SPL steps up efforts for BMR, financial stability

April 15, 2026 (MLN): Sitara Peroxide Limited (PSX:SPL) has reported that it is actively pursuing financial restructuring and plant modernization after shutting down operations to stem continuous losses.

The company said the plant was closed to facilitate complete balancing, modernization and replacement (BMR) of machinery in the long-term interest of stakeholders, according to a progress report submitted to the Pakistan Stock Exchange (PSX).

As part of its financial restructuring, Sitara Peroxide has already reached a settlement with its main lender, UBL Sukuk, making full and final payment in October 2025.

It added that negotiations are currently underway with another financial institution to finalize a similar settlement agreement, aimed at clearing outstanding liabilities and avoiding litigation.

The company emphasized that discharging these obligations is essential to reduce financial burden and pave the way for fresh funding through equity and/or bank borrowing.

The management further stated it is actively engaged with financial institutions to secure the required funding for revival.

It requested regulators to take a lenient view of the progress, expressing optimism that the company will complete its BMR and resume operations in the foreseeable future, ensuring long-term value for stakeholders.

Copyright Mettis Link News