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Karachi, Aisha Steel Mills Limited (ASML), a prominent player in the steel industry, held its Board of Directors meeting on September 25, 2023, in Karachi. During the meeting, the board recommended several significant actions and decisions for the company’s shareholders.
The key recommendations include:
1. Dividends:
Cash Dividend on Ordinary Shares (ASL): No dividend recommended.
Bonus Shares: No bonus shares recommended.
Right Shares: No right shares recommended.
Any Other Entitlement/Corporate Action: None proposed.
These recommendations will be presented for approval at the upcoming Annual General Meeting (AGM) of the company.
2. Fixation of Number of Directors:
In compliance with Section 159(1) of the Companies Act, 2017, the Board of Directors has decided to fix the number of directors at eight (8) to be elected in the forthcoming General Meeting for a term of three years. The post-election Board of Directors will consist of eight elected directors and the CEO, who will be deemed a Director under section 188(3) of the Act.
3. Annual General Meeting:
The Annual General Meeting of Aisha Steel Mills Limited is scheduled to be held on October 28, 2023, in Karachi. Shareholders are encouraged to attend this significant event.
4. Share Transfer Books Closure:
The share transfer books for Aisha Steel Mills Limited will be closed from October 22, 2023, to October 28, 2023 (both days inclusive). During this period, no transfers related to the following securities will be processed:
Aisha Steel Mills Limited (Ordinary) – ASL
Aisha Steel Mills Limited (Preference Shares) – ASLPS
Aisha Steel Mills Limited (Cumulative Preference Shares) – ASLCPS
Transfers received at the office of the Share Registrar, M/s. CDC Share Registrar Services Limited, located at CDC House, 99-B, Block-B, S.M.C.H.S, Main Shahrah-e-Faisal, Karachi, by the close of business on October 21, 2023, will be considered valid, ensuring that all shareholders can participate and vote at the upcoming AGM.
The company will also transmit its Annual Report to shareholders through PUCARS at least 21 days before the AGM, providing ample time for review and preparation.
5. Financial Performance:
Aisha Steel Mills Limited released its Statement of Profit or Loss and Other Comprehensive Income for the year ending on June 30, 2023. The financial results are as follows (figures in Rupees ‘000):
Revenue from contracts with customers: 31,102,382
Cost of sales: (29,088,829)
Gross profit: 2,013,553
Operating profit: 1,458,546
(Loss) I profit before tax: (4,841,304)
(Loss) I profit for the year: (3,215,653)
Other comprehensive income for the year: 871,977
Total comprehensive (loss) I income for the year: (2,343,676)
6. Earnings per Share:
Basic (Loss) I Earnings per Share: (Rupees -3.56)
Aisha Steel Mills Limited continues to be a significant player in the steel industry, and these recommendations and announcements will be of great interest to its shareholders and the investment community at large. The forthcoming AGM will provide an opportunity for shareholders to voice their opinions and make informed decisions regarding the company’s future.
The post Aisha Steel Mills Limited Announces Dividends, Board Composition, and AGM Date; Shares Transfer Books to Close appeared first on Pakistan Company News.