Fast Cables Seeks Approval for Rs. 1 Billion Capital
The board of Fast Cables Limited’s (PSX: FCL) plans to use Rs. 747.763 million in surplus funds for working capital … Read More The post Fast Cables Seeks Approval for Rs. 1 Billion Capital appeared first on ProPakistani .
Fast Cables Limited's board intends to utilize its Rs. 747.763 million surplus from the IPO and proceeds from selling its Lahore factory for at least Rs. 300 million at the upcoming shareholder meeting on October 22, 2026. The IPO surplus consists of the remaining Rs. 747.763 million from the initial Rs. 3.130 billion raised and Rs.
328.976 million in earnings. The proposed use of these funds aims to bolster working capital, improve liquidity, and bolster financial flexibility for ongoing operations, thereby decreasing reliance on external financing. The company plans to sell its leased factory at 7 Canal Main, Jallo Road, Lahore, to a related party for at least Rs.
300 million, unlocking the asset's value and freeing up resources for core business activities. This move would also eliminate recurring expenses such as lease payments, maintenance, utilities, insurance, and taxes. Additionally, the board has accepted the resignation of Non Executive Director Syed Mazher Iqbal, effective September 12, 2026, and appointed Almaas Hyder as an Independent Director, starting September 21, 2026.
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