May 28, 2008	Wednesday	Jamadi-ul-Awwal 22, 1429

KARACHI, May 27: Regardless of the market downturn, which appeared to have bottomed out with a recovery of 237.47 points in the KSE-100 index on Tuesday, happenings on the corporate sector continue to attract investor attention.

INTERNATIONAL INDUSTRIES LIMITED: The Board of Directors of the company has decided to undertake a project to produce Cold Rolled & Galvanised Steel flat products. The project cost is estimated at Rs8 billion with the production capacity of 250,000 tons per annum.

A 32-acre plot of land has been procured and an 18MW gas-fired power would go into operation.

Analysts say that the by the size of the project, which is about that of a ‘mini-steel mill’, the company hopes to capture the gains from soaring steel product prices.

“The main equipment of the project has been selected,” Mr Irshad Rizvi, the chief personnel looking after expansions, said on Tuesday. He noted that the information to the shareholders was also provided in the company’s review for the half year accounts ended on December 31, 2007.

DAWOOD LAWRENCEPUR: In terms of listed companies (substantial acquisition of voting shares and takeovers) Ordinance, 2002, Dawood Corporation (Pvt) Limited has made a public offer to acquire 6.67 million shares, equal to 14.27 per cent of the total issued share capital of Dawood Lawrencepur Limited (DLL - a stock market listed company) at the offer price of Rs170.38 per share.

The acquirer holds 11.6 million shares of DLL, which constitute 24.9 per cent of the ‘target company’ shares.

Dawood Corporation stated it had executed Share Purchase Agreement dated May 20, with AKD Securities Limited for purchase of 4.62 million shares, representing 9.89pc of the DLL capital

AMIN FABRICS: The company has called an extraordinary general meeting of shareholders on June 9, where aside from other events, directors’ recommendation of buy-back of shares from minority shareholders would be considered.

The company proposes to buy back 1.063 million shares from the minority shareholders and seek delisting of the company from the KSE.

The repurchase price has been fixed at Rs8.91, which the company stated it had been agreed and approved in consultation with the KSE and LSE.