The Board of Directors of Pakistan Cables Limited (PSX: PCAL) has approved the sale of 4.334 acres out of roughly 11.15 acres of its land, situated at Pakistan Cables Road, S.I.T.E., Karachi, along with buildings, cables, fixtures, and fittings in one or more tranches, PCAL informed the Pakistan Stock Exchange on Friday.
The sale will help repay the loans of PCAL and other liabilities to support the relocation of its Karachi operations to the new site at Nooriabad, the stock filing stated.
This decision is subject to the approval of the shareholders 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, 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). The notice of EOGM of the Company to be held on March 18 2024 will be sent in due course, the filing added.