News about Pakistan Cables selling its plots in Karachi triggered share prices.

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Pakistan Cables Limited has uploaded important material information to the Pakistan Stock Exchange (PSX), which triggered the script price in the second half of trading, even touching the upper lock today.

The notification says that by the provisions of the Securities Act, 2015 and the Rule Book of Pakistan Stock Exchange Limited, we hereby convey that the Board of Directors of Pakistan Cables Limited (the “Company”), in their meeting held today, i.e. 23rd February 2024 at noon, approved the sale of a portion of the Company’s land located at plot no B/21-A, measuring approximately 3.328 acres and B/21-B measuring approximately 1.006 acres, totalling approximately 4.334 acres, out of the total area of approximately 11.15 acres, situated at Pakistan Cables Road, S.I.T.E., Karachi, along with buildings, cables, fixtures and fittings pertaining thereto, in one or more tranches, to repay the loans of the Company and other liabilities to support the relocation of the Company’s Karachi operations to the new site at Nooriabad.

This decision is subject to the shareholders’ approval under Section 183(3)(a) of the Companies Act, 2017.

An Extraordinary General Meeting (“EOGM”) in this regard is scheduled to be held on March 18, 2024, at 10:30 am at the Institute of Chartered Accountants of Pakistan (ICAP), ICAP House, Chartered Accountants Avenue, Clifton, Karachi-75600, including through online facilities, to obtain the approval of the shareholders. The Share Transfer Books of the Company for EOGM will remain closed from March 12, 2024, to March 18, 2024 (both days inclusive).

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