Amreli Steels Limited announced on Thursday that it had signed and executed the Master Restructuring Agreement (MRA), allied documents, agreements, and banking syndicates.
The company shared the development in a notice to the Pakistan Stock Exchange (PSX) today.
It said that the agreement was executed with Bank Alfalah Limited acting as the lead bank and Pak Brunei Investment Company Limited serving as the agent and security agent.
“This execution marks a significant milestone for the company, signifying the culmination of a collaborative effort between Amreli Steels and its financial partners,” the notice read.
It added that the restructuring will result in several key benefits, including improved liquidity and cash flow and sustainable operations.
It will also result in increased capacity utilisation, reduced financial and operational costs.
Last month, the Board of Directors had approved the terms and conditions of the restructured facilities by means of a term sheet, the Master Restructuring Agreement (MRA).
Amreli Steels Limited was incorporated in Pakistan as a private limited company in 1984 and was converted into a public company in 2009.
The principal activity of ASTL is the manufacturing and sale of steel bars and billets.
