January 14, 2022 (MLN): Dost Steels Limited (DSL) has received an offer from a potential investor to invest in the share capital of the company up to 29% of the diluted paid-up share capital of the company by way of the issue of shares other than rights offer mechanism, the company filing on PSX showed today.
The said offer has been received through the Chief Executive Officer (CEO) of DSL and Sponsor Mr Jamal Iftakhar and Director / Sponsor Mr Zahid Iftakhar subject to the successful completion of due diligence by the Investor and after completion of the necessary corporate, regulatory and legal formalities including the execution of necessary documents, approval from the shareholders of the Company, lenders, and the Securities and Exchange Commission of Pakistan (SECP).
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.
