CSAPL/CS-09/401
November 13, 2024
The General Manager
Pakistan Stock Exchange Limited
Stock Exchange Building
Stock Exchange Road
Karachi.
Dear Sir,
SUBJECT: MATERIAL INFORMATION
In accordance with section 96 of the Securities Act 2015 and Clause 5.6.1(a) of the PSX Regulations of the Pakistan Stock Exchange Limited, we hereby convey the following information:
"Reference is made to material information dated 07 October, 2024. The Company and its subsidiary company - CS Capital (Private) Limited collectively hold 17.6% of shares in Altern Energy Limited (AEL).
AEL, through its subsidiary Power Management Company (Private) Limited, owns 59.98% of Rousch (Pakistan) Power Limited ("RPPL"), a power generation company established under the 1994 Power Policy.
AEL through its notification dated November 12, 2024 to Pakistan Stock Exchange Limited has informed that the shareholders of its subsidiary company, RPPL in their extraordinary general meeting held on November 11, 2024 have approved the proposal for early termination of the Power Purchase Agreement entered into with Central Power Purchasing Agency (Guarantee) Limited ("CPPA"), Implementation Agreement entered into with the President of Islamic Republic of Pakistan on behalf of the Government of Pakistan, and the Guarantee issued by the Government of Pakistan (these agreement together referred herein as "the Agreements") and have
authorized the management to execute a Negotiated Settlement Agreement with following major terms:
- To terminate the Agreements which were scheduled to expire in 2032 with effect from October 01, 2024;
- Receivables agreed between the parties as on September 30, 2024 will be paid by the CPPA by December 31, 2024;
- RPPL shall hand over the Complex to the Government by December 31, 2024.
A copy of the AEL letter dated November 12, 2024 is attached hereto."
You may please inform the TRE certificate holders of the Exchange according.
Disclosure Form is attached herewith.
Thanking you,
Yours truly,
Crescent Steel and Allied Products Limited
Azeem Sarwar, FCA
Company Secretary
.
Annexure - A
DISCLOSURE FORM
IN TERMS OF SECTION 96 AND 131 OF THE SECURITIES ACT 2015
Name of Company | Crescent Steel and Allied Products Limited |
E- Floor, IT Tower, 73-E/1, Hali Road, | |
Gulberg III, Lahore - Pakistan. | |
Date of Reporting | November 13, 2024 |
Contact Information | Azeem Sarwar |
Company Secretary | |
9th Floor, Sidco Avenue Centre, | |
264 R. A. Lines Karachi, Pakistan | |
Tel: 021 3567 4881-5 | |
Email: company.secretary@crescent.com.pk | |
PUBLIC DISCLOSURE OF MATERIAL INFORMATION |
In accordance with the section 96 and 131 of the Securities Act 2015 and Clause 5.6.1(a) of the Rule Book of the Pakistan Stock Exchange Limited, we hereby convey the following information:
Reference is made to material information dated 07 October, 2024. The Company and its subsidiary company - CS Capital (Private) Limited collectively hold 17.6% of shares in Altern Energy Limited (AEL).
AEL, through its subsidiary Power Management Company (Private) Limited, owns 59.98% of Rousch (Pakistan) Power Limited ("RPPL"), a power generation company established under the 1994 Power Policy.
AEL through its notification dated November 12, 2024 to Pakistan Stock Exchange Limited has informed that the shareholders of its subsidiary company, RPPL in their extraordinary general meeting held on November 11, 2024 have approved the proposal for early termination of the Power Purchase Agreement entered into with Central Power Purchasing Agency (Guarantee) Limited ("CPPA"), Implementation Agreement entered into with the President of Islamic Republic of Pakistan on behalf of the Government of Pakistan, and the Guarantee issued by the Government of Pakistan (these agreement together referred herein as "the Agreements") and have
authorized the management to execute a Negotiated Settlement Agreement with following major terms:
- To terminate the Agreements which were scheduled to expire in 2032 with effect from October 01, 2024;
- Receivables agreed between the parties as on September 30, 2024 will be paid by the CPPA by December 31, 2024;
- RPPL shall hand over the Complex to the Government by December 31, 2024.
A copy of the AEL letter dated November 12, 2024 is attached hereto."
Azeem Sarwar, FCA
Company Secretary
Date: November 13, 2024
Karachi