Pakistan Cables shareholders approve sale of 6.816 acres of land in Karachi

September 30, 2024 (MLN): The shareholders of Pakistan Cables Limited (PSX: PCAL) have approved the disposal and sale of its bifurcated land, bearing plot no B-21, measuring approximately 6.816 acres, located at Pakistan Cables Road, S.I.T.E., Karachi-75700, Pakistan, for a price of Rs285 million per acre.

This sale includes the associated buildings, cables, fixtures, and fittings, based on the terms negotiated and finalized by the company’s authorized representative.

The Chief Executive Officer of the company is empowered to take all necessary steps, actions and decisions to sell the Sale Property,

This includes acting on behalf of the company to perform all acts, matters, and deeds required to implement and give effect to the sale and the associated transaction. This authority shall include, but is not limited to:

• Conducting negotiations with interested parties in such manner and on such terms and conditions as are deemed fit;
• Selling the Sale Property to any party and, for that purpose, preparing, negotiating, finalizing and executing any agreements, instruments, deeds and documents with the buyer(s) or any other person for the sale, transfer, assignment and conveyance of the Sale Property, receiving the sale consideration, negotiating with financial institutions for release of any encumbrances, representing the same before all parties & authorities concerned and admitting execution thereof;
• Representing the Company before the transfer office of S.I.T.E., Sub-Registrar S.I.T.E. Town Karachi, or any other competent authority and getting any assignment deed, sale deed, transfer document or other documents registered and collecting consideration amount in respect of the sale of the Sale Property, and
• Generally performing all acts, things, and deeds, including before the relevant authorities / bodies, as may be necessary and incidental thereto to give effect, implement or complete the sale of the Sale Property.

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