Latest news with #Re0.07
Business Recorder
29-05-2025
- Business
- Business Recorder
Dost Steels secures Rs2.08bn investment
Dost Steels, in a move to stabilise its financial position, has entered into a restructuring agreement with a consortium of banks, backed by a substantial investment commitment from Muhabbat Khan and Zahir Khan. The two investors have pledged a total of Rs2.08 billion and extended personal guarantees for the repayment of the company's outstanding bank loans, the listed company disclosed in its filing to the Pakistan Stock Exchange (PSX) on Thursday. 'Muhabbat Khan and Zahir Khan who have agreed to make an investment of Rs2.08 billion in the company and who have given personal guarantees to banks for repayment of bank loans on which basis the company has signed a restructuring agreement with banks whereby Rs2.08 billion will be paid by the company in sixteen quarterly instalments to the consortium of banks,' read the notice. Dost Steels Limited fails to resume operations amid financial challenges The company said that as part of the restructuring agreement with banks, Muhabbat Khan has paid an amount of Rs50 million as a down payment to the consortium of banks. Following the development, the share price of Dost Steels Limited increased to Rs9.21, up by Re0.07 or 0.77%. As per the company's latest financial results, the company incurred a loss of Rs242 million in FY24. Dost Steels Limited was incorporated in Pakistan on March 19, 2004, as a private limited company under the Companies Ordinance, 1984 now the Companies Act, 2017. The principal business of the company includes manufacturing steel, direct reduced iron, sponge iron, hot briquetted iron, carbon steel, pig iron and special alloy steel in different forms, shapes and sizes that can be manufactured within the existing facilities.
Business Recorder
06-05-2025
- Business
- Business Recorder
BankIslami acquires 32-storey tower in Karachi
BankIslami Pakistan Limited has acquired KASB Altitude, a 32-storey commercial building, in Karachi, which it shall use as office premises. However, the bank did not disclose the financial details of the acquisition in its notice to the Pakistan Stock Exchange (PSX) on Tuesday. 'Pursuant to satisfactory due diligence, obtaining the requisite approvals, structural testing and consents, completing the necessary formalities, and execution of appropriate contracts, the Bank has successfully acquired KASB Altitude, a strategically located 32-storey commercial building in Clifton Block 1, Karachi, for the Bank's office premises,' read the notice. The purchase comes on the back of a strong financial performance by the bank. In 2024, BankIslami posted a record-breaking 24.4% rise in pre-tax profit to Rs25.5 billion, reinforcing its stature in Pakistan's Islamic banking sector. Despite economic volatility and shifting regulatory conditions, net profit rose 7.1% to Rs11.8 billion. At the time of filing, shares of BankIslami were trading at Rs20.27, reflecting an increase of Re0.07 or 0.35% on the PSX.
