Crescent Star Insurance Shares Update on Settlement with Dost Steels

Crescent Star Insurance Shares Update on Settlement with Dost Steels

Crescent Star Insurance Limited (PSX: CSIL) Wednesday announced that it has started receiving money from advance given to Dost Steels Ltd (DSL), in continuation of the arrangements made.

‘Further to information shared by Crescent Star Insurance Limited (CSIL) on August 31, 2023 leading to a broad based settlement with Dost Steels Ltd (DSL), for the investment made by CSIL, the management would like to inform that CSIL had withdrawn all litigation with DSL which led to the reorganization of the DSL Board and management earlier this year,’ the company said in a notice to the Pakistan Stock Exchange (PSX).

CSIL said it is confident to resolve this long outstanding matter. As part of the efforts CSIL has extended its support once again to DSL, and has nominated Naim Anwar (CEO-CSIL) as Director and Chairman on the Board of DSL, and Suhail Elahi (Director) and Board member of CSIL as CEO of DSL in the recently constituted Board of DSL.

A larger and broad based structural business plan will soon be shared by DS
L through its Board approval. This will lead the company to play an active role in the larger interest of all stakeholders.

Source: Pro Pakistani