Karachi: International Steels Limited (ISL) has announced a significant decision to divest its entire 17% stake in Chinoy Engineering & Construction (Pvt) Limited (CECL). The decision, made during a board meeting on August 19, 2026, will be put forward for shareholders' approval at the company's 19th Annual General Meeting, scheduled for October 5, 2026.

The proposed transaction involves the sale of 4,845,000 ordinary shares, each valued at Rs.10, at a price of PKR 72.24 per share. The total consideration for this transaction is expected to be PKR 350 million. This decision is contingent upon receiving the necessary regulatory approvals.

According to information available from the Pakistan Stock Exchange (PSX), the sale of ISL's stake in CECL is a material development requiring disclosure under the securities regulations. The company plans to formally notify its shareholders about the details of the Annual General Meeting in due course, as per the regulatory requirements outlined in the Securities Act, 2015.

The divestment is part of International Steels Limited's strategic realignment of its investment portfolio, as the company continues to adjust its assets in the designated market category to optimize its business operations.