DSL Board approves investment offer to revive operations

MG News | January 18, 2022 at 05:06 PM GMT+05:00

0:00

January 18, 2022 (MLN): The Board of Directors of Dost Steels Limited in their meeting held today have approved the investment offer of up to 29% ordinary share capital of the Company from Mr Khawaja Shahzeb Akram, the company’s filing on bourse showed today.

The investment will be made by way of issue of up to 128,961,717 ordinary shares at a price of Rs4.07 per share (discount of 590% to par value), other than the rights offer mechanism under the provisions of section 83 and section 82 of the Companies Act 2017 (CA 2017).

In addition, the board also approved to increase the authorized share capital of the company from Rs3.6bn to Rs4.45bn. The aforesaid resolutions are subject to the approval of the shareholder of the company and the Securities & Exchange Commission of Pakistan (SECP).

Earlier this week, the company informed that it has received an offer from a potential investor to invest in the share capital of the company. The funds received through such shares issued to the Investor shall be utilized to settle the defaulted bank liabilities and to provide for/arrange working capital to revive operations of the company, the company said.

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