Karachi September 16, 2021: Beco Steel has started steel related operations on toll manufacturing basis as the approval of transfer of purchased plant and machinery is still pending with SECP, as per information shared by the company at Pakistan Stock Exchange (PSX).
Beco Steel was signed an agreement in May 2021 between Beco Steel Limited and Chaudhary Steel Mills Limited to transfer its running plants and machinery as well as Land and Buildings into Beco Steel Limited. All special resolutions unanimously approved by the shareholders in their EOGM held on May 11, 2021.
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The Company has already submitted application to SECP for issuance of 101,882,957 ordinary Shares having face value of PKR 10/- (Pak Rupees Ten) each at premium of PKR 20/- each, directly and other than by way of right, in consideration for the acquisition of buildings, and plant and machinery. The Company has fulfilled all the legal requirement in connection with the special business and SEC P's approval is pending in this regard.
As the approval from SECP is still pending, the company has started steel related operations on toll manufacturing basis.