and directors’ and auditors’ reports
- Approval of cumulative preference dividends on ASLPS and ASLCPS
- Confirmation of directors elected unopposed
- Reappointment of external auditor
- Preference dividend settlement through ordinary-share issuance and cash
- Approval of related-party transactions
Resolutions
- Approved the audited financial statements for the year ended June 30, 2026.
- Approved cumulative preference dividends for July 1, 2022 to June 30, 2026: Rs. 343.71 million on ASLPS and Rs. 1.14 million on ASLCPS, in accordance with the terms of the respective preference shares.
- Confirmed eight directors elected unopposed for a three-year term commencing October 31, 2026: Arif Habib, Kashif A. Habib, Samad A. Habib, Naseem Beg, Rashid Ali Khan, Abdul Majeed, Saadia Umar and Syed Moonis Abdullah Alvi.
- Approved issuance/allotment of up to approximately 34.6 million ordinary shares of Rs. 10 each in lieu of preference dividends, by capitalizing up to approximately Rs. 344.8 million from profit/reserves; up to approximately Rs. 1.46 million may be recorded as difference on conversion of preference dividend. Residual nominal value after allotment is to be donated to a charitable institution.
- Reappointed A. F. Ferguson & Co. as external auditors for the year ending June 30, 2027, at a fee to be mutually agreed.
- Approved disclosed related-party transactions and authorized the board to approve related-party transactions for the financial year ending June 30, 2027 or until the next AGM, subject to applicable shareholder ratification requirements.
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Highlights summarize the key points from the company's official PSX filing. View the original filing for the complete details before making financial decisions.