Karachi, August 20, 2026: International Steels Limited (ISL) has announced that its Board of Directors has recommended the disposal of the company’s entire 17% shareholding in Chinoy Engineering & Construction (Pvt) Limited (CECL) for a total consideration of PKR 350 million, subject to regulatory approvals.
According to material information submitted to the Pakistan Stock Exchange (PSX), the recommendation was made following the company’s Board meeting held on August 19, 2026. The proposed transaction involves the sale of 4,845,000 ordinary shares of CECL, each having a face value of PKR 10, at a price of PKR 72.24 per share.
The proposed divestment will require approval from ISL shareholders at the company’s 19th Annual General Meeting, scheduled to be held on October 5, 2026. The transaction will also remain subject to all applicable regulatory approvals.
The disposal represents the exit of International Steels from its entire 17% investment in CECL. Based on the disclosed transaction value, the sale is expected to generate proceeds of PKR 350 million for ISL once the necessary approvals and transaction requirements are completed.
International Steels said the formal notice of the Annual General Meeting will be transmitted in due course. The company has also requested the PSX to inform the relevant TRE Certificate Holders about the material development.
For investors, the proposed sale will be an important corporate development to monitor as shareholders consider the transaction at the October AGM. The company has not provided further details in the announcement regarding the intended use of the proceeds or the financial impact of the disposal.
