KARACHI: Siddiqsons Tin Plate Ltd has decided to roll back the Tine Mill Black Plate (TMBP) project due to high inflation, increased markup rates and significant fluctuations in rupee-dollar parity.
In a stock filing on Tuesday, the company said the current economic environment has created a situation where the continuation of the TMBP project is not financially feasible. Additionally, the rising costs of materials and equipment and the higher cost of capital have significantly impacted the projected returns and the company’s ability to proceed as initially planned.
TRG suffers losses
TRG Pakistan Ltd posted a loss-after-taxation (LAT) of Rs31 billion in FY24 compared to Rs1.333bn in FY23.
The LAT per share stood at Rs56.661.
As per Topline Securities, TRG, through TRG International (TRGI), owns two primary assets: Ibex Ltd and Afiniti.
Ibex is listed on NASDAQ and its share price fell to to $16.18 on June 30 from the same date last year, resulting in approximate losses of Rs7.7bn for TRG Pakistan. As of Sept 30, Ibex share price recovered to $19.98. The rest of the losses are mainly from the reduced valuation of Afiniti.
In a notice to PSX on Sep 20, TRG Pakistan disclosed that Afiniti is undergoing a debt restructuring where current senior debt will be reduced and debt maturity will be extended. TRG Pakistan indirectly holds 16pc stake in Afiniti.
Published in Dawn, October 2nd, 2024
