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

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

0:00

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.

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	163,806.22 500.44M	-0.39% -638.50
ALLSHR	99,845.79 1,977.49M	-0.42% -417.42
KSE30	50,123.85 153.24M	-0.68% -343.31
KMI30	238,530.50 71.49M	-0.36% -850.63
KMIALLSHR	65,898.10 543.80M	-0.37% -245.35
BKTi	46,380.96 92.15M	-0.49% -229.01
OGTi	31,857.40 12.33M	-1.20% -387.93

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	107,220.00	109,470.00 103,745.00	-1225.00 -1.13%
BRENT CRUDE	61.34	61.47 60.14	0.28 0.46%
RICHARDS BAY COAL MONTHLY	80.50	0.00 0.00	-1.00 -1.23%
ROTTERDAM COAL MONTHLY	93.20	93.50 93.20	0.05 0.05%
USD RBD PALM OLEIN	1,085.00	1,085.00 1,085.00	0.00 0.00%
CRUDE OIL - WTI	57.25	57.32 56.15	0.26 0.46%
SUGAR #11 WORLD	15.53	15.88 15.45	-0.27 -1.71%