KARACHI: Because of severe swings in rupee-dollar parity, elevated markup rates, and excessive inflation, Siddiqsons Tin Plate Ltd has opted to rescind the Tine Mill Black Plate (TMBP) project.
The business stated in a public filing on Tuesday that it is not financially feasible to continue the TMBP project given the state of the economy. Additionally, the company’s capacity to move forward as originally envisaged has been severely damaged by the projected returns and the escalating expenses of capital and materials and equipment.
TRG has setbacks.
Compared to Rs1.333 billion in FY23, TRG Pakistan Ltd reported a loss-after-taxation (LAT) of Rs31 billion in FY24.
At Rs56.661, the LAT per share was recorded.
According to Topline Securities, TRG owns Ibex Ltd. and Afiniti as its two main assets through TRG International (TRGI).
Ibex, which is traded on the NASDAQ, saw a drop in share price from $16.18 on June 30 of last year to $16.18, which cost TRG Pakistan almost Rs7.7 billion in losses. Ibex’s share price rebounded to $19.98 as of September 30. The diminished value of Afiniti is mostly responsible for the remaining losses.
Afiniti is going through a debt restructuring, whereby the present senior debt would be decreased and the loan maturity will be prolonged, according to a letter TRG Pakistan sent to PSX on September 20. A 16 percent indirect ownership in Afiniti is held by TRG Pakistan.
