Karachi: Pakistan Cables Limited held its Annual General Meeting on October 6, 2026, where shareholders passed a series of resolutions concerning the company's financial and strategic decisions for the coming year.
The meeting commenced with the confirmation of the minutes from the Extraordinary General Meeting held on May 4, 2026. Shareholders approved the minutes for signing, ensuring that the proceedings and decisions from that meeting were officially recorded.
Shareholders also reviewed the Annual Audited Financial Statements for the fiscal year ending June 30, 2026. These statements, along with the accompanying Directors' and Auditors' Reports, were presented and subsequently approved. The meeting further resolved to appoint A.F. Ferguson & Co., Chartered Accountants, as the auditors for the next financial year, with their remuneration to be determined by the Board of Directors.
A significant item of special business addressed during the meeting was the disposal of Pakistan Cables Limited's investment in Chinoy Engineering & Construction (Private) Limited (CECL). The resolution authorized the acceptance of CECL's offer to buy back 4,845,000 ordinary shares, representing 17% of CECL's paid-up capital, held by Pakistan Cables Limited. The buy-back is set at a price of PKR 72.24 per share, amounting to a total consideration of PKR 350.00 million.
According to information available from the Pakistan Stock Exchange (PSX), this strategic move aligns with Pakistan Cables Limited's broader financial objectives, allowing for reallocation of resources and potential reinvestment opportunities. The resolution empowers the Chief Executive Officer, Chief Financial Officer, and Company Secretary to undertake all necessary actions to complete the transaction, including obtaining requisite regulatory approvals and making necessary submissions to relevant authorities.
The resolutions passed are subject to potential amendments as required by the Securities and Exchange Commission of Pakistan or other regulatory bodies. Any changes deemed necessary will be incorporated without the need for additional shareholder resolutions unless substantial in nature.