PCAL board approves sale of land for debt repayment, relocation plans

MG News | February 23, 2024 at 03:06 PM GMT+05:00

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February 23, 2024 (MLN): The Board of Directors of Pakistan Cables Limited (PSX: PCAL) has approved the sale of a portion of the company’s land to repay loans and other liabilities, facilitating the relocation of its Karachi operations to the new site at Nooriabad, as announced in a notice issued to PSX today.

The land is located at plot no B/21-A, measuring approximately 3.328 acres and B/21-B measuring approximately 1.006 acres, totaling approximately 4.334 acres.

This land is part of the total area of approximately 11.15 acres situated at Pakistan Cables Road, S.I.T.E., Karachi.

Furthermore, the sale includes buildings, cables, fixtures and fittings pertaining thereto, in one or more tranches.

This decision is subject to the approval of the shareholders and in this regard, an Extraordinary General Meeting is scheduled to be held on March 18, 2024.

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