Karachi: Pakistan Cables Limited has declared its intention to sell its bifurcated land in Karachi to repay loans and support operational relocation, pending shareholder approval. According to information available from the Pakistan Stock Exchange (PSX), the Board of Directors ratified this decision on September 4, 2024, with aims to facilitate the company’s move to Nooriabad.
The sold assets include the land along with buildings, cables, fixtures, and fittings. This strategic sale is crafted to manage the company’s financial liabilities and assist in the transition of its Karachi operations to a more conducive location. The proceeds from the sale are designated primarily for the repayment of the company’s outstanding loans.
Shareholders of Pakistan Cables Limited are scheduled to vote on this critical decision during the Annual General Meeting set for September 30, 2024. The company will issue formal notices for the AGM, where the final approval under Section 183(3)(a) of the Companies Act, 2017, will be sought. This move is integral to ensuring the company's compliance with its financial and operational goals in the coming years.