LAHORE: A bourse notification on Monday revealed Dost Steels Ltd’s debt restructuring negotiations have broken off with Pak Kuwait Investment Company (PVT) Limited.
Dost Steels said PKIC’s demands were not in line with terms of restructuring agreed upon with other lenders, which led to the collapse of talks between the two companies.
It added the company remained in full compliance of restructuring terms agreed upon with consortium of lenders and was up to date in terms of its repayment schedule.
The company said this includes payments to PKIC, which were being deposited with the consortium leaden, the notification read.
Profit featured Dost Steels CEO Jamal Iftikhar interview in its anniversary issue in mid-November. While talking to Profit, Iftikhar said “He saw this CPEC surge coming, and tried to position himself as the market leader by establishing the largest and technologically most advanced steel manufacturing plant in the country.”
Dost Steels Limited is engaged in the manufacturing of steel, direct reduced iron, sponge iron, hot briquetted iron, carbon steel, pig iron and special alloy steel in various forms. The Company’s mill has a capacity of approximately 350,000 tons per annum, which produces hot rolled high tensile, deformed steel bars of sizes ranging from 8 millimeters to 50 millimeters in length, over 12 meters in bundles and approximately 2,000 kilograms using THERMEX Bar Quenching process.
At the time of filing this report, DSL shares were trading at 11.40, down Rs0.48. KSE-100 index was trading at 38,919.57 points, down 160.43 points from its opening on Monday.