Siddiqsons Tin Ltd encashes bank guarantees under CRM plant

MG News | April 15, 2020 at 04:19 PM GMT+05:00

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April 15, 2020 (MLN): Siddiqsons Tin Ltd (STPL) has successfully encashed Bank Guarantees under Cold Rolled Steel Manufacturing plant against advance payments amounting to CNY 25,997,206/- made to New Metallurgy Hi-Tech Group Co Ltd (Supplier) for the supply of equipment and allied services and thereby mitigating loss and exposure.

In order to safeguard the interest of its shareholders, the company had ensured that advance payment made to the supplier was secured against performance-based Bank Guarantees.

Due to various issues, the Supplier was unable to meet its commitments within the agreed timeline. STPL is still intending on moving forward with the project after finding another suitable supplier or renegotiating with the existing supplier.

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