⚡ Flash Summary

BECO Steel’s Annual General Meeting minutes reveal key corporate actions. The audited accounts for the year ending June 30, 2025, were adopted. Malik Haroon Ahmad & Co. were re-appointed as statutory auditors for the next fiscal year. The company approved the subdivision of each share from Rs. 10 to Rs. 1 and increased authorized share capital from Rs. 1.5 billion to Rs. 3 billion.

📌 Key Takeaways

• ✅ Audited Accounts for FY2025 approved.
• 👨‍💼 Malik Haroon Ahmad & Co. re-appointed as statutory auditors.
• 💰 Auditor remuneration set at Rs 250k for half-year review and Rs 1,200k for annual audit.
• 🔄 Share face value reduced from Rs. 10 to Rs. 1.
• 📈 Each share subdivided into 10 ordinary shares.
• 🏦 Authorized Share Capital increased from Rs. 1.5 billion to Rs. 3 billion.
• 📃 Memorandum of Association altered to reflect new capital structure.
• 🏢 Capital structure now 3,000,000,000 shares at Rs. 1 each.
• 🤝 Related party transactions for FY2025 ratified.
• 🏢 Board authorized to approve related party transactions on a case-by-case basis for FY2026.

🎯 Investment Thesis

HOLD. The corporate actions appear to be strategic, enhancing share liquidity and providing capital-raising flexibility. However, without financial performance data, a BUY recommendation is not justified. Monitor the company’s utilization of the increased authorized capital and its impact on profitability.