FCL reports smooth expansion progress, targets October completion

March 04, 2026 (MLN): Fast Cables Limited (PSX: FCL) has provided an update on the progress of its expansion project, more than a year after its successful debut on the Pakistan Stock Exchange, saying the majority of committed milestones have been completed while the remainder are on track to be wrapped up by October 2025.

The company raised Rs 3,129,600,000 through its Initial Public Offering in June 2024, issuing 128 million ordinary shares at a strike price of Rs24.45 per share with a face value of Rs 10 each.

The IPO placed 20.35% of the company's post-IPO share capital in the hands of public and institutional investors, and shares were officially listed and began trading on the PSX on June 10, 2024.

The funds raised were earmarked for a defined set of expansion activities, the implementation of which the company has been required to report on as per the prospectus commitments outlined in Note 4.6.

Several key phases of the project have been completed without issue. The installation of plant and machinery that was already delivered was finalised by Q2 FY2023.

Civil works at the company's existing Unit-II facility were completed by Q3 FY2024, as were the mechanical and electrical upgrades at the same facility.

Loan repayments tied to plant, machinery, and building construction at Unit-II were also fully settled by Q4 FY2024.

The one area where progress has lagged is land acquisition. Originally targeted for completion by Q4 FY2024, only 30% of the land earmarked for the current expansion has been acquired so far.

The remaining land intended for future phases of expansion is still being sourced.

The company said the delay is a result of a deliberate approach, noting that it has been carefully evaluating available parcels on the basis of location suitability, competitive pricing, and land availability, rather than acquiring at any price.

On the land that has been secured, building construction is complete and operational.

As of June 30, 2025, the company reported that 71% of the new machinery had been delivered to the plant site, with the remaining units received after the financial year ended.

Of what has been delivered, approximately 20% is fully installed and operational.

The rest is currently undergoing installation, testing, and commissioning activities, which the company expects to complete by October 2025.

Both trial production and full commercial production originally targeted for Q4 FY2025 are contingent on the completion of these final steps.

The company has said it expects those targets to be met once the October commissioning deadline is achieved.

Fast Cables added that despite the slight adjustment to the original timeline, the overall project is progressing well and remains on course for a successful conclusion.

The aforementioned information was disseminated through a notification to Exchange.

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