Karachi, Crescent Star Insurance Company Limited informed Pakistan Stock Exchange that the Company in addition to the interest claimed for Rs.225 million, has a stake amounting to PKR.354 million in Dost Steels Ltd (DSL) which according to shareholders agreement CSIL is entitled to 78 million shares of DSL , which once issued is equivalent to the sponsors holding.
According to shareholders agreement CSIL should have 60% representation on the Board of DSL. CSIL has already filed a petition in the Honorable High Court of Lahore for directions for issuance of shares as per agreement. In the Board Meeting the efforts made so far by initiating discussions with the current sponsors / management of DSL were deliberated upon which will lead to options available for approaching the Honorable Lahore High Court and / or regulator for necessary approval of the strategy for issuance of shares, against advances which will strengthen the possible revival of DSL by presenting a clearer reflection of the assets and liabilities /affairs of DSL.
This will brighten the options available for discussion with potential buyers / investors which will protect the stakeholders & creditors of the company. The Board of CSIL has decided to take bold initiatives to find a way forward to resolve the long outstanding matter keeping in view the potential available and losing opportunity considering the healthy potential available in the steel sector with the ready for production capacity available at DSL. In doing so CSIL management has assessed the valuation of DSL viz a viz asset to liability ratio on current valuation being of great interest.
Crescent Star Insurance Company Limited was incorporated as a public limited company in the year 1957 under the Companies Act, 1913 now the Companies Ordinance, 1984. The company is a member of Insurance Association of Pakistan. It deals in the general insurance business providing services relating to fire, marine, motor and miscellaneous insurance. The branches of the company are located country wide. The registered office of the company is located in Karachi. The stocks of the company are traded on the Karachi and Lahore Stock Exchanges of Pakistan.
The products of the company for the individual businesses include motor insurance, travel insurance, home care and shop owner’s policy. The services provided by the company to the businesses include fire & property insurance, marine cargo, marine hull, aviation, motor insurance, engineering insurance, health insurance and miscellaneous insurance related services.
The symbol “CSIL” is being used by the stock exchange for the shares of Crescent Star Insurance Company Limited.