Pakistan Cables approves Rs350m CECL share buyback

Mettis Link News reported that Pakistan Cables Limited (PSX: PCAL) has accepted an offer from Chinoy Engineering & Construction (Private) Limited (CECL) to buy back its 17% stake in CECL. The company's holding consists of 4,845,000 ordinary shares, each carrying a face value of Rs10, and the sale would clear its full position. CECL has proposed paying about Rs72.24 per share, which comes to roughly Rs350 million in total.

The deal still needs corporate, regulatory and shareholder sign-off, along with documentation and remaining formalities. Once the deal closes, the company will hold no CECL shares at all. Both the price and the total value are stated as approximate figures. The disclosure was filed with the exchange through a notification.