- September 21, 2026
- Posted by: Tresmark
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Fast Cables Limited has disclosed plans to utilize Rs747.763 million in surplus IPO proceeds to strengthen its working capital, subject to shareholder and regulatory approvals.
The company said the amount represents surplus funds from its Rs3.13 billion IPO proceeds raised in 2024, along with Rs328.976 million in returns earned on those funds.
The proposed utilization will be presented to shareholders for approval through a special resolution at the company’s Annual General Meeting scheduled for October 22, 2026. Fast Cables said the move is expected to improve liquidity, provide greater financial flexibility and reduce reliance on external financing and associated costs.
Separately, the company’s Board has approved the resignation of Syed Mazhar Iqbal, Non-Executive Director, effective September 12, 2026. Almas Hyder has been appointed as an Independent Director, effective September 21, 2026.
Fast Cables has also proposed the disposal of its factory building on leasehold land at 7-Canal Main, Jallo Road, Lahore, to Director and related party Mian Ghulam Murtaza Shaukat for an aggregate consideration of not less than Rs300 million.
