Pakistan Cables approves CECL’s buy‑back of its entire 17% stake for Rs350 million
Pakistan Cables Limited (PCABLE) will sell its 17% holding in Chinoy Engineering & Construction (CECL) back to CECL for roughly Rs350 million, exiting the investment completely.
Share
Desk Analysis
How This Affects the Exchange
Sector Effect
Positive · Buy bias
Cash inflow from the Rs350 million stake sale strengthens PCABLE’s balance sheet, creating a Buy bias for the ticker.
Sectors & Direction
Desk read
Desk call: Buy bias · Positively affected
- MarketsPositively affected
Companies
Companies Mentioned
- PCABLE· Positively affected · Buy bias
Mentions in This Briefing
Sectors: Markets — Positive · Buy bias. PSX tickers: PCABLE. Cash inflow from the Rs350 million stake sale strengthens PCABLE’s balance sheet, creating a Buy bias for the ticker.
Full Story
Open on Business Recorder## Transaction Overview
Pakistan Cables Limited (PCABLE) announced that its board has approved the sale of its entire 17% stake in Chinoy Engineering & Construction (Private) Limited (CECL). The company holds 4,845,000 ordinary shares of Rs10 each, representing 17% of CECL’s issued and paid‑up capital.
## Deal Terms
CECL has offered to repurchase the shares at about Rs72.24 per share, amounting to an aggregate consideration of approximately Rs350 million. The transaction is subject to the usual corporate, regulatory, shareholder and other approvals, as well as the completion of required documentation.
## Expected Outcome
Upon completion, Pakistan Cables will no longer hold any shares in CECL. The firm will disclose further material developments as required by law and regulations.
## Company Background
Pakistan Cables was incorporated in 1953 as a private limited company and became a public limited company in 1955. Its core business includes manufacturing and selling copper rods, wires, cables, conductors, aluminium extrusion profiles, and PVC compounds.