Fast Cables Seeks Approval for Rs. 1 Billion Capital

For context, the board of Fast Cables Limited's (PSX: FCL) intends to apply Rs.

Key points

• 747.763 million remaining from the company's Initial Public Offering (IPO) proceeds of Rs.
• The proposals will be presented to shareholders for approval at the company's annual general session scheduled for October 22, 2026.
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• The board of Fast Cables Limited's (PSX: FCL) intends to apply Rs.

For context, the board of Fast Cables Limited's (PSX: FCL) intends to apply 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.

Notably, the proposals will be presented to shareholders for approval at the company's annual general session scheduled for October 22, 2026. 5 Firms Cannot Trade on PSX.

Notably, 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. For context, the proposed utilization is subject to obtaining all required permissions, consents and approvals.

Fast Cables remarked the proposed apply 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.

Notably, the proposed sale is projected to unlock the value of the non core asset and allow the business to deploy the sale proceeds toward its core business operations. Fast Cables remarked the disposal would additionally eliminate recurring costs associated with the building, including lease rental, maintenance, utilities, security, insurance and taxes.

In practice, the board has additionally 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. Stay Connected with ProPakistani.

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Taken together, the developments around fast Cables Seeks Approval for Rs. 1 Billion Capital point to a situation that is still moving, and the coming days should bring more clarity.