PSEL debt restructuring a success

MG News | October 04, 2023 at 01:02 PM GMT+05:00

0:00

October 04, 2023 (MLN): The management of Pakistan Services Limited (PSX: PSEL) has informed PSX that the company has successfully implemented restricting/ deferment agreements related to its long-term loans/ borrowings with its respective lenders.

PSEL is principally engaged in the hotel business and owns and manages the chain of Pearl Continental Hotels.

The company also owns one small-sized property in Lahore operating under the budget hotel concept.

At the time of writing, the company’s share is being traded at Rs701.15, down by around 30 rupees or 4.08% compared to the previous close.

It is important to mention that PSEL has reported a massive consolidated loss of Rs1.76 billion in FY23, compared to a loss of Rs399.52 million reported in FY22.

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