Islamabad June 15 2023: Pakistan International Bulk Terminal (PIBTL) is in the process of restructuring its foreign debt, according to company filing to the exchange.
Share price of the company fall 9 paisa or 2.09 percent at Pakistan Stok Exchange.
“In view of the prevailing economic conditions, the Company has requested the Foreign Financiers, namely International Finance Corporation (IFC) and OPEC Fund for International Development (OFID), to defer the repayment of the principal installment of foreign loan falling due on 15 June 2023. IFC and OFID are principally amenable to this re-profiling and are in the process of formalizing this arrangement” says PIBTL.
The Company, however, will continue to make the interest payment in accordance with the terms of its foreign financing agreements. Furthermore, the Company continues to fulfil its obligations under the Local financing arrangements.
During the period from July to March 2023, PIBTL has handled 3,893,645 tons cargo against 6,171,696 tons in the same period last year which is in line with the industry demand of imported coal. The management of the Company is focusing on strategies to bring more efficiency in cargo handling operations, with the objective of providing unparalleled services to its customers.
Pakistan International Bulk Terminal Limited was incorporated under the repealed Companies Ordinance, 1984 (now the Companies Act, 2017) on March 22, 2010 as a private limited company. The Company has entered into a Built Operate Transfer (BOT) contract with Port Qasim Authority (PQA) on November 06, 2010 for the construction, development, operations and management of coal and clinker/cement terminal at Port Mohammad Bin Qasim for thirty years. After the expiry date, the Company will transfer all the concession assets to PQA.
