Fast Cables Moves to Strengthen Working Capital Through IPO Funds and Asset Disposal
Fast Cables Limited has announced a set of proposed financial and corporate measures aimed at strengthening its working capital position and supporting its ongoing business operations.
In a material information notice dated September 21, 2026, the company informed the Pakistan Stock Exchange that its Board of Directors had accepted the resignation of Non-Executive Director Mr. Syed Mazher Iqbal, effective September 12, 2026. The Board has appointed Mr. Alma Hyder as an Independent Director, effective September 21, 2026.
The company also disclosed proposals that will be presented to shareholders for approval through special resolutions at its upcoming Annual General Meeting scheduled for October 22, 2026.
Proposed Use of Surplus IPO Proceeds
One of the key proposals involves the utilization of PKR 747.763 million from surplus proceeds generated through the company’s 2024 Initial Public Offering (IPO). The company said these funds, together with the return earned on the IPO proceeds amounting to PKR 328.976 million, would be utilized toward its working capital requirements, subject to obtaining all required permissions, consents and approvals.
According to the company, deploying the surplus IPO proceeds for working capital is expected to strengthen its financial position and provide greater flexibility in supporting ongoing business operations. It also stated that the move could reduce reliance on external financing and associated financing costs.
Factory Building Disposal Proposed
Fast Cables has also proposed the disposal of its factory building located on leasehold land at 7-Canal Main, Jallo Road, Lahore.
The property is proposed to be sold to Mr. Mian Ghulam Murtaza Shaukat, a director and related party, for an aggregate sale consideration of not less than PKR 300 million, subject to applicable legal and regulatory provisions.
The company said the proposed transaction is expected to unlock the value of a non-core asset and allow it to deploy the sale proceeds toward its core business operations. It further noted that disposing of the building would eliminate recurring expenses associated with the property, including lease rental, maintenance, utilities, security, insurance and taxes.
Shareholder Approval Required
Both major proposals are subject to the necessary regulatory permissions and shareholder approval. The matters will be placed before shareholders through special resolutions at the Annual General Meeting on October 22, 2026.
Taken together, the proposed measures indicate Fast Cables’ plan to focus available financial resources on working capital and core operations while reducing certain property-related recurring costs. The company has communicated the proposals to the relevant exchange authorities and requested that the information be conveyed to TRE Certificate Holders.
