With reference to the article titled "Thar Coal Power Project: Civil work comes to a halt" published in Business Recorder on 12th March 2016, in which Shamsuddin Shaikh CEO Sindh Engro Coal Mining Company (SECMC) was misquoted stating "there was a financial crisis as the financial closure has not been done to date and that is one of the reasons for the project has been slowed down."
Sindh Engro Coal Mining Company (SECMC) clarifies that Business Recorder has inadvertently misquoted the CEO. The Company denies the allegations that the business is faced with a financial crisis and clarifies that it is deploying its own capital worth $80 million. The work on the site has been continuing as per pace with approximately 100 Chinese staff. The Company expects the financial close by end of March, post which increase in business activity is expected.-PR