CSAP expands contract with CHEC-AFI JV to supply additional coated pipes

By MG News | Category Equity | August 21, 2024 at 03:20 PM GMT+05:00

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August 21, 2024 (MLN): Crescent Steel and Allied Products Limited (PSX: CSAP) has agreed with China Harbour Engineering Company Limited (CHEC) – Al-Fajr International (AFI) Joint Venture (JV) to manufacture and supply an additional quantity of coated pipes in its existing contract.

Through this revision, CSAP will supply an additional quantity of 65,000 meters of coated steel line pipes for the K-IV project, the Greater Karachi Bulk Water Supply Scheme with hot rolled coils will be provided by the client.

Consequently, the total order value will increase from Rs5.886 billion to Rs8.595bn.

Manufacturing is expected to commence in the second quarter of the current financial year and shall be completed, hopefully, by the second quarter of the next financial year.

The scheduling and some other conditions are, however, being finalized.

To note, the company disclosed this development to market participants through a notice issued to the local exchange today.

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