Fast Cables board proposes using Rs 747m surplus IPO funds for working capital

Mettis Global reported that the board of Fast Cables Limited (PSX:FCL) has recommended shareholder approval for using Rs747.763mn of surplus IPO proceeds, along with Rs328.976mn earned on them, for working capital. The same board also endorsed a proposed sale of the Lahore factory building to Mian Ghulam Murtaza Shaukat, a director and related party, at no less than Rs300mn. Shareholders will vote on both matters via special resolutions at the AGM slated for October 22, 2026, and each step hinges on the necessary permissions and approvals.

The surplus traces back to the Rs3.130bn raised through the 2024 IPO. According to the company, shifting that money into working capital would bolster liquidity and create more room for day-to-day operations, while cutting reliance on outside borrowing and its finance costs. Management expects the Lahore property sale to release value from a non-core holding and free cash for core operations. The site is leasehold land located at 7-Canal Main, Jallo Road, Lahore.

Non-executive director Syed Mazher Iqbal stepped down with effect from September 12, 2026, while Almas Hyder took up an independent directorship starting September 21, 2026. Selling the building would also eliminate recurring outlays such as lease rent, upkeep, utilities, security, insurance and taxes. The company disclosed these developments to the exchange through a notification.