In a notification sent to the bourse on Monday, Dost Steels Ltd’s debt restructuring negotiations have broken off with Pak Kuwait Investment Company (PVT) Limited.
Dost Steels notified that negotiations with PKIC’s demands were not in line with terms of restructuring agreed upon with other lenders, which led to the collapse of talks between the two companies as the main reason for the failure.
It was further clarified that the company remained in full compliance of restructuring terms agreed upon with consortium of lenders and was up to date in terms of its repayment schedule.
The company said this includes payments to PKIC, which were being deposited with the consortium leaden.
At the time of filing this report, DSL shares were trading at 11.00, down Rs0.78. KSE-100 index was trading at 38,541.39 points, down 537 points from its opening on Monday.
Dost Steels Limited is engaged in the manufacturing of steel, direct reduced iron, sponge iron, hot briquetted iron, carbon steel, pig iron and special alloy steel in various forms. The Company’s mill has a capacity of approximately 350,000 tons per annum.