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.