Pakistan Steel (PS) has appointed Aqeel Karim Dehdi Securities (Pvt) Ltd as its full-time financial consultant.
The step has been taken on the recommendations of A F Ferguson & Co The decision of hiring a firm, as against an individual, has been taken to ensure transparency, greater work experience and efficiency, besides a higher degree of commitment and responsibility, remarked a PS spokesman.
Earlier, Ferguson had suggested five firms, which were short-listed and finally Aqeel Kareem Dehdi Securities, scoring highest rating, has been appointed as Financial Consultants of PS.
The appointment of financial consultants is aimed at ironing out the financial matters of the corporation which include raising equity capital, capital structure for the proposed expansion, bank loans/TFCs/borrowings, credit rating, optimum investment of company's and employee retirement benefits funds, restructuring /re-profiling of sub-ordinated loan of Rs 7.7 billion, as well as restructuring of Pakistan Steel Fabricating Company Limited (PSFCL), a 100 percent owned subsidiary of PS, and the Lahore based Spinning Machinery Company, now acquired by PS.
Besides, AKD Securities using its expertise would also advise PS Management as to how maximum capital could be generated by developing and utilising Pakistan Steel's thousand acres of commercial land for financing the proposed expansion of the corporation without burdening the government.