Chinoy Engineering & Construction Asks Pakistan Cables for Rs. 48.4 Million Investment

Chinoy Engineering & Construction (Pvt) Limited (CECL), an associated company of Pakistan Cables Limited, has invited equity investment from the Company of up to 4,845,000 ordinary shares of Rs.10 each making a total of Rs. 48.45 million which is up to 17 percent of the post-issuance paid up capital. In addition, CECL has also invited: CECL was established to explore business opportunities in construction projects and has successfully entered into a contract with the RDMC to design and construct a Permanent Accommodation Camp at Reko Diq Copper Gold Mines, Baluchistan. The Board of Directors of the Company understands that this investment will maximize shareholders’ value of the Company. They recommended accepting the invitation to invest in CECL and have called an Extraordinary General Meeting (the “EOGM”) of the shareholders of the Company for the approval of the investment by way of special resolutions (in accordance with Section 199 of the Companies Act, 2017 read with Companies (Investment in Associated Companies or Associated Undertakings) Regulations, 2017). The EOGM in this regard is scheduled to be held on 13th August 2024 at 10:00 a.m. at Beach Luxury Hotel, M.T. Khan Road, Karachi. The Share Transfer Books of the Company for EOGM will remain closed from 7th August 2024 to 13th August 2024 (both days inclusive).