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News & Events

CHANGE OF SHARE REGISTRAR / TRANSFER AGENT (R/TA)

All respected Shareholders, Financial Institutions, Organizations, Insurance Companies and Government Agencies and all those we have dealings are hereby informed that the share registrar / Transfer Agent (R/TA) of Dost Steels Limited has been changed to the following with effect from 1st April 2016 Share Registrar: THK Associates Private Limited. 2nd Floor, State Life Building No.3, Dr. Ziauddin Ahmed Road, Karachi-75530 Telephone Nos. : 92 21 111-000-322, 35693094-95 Fax Nos. : 92 21 35655595 E-mail : secretariat@thk.com.pk

CHANGE IN REGISTERED OFFICE AND TELEPHONE NUMBERS

All respected Shareholders, Financial Institutions, Organizations, Insurance Companies and Government Agencies and all those we have dealings are hereby informed that the Company’s Registered Office and Corporate Office address has been changed from Plot No.222, Sector 39, Korangi Creek Industrial Area, Karachi-74900, to 101 Chapal Plaza, Hasrat Mohani Road, Karachi-74000, Telephone Nos. 32419820, 32412200 Fax. 32412211.

COLD COMMISSIONING CHECK

We are pleased to report that the Italian Engineers have checked the plant prior to hot commissioning of the Plant. The plant has completed most of the cold commissioning related activities whereas some still remain to be completed. The hot commissioning of the plant will be scheduled in consultation with the three Italian plant and technology suppliers. Efforts are being made to target the hot commissioning of the plant by November 2008.

ARRIVAL OF ITALIAN ENGINEERS

In continuation of the Memorandum of Understanding (MOU) signed by Dost Steels Limited with main supplier Siemens VAI Metals Technologies srl, Italy to expedite the commissioning of the bar mill, we are pleased to inform our stakeholders that the Italian Engineers are arriving at Lahore on July 25th 2008 for final pre hot commissioning checks of the Plant.

INCREASE IN AUTHORIZED CAPITAL

In order to facilitate future increase in the paid up capital, the Board of Directors of the Company has unanimously decided to increase in authorized share capital of the Company from Rs. 700,000,000/- (Seven Hundred Million) to Rs. 1,500,000,000/- (One Billion Five Hundred Million) so that additional capital induction may be undertaken if required in future.

Special Resolution to increase in the Authorized to be placed in the forth coming Extra-ordinary General Meeting held on July 15, 2008 for approval of the shareholders.

MOU for Commissioning of Plant

A Memorandum of Understanding (MOU) has been signed between Dost Steels Limited and the main supplier Siemens VAI Metals Technologies srl, Italy to expedite the commissioning of the bar mill. We are pleased to inform our stakeholders that the Italian Engineers are arriving at Lahore on July 25th 2008 for pre hot commissioning checks of the Plant.

SPONSOR'S FUNDING

Inspite of the difficulties which have been facing by the management due to prevailing law and order situation in the country for last six months. Management of the Company has been making desperately efforts for hot commissioning of the Plant.

In order to accomplish the commitment with the respected Shareholders. The company’s sponsors have arranged a sum of PKR 290 million for retirement of all the remaining 10% Letter of Credits and cost of overruns of the project from their own sources. This will facilitate the plant commissioning to take place within the 3rd quarter 2008.

TRANSPORTATION AGREEMENT

Company entered into a long term raw material and finished product transportation agreement with the Pakistan Railway that will yield substantial cost savings to the Company.

The Company plans to carry almost all its Steels Billets by rail to Lahore and to also bring a small portion of its finished bars from Lahore to Karachi by rail in the reverse direction.

FINANCIAL CLOSE CEREMONY

Financial Close Ceremony was held on April 8, 2006 at a local hotel in Karachi. State Minister for Investment and Special Initiatives Mr. Omar Ghuman was the Chief Guest for the occasion. Besides him other present on the occasion were leading businessmen, bankers and representatives of Siemens Vai Technology.

SPEAKING ON OCCASION STATE MINISTER

Speaking on the occasion State Minister for Investment and Special Initiatives Mr. Omar Ghuman said that the demand for steel is growing at 15-20 percent annually which has resulted in a short fall of approximately 1.2 million tons per annum.