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DSML in process to recover balance amount from buyer
July 06, 2022 (MLN): Dar es Salaam Textile Mills Limited (PSX: DSML) informed on Wednesday that the management is concentrating on the recovery of the balance amount of the sale price regarding the successful disposal of the factory premises and the settlement of financial obligation thereof.
To note, on April 4, 2022, the company announced the disposal of the factory premises comprising land & building at the desired price.
The latest progress report of the company said that the recovery of the balance amount is being pursued and it is expected that the buyer would clear the account within the next 30 to 45 days,
Once the balance of the amount is fully recovered, the management will be in a better position to implement the envisaged business plan, it added.
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AGL gets “Scheme of Arrangement” approval for capital rehabilitation...
July 06, 2022 (MLN): Agritech Limited (AGL) has informed that the Honorable High Court of Lahore has approved the “Scheme of Arrangement" between the company and its creditors for the rehabilitation of the company filed under sections 284-288 of the Companies Ordinance 1984, which shall take effect from January 31, 2013.
During the past few years, gas curtailment to the company's urea plant years was the major cause of non-servicing of the debt of the company and the accumulation of mark-ups further increased its debt burden, the transmission report of the company revealed.
In addition to this, few banks and financial institutions had filed cases for recovery of loans extended by them along with accrued markup and other related charges against the company.
In order to streamline this debt burden, a capital restructuring plan was envisaged with the cooperation of lenders to devise a sustainable capital structure, which included the conversion of its existing land to pay off long-term lenders after seeking the necessary approvals, it added.
This capital rehabilitation plan was filed through a petition in Lahore High Court in June 2016 for the enforceability of the scheme under section 284-288 of the Companies Ordinance, 1984.
Since the company has obtained the approval of LHC, it seems to be more confident to implement the plan for improving its financial position.
Currently, the stock of the company is trading at Rs7.09 [1:10 PST], up by 49 paisa or 7.42% DoD.
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Update 3: PKR lost one rupee in intraday trade...
July 06, 2022 (MLN): Riding on a slippery slope, the Pakistani rupee (PKR) slid by one rupee against the US dollar in the interbank market in intraday trade compared to the previous close of 206.49 per USD.
The rupee was quoted at 207.86/207.91 [12:00 PST] with the trades being reported at 207.95 per USD.
Within the open market, the rupee is traded at 207/208.5 per USD.
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Alpha Beta submits PAI on client’s behalf to acquire...
July 6, 2022 (MLN): Alpha Beta Core Solutions (Private) Limited being a manager to the offer by New Future Consumer International General Trading LLC (Acquirer) has submitted a Public Announcement of Intention (PAI) to acquire more than 51% shares and control of ZIL Limited (Target), the notice issued to PSX said today.
Earlier this year, on January 13, 2022, the board of directors of ZIL Limited approved the closure of a factory located in Hyderabad as it faced operational difficulties due to the housing society built in its surrounding area.
After reviewing the operation difficulties of an existing manufacturing facility, the board also decided to offer a voluntary separation scheme to factory staff while shifting all manufacturing operations to toll manufacturing through third-party arrangements.
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Update 2: PKR drops by 31 paisa against USD...
July 06, 2022 (MLN): Owing to a volatile session on the back of prevailing economic uncertainty, the Pakistani rupee (PKR) lost earlier gains by 31 paisa per US dollar in the intraday trade in the interbank market, compared to the previous close of PKR 206.94 per USD.
The rupee was quoted at 207.21/207.49 [10:40 PST] with the trades being reported at PKR 207.25 per USD.
Fahad Rauf, Head of Research at Ismail Iqbal Securities told Mettis Global, "The dollar is up in the international market. Hence, it is natural for PKR to depreciate."
The dollar stood multi-month high against other major peers as higher gas prices and political uncertainty renewed recession fears and sent investors scrambling to the safe-haven currency.
Other than that, on the domestic front, the domestic unit is enduring a seesaw pattern due to a lack of confidence in the market which strengthens the element of speculation.
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