DSL clarifies CSIL’s false claim of Rs5bn investment
MG News | November 14, 2022 at 02:58 PM GMT+05:00
November 14, 2022 (MLN): Dost Steels Limited (DSL) clarified a recent false claim made by Crescent Star Insurance Limited (CSIL) that the company is investing Rs5 billion for integration in a billet furnace, the company’s filings on the stock exchange showed on Monday.
To recall, on 3RD Nov’22 CSIL in its letter to PSX announced that the director of DSL during floor discussion revealed a new investment of more than Rs5bn in the company for backward integration of billet furnace, working capital, and other requirements.
“There is no such proposition of investment currently under discussion by the company except for the investment by a group of investors for which shareholders' approval has been obtained in EOGM on 10 Feb 2022 and the company's application to SEC for approval is pending”, the company clarified.
In addition, DSL has applied to LESCO for disconnection of its B-4 132 KV Electricity connection due to financial constraints faced by the company.
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