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

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

0:00

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.

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	171,404.49 326.40M	-0.32% -556.16
ALLSHR	103,442.24 795.99M	-0.21% -217.04
KSE30	52,413.79 113.03M	-0.27% -143.72
KMI30	244,645.84 109.10M	-0.15% -378.05
KMIALLSHR	67,050.27 450.39M	-0.02% -14.08
BKTi	47,413.54 37.21M	-0.37% -176.81
OGTi	33,419.75 8.88M	-0.20% -67.52

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	87,895.00	0.00 0.00	-165.00 -0.19%
BRENT CRUDE	60.55	60.65 59.40	0.73 1.22%
RICHARDS BAY COAL MONTHLY	91.00	0.00 0.00	2.30 2.59%
ROTTERDAM COAL MONTHLY	96.90	96.90 96.90	0.50 0.52%
USD RBD PALM OLEIN	1,016.00	1,016.00 1,016.00	0.00 0.00%
CRUDE OIL - WTI	56.54	0.00 0.00	0.02 0.04%
SUGAR #11 WORLD	14.85	14.87 14.45	0.37 2.56%