Lahore: Fast Cables Ltd has communicated a series of significant corporate developments, as outlined in a report dated September 21, 2026. The report was made public in compliance with the Securities Act, 2015, and the Rule Book of Pakistan Stock Exchange Limited.

The Board of Directors at Fast Cables Ltd has accepted the resignation of Mr. Syed Mazher Iqbal, who served as a Non-Executive Director. His resignation was effective from September 12, 2026. In his place, Mr. Almas Hyder has been appointed as an Independent Director, effective September 21, 2026.

In addition to the board changes, the company is gearing up for its annual general meeting scheduled for October 22, 2026, where shareholders will be asked to approve several strategic financial resolutions. One of the key proposals involves the utilization of PKR 747.763 million, which is the surplus from Fast Cables Ltd's Initial Public Offering (IPO) proceeds of PKR 3.130 billion raised in 2024, along with a return of PKR 328.976 million earned on this amount. The board has recommended directing these funds towards the company's working capital needs. According to information available from the Pakistan Stock Exchange (PSX), this action is intended to strengthen the company's liquidity and financial flexibility, thereby reducing its dependence on external financing.

Another significant item on the agenda is the proposed sale of a factory building located at 7-Canal Main, Jallo Road, Lahore. The building, situated on leasehold land, is to be sold to Mr. Mian Ghulam Murtaza Shaukat, a Director and related party, for a minimum of PKR 300 million. The company anticipates that this disposal will unlock the value of a non-core asset and enable Fast Cables Ltd to channel the proceeds into its core operations. The sale will also eliminate the ongoing costs linked to the building, including lease rental, maintenance, and other associated expenses.

These developments reflect Fast Cables Ltd's ongoing efforts to optimize its financial strategy and operational efficiency within the designated market category.