⚡ Flash Summary

Sitara Energy Limited (SEL) has applied for an extension to hold its Annual General Meeting (AGM) for the financial year ended June 30, 2025. The company is seeking a 30-day extension, moving the deadline to November 28, 2025, to submit its annual accounts. The reasons cited for the delay include a severe financial crisis and a shortage of staff due to partial operation, which have impacted the audit process. The company has also included a letter from its external auditors indicating that the audit will be completed within two weeks after receiving management’s assessment of expected credit loss against trade debts.

📌 Key Takeaways

• 📅 SEL applied for a 30-day extension for holding the AGM and submitting annual accounts.
• 🗓️ The new deadline for holding the AGM is November 28, 2025.
• ⚠️ The company cites a ‘severe financial crisis’ as a reason for the delay.
• 📉 Shortage of staff due to partial operation has impacted audit timelines.
• 🧾 The last AGM was held on October 28, 2024, for the financial year ended June 30, 2024.
• 📜 The application is made under Section 132 and Section 233 of the Companies Act, 2017.
• 💸 SEL paid a fee of Rs. 15,000 for the extension application.
• ✉️ External auditor indicates a two-week timeline to complete the audit post management assessment.
• 📍 Company’s registered office is located in Karachi.
• 🌐 The company’s website is www.sitara.pk.

🎯 Investment Thesis

HOLD. Given the stated ‘severe financial crisis’ and operational challenges, investing in SEL is risky at this moment. Further analysis of the company’s financial statements and the auditor’s assessment is needed before considering a BUY recommendation. A price target cannot be accurately determined without additional information. Time horizon: medium term, pending resolution of financial and operational issues.