Fast Cables shareholders approve Rs748m IPO funds for working capital

MG News | October 22, 2026 at 03:43 PM GMT+05:00

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October 22, 2026 (MLN): Shareholders have approved the utilization of surplus initial public offering (IPO) proceeds of Rs747.763m towards the working capital requirements of Fast Cables Limited (PSX: FCL).

The amount is part of the total IPO proceeds of Rs3.130bn raised by the company in 2024. The approval also covers the return earned on the surplus proceeds, which stood at Rs328.976m as of June 30, 2026, and any further return up to the date of the annual general meeting.

The approval is subject to obtaining all requisite permissions, consents and approvals. The CEO, CFO and Company Secretary have been authorized, singly or jointly, to take all necessary steps and make the required filings and disclosures to give effect to the resolution.

The aforementioned information was disseminated through a notification to Exchange.

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