CSIL intends to acquire additional 24.97% stake in Dost Steels Ltd

By MG News | Category Equity | October 18, 2021 at 02:11 PM GMT+05:00

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October 18, 2021 (MLN): Crescent Star Insurance Limited (CSIL) has issued a Letter of Intent (LOI), wherein the company expressed its intention to acquire 78,858,534 shares of Dost Steels Limited (DSL) from the group of shareholders forming 24.97% at Rs7/64 per share.

This was in addition to the existing stake of CSIL in DSL, the company’s notice to PSX said.

The aforesaid acquisition is subject to all necessary corporate, regulatory and legal approvals that may be needed in the process.

Earlier, in August 2021, the company claimed 78 million shares, representing 60% stakes (sponsor holding) in Dost Steel Limited (DSL), with an aim to revive the company lying idle with a nameplate steel production capacity of 350,000 tonnes.

Accordingly, CSIL filed a petition in the Honorable High Court of Lahore for directions for the issuance of shares as per the shareholder's agreement.

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