Material Information of Dost Steels Limited

Karachi, Dost Steels Limited informed Pakistan Stock Exchange that board of directors meeting of the company will be held on January 18, 2022 at Lahore. The agenda of the meeting will to consider and approve issuance of up to 29% shares by way of issue of shares other than rights offer mechanism to potential Investors (including his nominees) under the provisions of section 83 and subject to the pricing of such issue of shares under the provisions of Section 82 of the companies Act 2017, Increase in authorized share capital of the company and to provide necessary authority to the chief executive Officer of the company to complete all necessary corporate, regulatory and legal formalities including execution of necessary documents, approval from the shareholders of the company, lenders approvals and the securities and Exchange commission of Pakistan.

Dost Steels Limited is a company incorporated in Pakistan on March 19, 2004. The principal business of the company include manufacturing of steel, direct reduced iron, sponge iron, hot briquetted iron, carbon steel, pig iron and special alloy steel in different forms. Dost Steels Limited was converted into public limited company with effect from May 20, 2006. The registered office of the company is located at Karachi.

The Company’s mill has a capacity of approximately 350,000 tons per annum, which produces hot rolled high tensile, deformed steel bars of sizes ranging from 8 millimeters to 50 millimeters in length, over 12 meters in bundles and approximately 2,000 kilograms using THERMEX Bar Quenching process.

The Shares of the company are 315,733,860. The Earnings per shares of the company is (0.76) in 2020 which was (0.99) in 2019. The Company had a loss of 241,106,000 in 2020 which was 313,309,000 in 2019.