Karachi: Pakistan Cables Limited announced resolutions passed during its Annual General Meeting, held on September 30, 2024. The shareholders approved several significant proposals, including the issuance of bonus shares and the sale of a prime land parcel.

The company confirmed the approval of minutes from the previous Extraordinary General Meeting and the adoption of the Annual Audited Financial Statements for the fiscal year ended June 30, 2024. According to information available from the Pakistan Stock Exchange (PSX), the shareholders also approved the issuance of bonus shares at a rate of 10%, effective for those registered by September 23, 2024. This approval aligns with the board’s recommendation to reward shareholders following a year of solid financial performance.

In a pivotal move, the shareholders authorized the sale of a large land plot located at S.I.T.E., Karachi. The plot, measuring approximately 6.816 acres, is to be sold for Rs. 285 million per acre. The total sale price aggregates to a substantial figure, emphasizing the strategic disposal of non-core assets to bolster financial flexibility. The resolution grants comprehensive authority to the CEO or a designated representative to negotiate and finalize the terms of the sale. This includes the preparation and execution of necessary deeds and documents, and the handling of proceeds and related legal formalities.

Additionally, A.F. Ferguson and Co. has been reappointed as the company's auditors for the upcoming fiscal year, with remuneration set by the company's directors.

The decisions taken at this meeting reflect the company’s strategic direction and commitment to enhancing shareholder value. The sale of the Karachi property, in particular, represents a significant realignment of the company’s asset base, with proceeds expected to support ongoing operations and potential expansions.