Pakistan Cables approves sale of bifurcated land

By MG News | Category Equity | September 05, 2024 at 09:43 AM GMT+05:00

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September 05, 2024 (MLN): The Board of Directors of Pakistan Cables Limited (PSX: PCAL) has approved the sale of the company’s bifurcated land located in Karachi.

The sale includes bifurcated land located at plot no B-21, measuring approximately 6.816 acres, situated at Pakistan Cables Road, S.I.T.E., Karachi, along with buildings, cables, fixtures, and fittings pertaining thereto with the objective of repaying the loans of the company and other liabilities to support the relocation of the company’s Karachi operations to the new site at Nooriabad.

PCAL shared the development in its notice to the Pakistan Stock Exchange (PSX) on Thursday.

This decision is subject to the approval of the shareholders under Section 183(3)(a) of the Companies Act, 2017, which will be sought in the company’s upcoming Annual General Meeting (AGM).

The notice of AGM of the company to be held on September 30, 2024 will be sent in due course.

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