January 04, 2023 (MLN): Dost Steel Mills Limited (DSL) has been trying for the past few months to get new investor group in the company to restart its commercial production, a progress report issued by company to PSX on Wednesday showed.
In this regard, the Securities and Exchange Commission of Pakistan (SECP) permission is required and an application to SECP has already been given on April 15, 2022.
The company further informed, “Crescent Star Insurance Limited (CSIL) has filed certain comments to SECP and our said application is pending disposal. In addition, these issues are also under litigation (In Lahore High Court) between CSIL and the company are also to be settled.”
Therefore, the SECP has advised the company to resolve all the issues including pending litigations with CSIL before the company's application will be considered.
The company is making efforts to coordinate the different pending issues in parallel with the new investor group and CSIL.
However, these efforts are being hampered due to the extremely difficult economic and foreign exchange situation prevailing in the country.
It is anticipated that the company will be able to reach a reasonable resolution of pending issues and an amicable solution will be arrived.
"We are still hopeful that once, after the approval from SECP, group of investors are on board the company should achieve commercial production once again and its name will be removed from default counter at Pakistan Stock Exchange (PSX)", the company reported.
