International Steels To Exit Chinoy Engineering Venture
International Steels Limited (ISL) has recommended the sale of its entire 17% stake in Chinoy Engineering & Construction (Pvt) Limited (CECL) for Rs.
International Steels Limited (ISL) has recommended the sale of its entire 17% stake in Chinoy Engineering & Construction (Pvt) Limited (CECL) for Rs.
Article outline
- What happened
- The key numbers
- The details
- The bottom line
Key points
- The proposed transaction will require approval from ISL shareholders at the company's 19th Annual General Session, scheduled for October 5, 2026.
- CECL was established in 2024 as an associate firm of International Industries Limited (IIL), Pakistan Cables Limited (PCL) and ISL to pursue opportunities in construction and engineering projects.
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- ISL remarked the formal notice of the Annual General Gathering would be issued in due course.
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.
In practice, the proposed transaction will require approval from ISL shareholders at the company's 19th Annual General Session, scheduled for October 5, 2026. The sale is additionally subject to all necessary regulatory approvals. Nishat Mills to Exit Dairy Business With Turkish Partner.
CECL was established in 2024 as an associate firm of International Industries Limited (IIL), Pakistan Cables Limited (PCL) and ISL to pursue opportunities in construction and engineering projects. The firm 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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Taken together, the developments around international Steels To Exit Chinoy Engineering Venture point to a situation that is still moving, and the coming days should bring more clarity.
