International Steels Limited (ISL) has recommended the sale of its entire 17% stake in Chinoy Engineering & Construction (Pvt) Limited (CECL) for Rs. 350 million, subject to regulatory approvals.
According to a material information notice submitted to the Pakistan Stock Exchange on August 20, ISL’s board has recommended selling its 4.845 million ordinary shares in CECL at Rs72.24 per share, for a total consideration of Rs. 350 million.
The proposed transaction will require approval from ISL shareholders at the company’s 19th Annual General Meeting, scheduled for October 5, 2026. The sale is also subject to all necessary regulatory approvals.
ISL said the formal notice of the Annual General Meeting would be issued in due course.
CECL was established in 2024 as an associate company of International Industries Limited (IIL), Pakistan Cables Limited (PCL) and ISL to pursue opportunities in construction and engineering projects. The company operates in construction activities including design, construction, demolition and infrastructure development.
ISL itself is one of Pakistan’s largest flat-steel manufacturer, producing cold-rolled, galvanized and colour-coated steel products for industrial and commercial applications.
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