Crescent Steel negotiating with China Harbour Engineering Co. for manufacturing, coating of pipes for K-IV project

MG News | July 04, 2022 at 03:36 PM GMT+05:00

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July 04, 2022 (MLN): Crescent Steel and Allied Products Limited (CSAP) is negotiating with China Harbour Engineering Company Limited for the manufacturing and coating of pipes (Hot Rolled Coils), the company’s filing on the bourse showed today.

These Hot Rolled Coils will be provided by the client, having diameters of 68 and 84 inches for the K-IV project, the Greater Karachi Bulk Water Supply Scheme.

The value of the contract is expected to be around Rs3.8 billion.

Subject to the execution of the contract, the manufacturing is expected to commence in the second quarter of the current financial year and will be completed by the first quarter of the next fiscal year, the notice said.

To recall, in its analyst briefing, the management of the company said that the K-IV project will likely be a potential future business for CSAP but at present, the company has not participated in any tender for the K-IV project.

"If the project gets the green light in the future thus then the company “may expect” to get some orders in that case", the management said.

Meanwhile, the stock of the company closed today’s trading at Rs43.11, up by Rs2.46 or 6.05% from Friday’s price.

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