ISLAMABAD, JULY 18: Pakistan Cables Limited (PSX: PCAL) has extended an invitation to Chinoy Engineering & Construction (Pvt) Limited (CECL), one of its affiliated companies, for an equity investment of up to Rs48.45 million.
Up to 4.845 million ordinary shares, valued at Rs 10 apiece, are planned to be issued by CECL. This amount amounts to up to 17% of CECL’s post-issuance paid-up capital.Additionally, in order to achieve funding of up to Rs1.5 billion, CECL has sent an invitation for a corporate guarantee in favor of Habib Bank Limited.
Furthermore, with joint and several liability with affiliated firms International Industries Limited and International Steels Limited, CECL has urged PCAL to provide a guarantee to ensure that CECL fulfills its contractual commitments with Reko Diq Mining Company Ltd (RDMC).
The purpose of CECL’s establishment was to investigate commercial prospects in the construction industry. The company has successfully contracted with the RDMC to design and build a Permanent Accommodation Camp at the Reko Diq Copper Gold Mines in Baluchistan.
The company’s board of directors is aware that this investment will increase PCAL’s value to shareholders.They encouraged shareholders of PCAL to hold an extraordinary general meeting (EOGM) to approve the investment through special resolutions, and they suggested that they accept the offer to participate in CECL.
In this context, the EOGM is set for August 13, 2024, at 10:00 a.m. For the EOGM, the PCAL share transfer books will be closed from August 07, 2024 to August 13, 2024 (inclusive).
