Pakistan Cables approves CECL’s buy-back on entire stake for Rs350mn

Pakistan Cables Limited’s board has approved the sale of its 17% stake in Chinoy Engineering & Construction (Private) Limited (CECL) to the company for approximately Rs350 million. PCAL informed the Pakistan Stock Exchange today. It said that it currently held 4,845,000 ordinary shares of Rs10 each in CECL, representing 17% of CECL’s issued and paid-up share capital. “CECL has offered to buy back the aforesaid shares at a price of approximately Rs72.24 per share, for an aggregate consideration of approximately Rs350 million. The proposed transaction shall be subject to obtaining all requisite corporate, regulatory, shareholder and other approvals, as may be applicable, and completion of the necessary documentation and formalities,” the notice said. It added that upon completion of the proposed buy-back, the PCAL will cease to hold any shares in CECL. The company shall make further disclosure(s), as required under applicable law and regulations, upon occurrence of any material development in relation to the proposed transaction, the notice added. [PCAL was incorporated](https://Pakistan Cables Limited) in Pakistan as a private limited company in 1953 and was converted into a public