Karachi: Certified True Copy of Resolutions

Shareholders of Pakistan Cables Limited approved several key resolutions during an Extraordinary General Meeting on August 13, 2024, paving the way for significant financial maneuvers and compliance actions, as per the Pakistan Stock Exchange's rulebook. The company has received authorization to subscribe to 4.845 million ordinary shares of Chinoy Engineering & Construction (Private) Limited (CECL), equaling a 17% stake post-issuance, with a total investment of PKR 48.45 million. According to information available from the Pakistan Stock Exchange (PSX), this move aligns with compliance requirements and the strategic expansion of Pakistan Cables in the engineering sector.

In addition, the resolutions include issuing a corporate guarantee favoring Habib Bank Limited to secure financing up to PKR 1.5 billion for CECL. This financial backing is crucial for CECL's operations and its contractual obligations with Reko Diq Mining Company Ltd, ensuring the company meets its operational needs effectively. The joint guarantee involves International Industries Limited and International Steels Limited, sharing liability to support CECL's commitments.

The meeting further empowered the Chief Executive Officer, Chief Financial Officer, and Company Secretary of Pakistan Cables, along with any authorized individuals, to execute and deliver necessary documents and perform all actions required to achieve these objectives. This includes filing with the Pakistan Stock Exchange and the Securities and Exchange Commission of Pakistan (SECP), indicating a comprehensive approach to compliance and operational readiness.

The resolutions passed are also subject to amendments or modifications by the SECP or other regulatory bodies, emphasizing the adaptive and regulatory-compliant nature of Pakistan Cables' strategic decisions. These changes will integrate seamlessly into the resolutions without necessitating additional shareholder approvals unless they are deemed substantial.