KARACHI: Sui Southern Gas Company (SSGC) has initiated an exercise for tracing of attachable assets for realization of the debt and outstanding amounts by attachment and auction proceedings.
SSGC, through a third party, would trace attachable assets and title documents for filing and instituting of recovery suits, execution proceedings against defaulters and judgment debtors for realization of debts and outstanding amounts.
Company is already in a process to engage services of a consultant to do the efficiency and effectiveness audit of its Legal Services Department with particular focus on review of the processes and practices being followed in its corporate and litigation sections.
According to company’s last financial statement, SSGC’s receivables stood at Rs230.3 billion as of March 31, including Rs104.9 billion gas development surcharge receivable from government and sales tax receivables of Rs42.7 billion among others.
The company posted a net loss of Rs6.01 billion for the quarter ended March 31, 2019, while the sales revenues were Rs60.19 billion for the period.
SSGC is engaged in the business of transmission, distribution and sale of natural gas, besides construction of high pressure transmission and low pressure distribution systems. It is operating in its franchise area of Sindh and Baluchistan and listed in the Pakistan Stock Exchange. Company has annual turnover of over $1.0 billion.