Fast Cables board proposes using Rs 747m surplus IPO funds for working capital

September 21, 2026 (MLN): Fast Cables Limited's (PSX:FCL) board has recommended that shareholders approve the use of Rs 747.763mn in surplus IPO proceeds, together with Rs 328.976mn in returns earned on them, towards working capital, and the sale of its Lahore factory building to a director and related party for not less than Rs 300mn.

Both proposals will be placed before shareholders as special resolutions at the company's annual general meeting on October 22, 2026, subject to all requisite permissions, consents and approvals.

 Separately, the board accepted the resignation of non-executive director Syed Mazher Iqbal, effective September 12, 2026, and appointed Almas Hyder as independent director from September 21, 2026.

The surplus comes from the Rs 3.130bn the company raised through its initial public offering in 2024.

The company said using the funds for working capital would strengthen its working capital position, improve liquidity and give it more financial flexibility to support day-to-day operations, while lowering its reliance on external financing and the related financing cost.

The factory building stands on leasehold land at 7-Canal Main, Jallo Road, Lahore, and would be sold to Mian Ghulam Murtaza Shaukat, a director, in line with applicable law.

The company expects the sale to unlock the value of a non-core asset and free up proceeds for its core business operations.

It would also remove recurring costs tied to the building, including lease rental, maintenance, utilities, security, insurance and taxes.

The aforementioned information was disseminated through a notification to Exchange.

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