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Business Recorder
6 days ago
- 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
04-05-2025
- Business
- Business Recorder
Gold prices continue to fall
KARACHI: Gold prices continued to fall on Saturday, as world market declined below $3,250 per ounce, traders said. The precious metal lost further Rs2, 300 to Rs242,200 per tola and Rs1,972 to Rs293,381 per 10 grams, according to All Pakistan Sarafa Gems and Jewelers Association. Domestic silver prices also dropped by Rs45 and Rs39, settling for Rs3,382 per tola and Rs2,899 per 10 grams, respectively, the association added. It is worth noting that the open market may trade gold and silver at different prices as compared to those fixed by the association. World market offered gold bullion at $3,240 per ounce, plunging by $23 while silver was selling at $32 per ounce, the association said. Copyright Business Recorder, 2025
