Pakistan Cables to sell land for debt repayment

Pakistan Cables Limited (PCL) announced Friday to sell part of its land to repay loans and relocate its Karachi operations. 

Pakistan Cables informed the Pakistan Stock Exchange (PSX) through a notice that its Board of Directors approved the sale of approximately 4.334 acres of the company’s total 11.15 acres at Pakistan Cables Road, S.I.T.E., Karachi. This includes plots B/21-A measuring 3.328 acres and B/21-B measuring approximately 1.006 acres, with the sale including buildings and fixtures on the land.

The proceeds from the sale will be used to repay the company’s loans and support the relocation of Karachi operations to Nooriabad. The decision is pending shareholder approval, as per Section 183(3)(a) of the Companies Act, 2017, read the company’s notice. 

An Extraordinary General Meeting (EOGM) for shareholders’ approval is scheduled for March 18, 2024, at the Institute of Chartered Accountants of Pakistan (ICAP), Karachi.