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Karachi, Pakistan Cables Limited, in an Extraordinary General Meeting (EGM) held on March 18, 2024, has approved the sale of a significant portion of its land located in S.I.T.E., Karachi. The shareholders confirmed the minutes of the Annual General Meeting that took place on September 26, 2023, and moved forward with special business regarding the company’s real estate.
The company has been authorized to sell approximately 4.334 acres of bifurcated land, consisting of plots no. B/21-A and B/21-B, from its total area of about 11.15 acres. The land, along with buildings, cables, fixtures, and fittings, is located at Pakistan Cables Road, S.I.T.E., Karachi-75700, Pakistan. The sale price is approximately Rs. 327.5 million per acre.
The resolution empowers the Chief Executive Officer or an authorized representative to undertake all necessary steps for the sale. This includes conducting negotiations, finalizing and executing sale agreements, and completing the transfer of the property. The CEO is also authorized to engage with financial institutions for the release of any encumbrances and to represent the company before relevant authorities for registering any transaction documents.
Furthermore, the Board of Pakistan Cables Limited has been given the authority to modify these resolutions if required by the Securities and Exchange Commission of Pakistan or any other regulatory authority, without the need for further shareholder approval. The Chief Executive Officer and/or Company Secretary are authorized to sign and submit any required statutory returns and announcements in relation to the sale.