Karachi September 22 2021: Aisha Steel Mills Limited (Pakistan) and Marubeni-Itochu Steel Inc. (MISI) have entered into a strategic alliance and have signed a Trade Development Agreement (TDA) in order to expand steel business in Pakistan, as per information shared by Aisha Steel at Pakistan Stock Exchange (PSX).
Pursuant to the TDA, it has been agreed that subject to certain conditions, ASML appoints MISI as its supplier for buying or procuring its raw material on mutual beneficial basis.
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Additionally, MISI has purchased 38,276,000 Ordinary shares of Aisha Steel Mills Limited (ASL) from Arif Habib Corporation Limited (an associated company of ASML), at a price of Rs. 30/- per share, constituting approximately 4.69% of the issued share capital of ASML.
Marubeni-Itochu Steel Inc.
MISI was launched in 2001 through the merger of steel business divisions spun off by two general trading companies, ITOCHU Corporation and Marubeni Corporation. Over the years since, MISI has steadily bolstered and expanded its stellar expertise in steel product distribution, and leveraged the global information network capacity essential for a general trading company to succeed. Within the critical field of steel distribution—an area demanding high specialization spanning diversified demand sectors—the MISI Group diligently pursues the enduring quest for added value as an integrated steel distribution producer.
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