CSIL’s actions lead to DSL’s unusual share price movement
MG News | October 20, 2021 at 10:20 AM GMT+05:00
October 20, 2021 (MLN): Dost Steel Limited (DSL), in an announcement to PSX said that the company has been informed by the Sponsors that the Letter of Intent (LOI) sent by Crescent Star Insurance Limited (CSIL) to acquire 78.86 million shares of DSL is an unsolicited proposal on its own account, hence the same is not acknowledged by the Sponsors of the Company.
Accordingly, the Sponsors, Mr Jamal Iftikhar & Family, conclude on a reasonable ground that it is the CSIL's actions that have led to the unusual movement of the Company's share price or traded volume.
Earlier, on Oct 18, 2021, CSIL had issued an LOI, wherein the company expressed its intention to acquire 78,858,534 shares of DSL from the group of shareholders forming 24.97% at Rs7/64 per share.
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