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Pakistan Cables Ltd purchases machinery for its manufacturing expansion project

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February 1, 2019 (MLN): Pakistan Cables Limited has successfully negotiated the purchase of a line for manufacture of copper rod. The FOB value of the line is $932,000 (Rs. 125 million), a notification issued by the company to PSX revealed on Friday.

“The Letter of Credit has already been opened and the Company anticipates such payment to be made by April 2019, subject to any unforeseen delays in the dismantling/packaging of the line by the seller” the notice said.

The company had offered 25% Right Shares on April 19, 2018, for the purposes of purchasing machinery for its manufacturing expansion project, by offering 7,115,594 shares to the existing shareholders at a price of Rs. 160 per share (including a share premium of Rs. 150 per share).

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Posted on: 2019-02-01T10:52:00+05:00

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