Fast Cables Limited (PSX: FCL) has proposed using Rs. 747.763 million in surplus Initial Public Offering (IPO) proceeds for working capital and selling its Lahore factory building for at least Rs. 300 million.
The proposals will be presented to shareholders for approval at the company’s Annual General Meeting scheduled for October 22, 2026.
The Rs. 747.763 million represents the remaining amount from Fast Cables’ Rs. 3.130 billion IPO proceeds. The company has also earned Rs. 328.976 million in returns on the IPO funds. The proposed utilization remains subject to all required permissions, consents and regulatory approvals.
According to the company, deploying the surplus funds toward working capital will strengthen liquidity, provide greater financial flexibility and reduce reliance on external financing and related costs.
Separately, Fast Cables’ board has recommended selling its factory building located on leasehold land at 7 Canal Main, Jallo Road, Lahore, to Director and related party Mian Ghulam Murtaza Shaukat for an aggregate consideration of at least Rs. 300 million.
The company said the disposal would unlock value from a non-core asset and allow the sale proceeds to be redirected toward core business operations. It would also help eliminate recurring expenses related to the property, including lease rent, maintenance, utilities, security, insurance and taxes.
The board has also accepted the resignation of Non-Executive Director Syed Mazher Iqbal, effective September 12, 2026. Almaas Hyder has been appointed as an Independent Director, effective September 21, 2026.
