The board of Fast Cables Limited’s (PSX: FCL) plans to use Rs. 747.763 million in surplus funds for working capital and sell its Lahore factory building for at least Rs. 300 million, according to the company’s latest board proposals.
The proposals will be presented to shareholders for approval at the company’s annual general meeting scheduled for October 22, 2026.
The amount comprises Rs. 747.763 million remaining from the company’s Initial Public Offering (IPO) proceeds of Rs. 3.130 billion, along with the return earned on those proceeds amounting to Rs. 328.976 million. The proposed utilization is subject to obtaining all required permissions, consents and approvals.
Fast Cables said the proposed use of the surplus IPO proceeds would strengthen its working capital position, enhance liquidity and provide greater financial flexibility for ongoing business operations while reducing reliance on external financing and associated costs.
Separately, the company’s board has recommended the disposal of its factory building on leasehold land at 7 Canal Main, Jallo Road, Lahore, to Director and related party Mian Ghulam Murtaza Shaukat for an aggregate sale consideration of at least Rs. 300 million.
The proposed sale is expected to unlock the value of the non core asset and allow the company to deploy the sale proceeds toward its core business operations. Fast Cables said the disposal would also eliminate recurring costs associated with the building, including lease rental, maintenance, utilities, security, insurance and taxes.
The board has also accepted the resignation of Non Executive Director Mr. Syed Mazher Iqbal, effective September 12, 2026, and appointed Mr. Almaas Hyder as an Independent Director, effective September 21, 2026.
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