Mughal Steel completes acquisition of Mughal Energy Limited

In a notification sent to the PSX on 30/11/2023, Mughal Iron & Steel Industries Limited (MUGHAL) announced that it had successfully completed the acquisition transaction of Mughal Energy Limited(MEL).

With the completion of this transaction, MEL is now a wholly-owned subsidiary of MUGHAL. The work on the new plant has already started and the project is expected to be completed within 18 months.

MUGHAL shares were trading at Rs. 66.5 during trading hours earlier today.