Key Takeaways
- Fast Cables Limited proposes using Rs. 747.763 million in surplus funds for working capital.
- The company plans to sell its Lahore factory building for at least Rs. 300 million.
- Non-Executive Director Syed Mazher Iqbal resigns, replaced by Independent Director Almaas Hyder.
Fast Cables Limited has submitted proposals to its shareholders for the use of Rs. 1 billion in capital, comprising Rs. 747.763 million in surplus funds from its Initial Public Offering (IPO) and Rs. 328.976 million in returns earned on those proceeds.
The company intends to allocate the funds to strengthen its working capital position, enhance liquidity, and provide greater financial flexibility for ongoing operations, reducing reliance on external financing.
Additionally, Fast Cables has proposed selling its factory building in Lahore for at least Rs. 300 million to Director and related party Mian Ghulam Murtaza Shaukat. This sale is expected to unlock the value of the non-core asset and allow the company to focus on core business operations.
The sale is anticipated to eliminate recurring costs associated with the building, including lease rental, maintenance, utilities, security, insurance, and taxes.
The company’s board has accepted the resignation of Non-Executive Director Syed Mazher Iqbal, effective September 12, 2026, and appointed Mr. Almaas Hyder as an Independent Director, effective September 21, 2026.
The proposals will be presented to shareholders for approval at the company’s annual general meeting scheduled for October 22, 2026, and are subject to obtaining all required permissions, consents, and approvals.
Fast Cables stated that the proposed use of 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.
