Crescent Star Insurance Shares Update on Settlement with Dost Steels

Crescent Star Insurance

Crescent Star Insurance Limited (PSX: CSIL) announced on Wednesday that it has begun receiving repayments from the advance given to Dost Steels Ltd (DSL), as part of their ongoing settlement arrangements.

In a notice to the Pakistan Stock Exchange (PSX), CSIL stated that following the announcement on August 31, 2023, they have reached a comprehensive settlement with DSL regarding the investment made by CSIL. Consequently, CSIL has withdrawn all litigation against DSL, which facilitated the reorganization of the DSL Board and management earlier this year.

CSIL expressed confidence in resolving this long-standing issue. As part of their efforts, CSIL has extended its support to DSL by appointing Naim Anwar (CEO of CSIL) as Director and Chairman of the DSL Board, and Suhail Elahi (Director and Board member of CSIL) as CEO of DSL in the newly formed DSL Board.

DSL is expected to soon share a larger, broad-based structural business plan, pending Board approval. This plan aims to enable the company to play a more active role in benefiting all stakeholders.