Expansion: MISI purchases shares of Aisha Steel Mills

News Report

Aisha Steel Mills Limited (Pakistan) and Marubeni-Itochu Steel Inc. (MISI) (Japan) have entered into a strategic alliance and have signed a Trade Development Agreement (TDA) in order to expand steel business in Pakistan.

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 a mutually beneficial basis.

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.”

In a notice to Pakistan Stock Exchange, Aisha Steel Mills Limited had informed that it entered into a Trade Development Agreement.

In accordance with Section 96 of the Securities Act, 2015 and clause 5.6.1(a) of the Rule Book of Pakistan Stock Exchange Limited, we hereby inform the stakeholders of Aisha Steel Mills Limited (ASML).

It said that Aisha Steel Mills Limited (Pakistan) and Marubeni-Itochu Steel Inc. (MISI) (Japan) have entered into a strategic alliance and have signed a Trade Development Agreement (TDA) in order to expand steel business in Pakistan. 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 mutually beneficial basis.

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.”