Shaffi Chemicals, ABL sign a settlement agreement

Shaffi Chemicals Industries Limited management and representatives of Allied Bank Limited today signed an agreement to settle the longstanding pending issues.

Shaffi Chemicals and Allied Bank Limited had unresolved debt settlement agreement. However, “the lability against Allied Bank Limited was determined for Rs. 49.999 million as principal amount which has now been paid to the bank whereas the cost of funds and others payable has been waived off by the bank”, read a notice issued on the PSX by Shaffi Chemicals. 

The company further informed that, the “bank has confirmed that there is no further liability payable to the bank by the company.”