Karachi September 5 2024: Pakistan Cables Limited, the largest cable manufacturer of Pakistan, sale land with the objective of repaying the loans of the Company and other liabilities to support the relocation of the Company’s Karachi operations, according to company filing to the exchange.
Share price of the company drops PKR 1.73 or 1.2 percent in today’s trading at Pakistan Stock Exchange.
“The Board of Directors of Pakistan Cables Limited has approved, on 4th September 2024, the sale of the Company’s bifurcated land located at plot no B-21, measuring approximately 6.816 acres, situated at Pakistan Cables Road, S.I.T.E., Karachi, along with buildings, cables, fixtures and fittings” the company stated in its filing.
“The building is sold with the objective of repaying the loans of the Company and other liabilities to support the relocation of the Company’s Karachi operations to the new site at Nooriabad” added the notification.
Company profitability drop 71 percent in the fiscal year 2024 to PKR 209 million compared to PKR 723 million reported last year.
