The board of Fast Cables Limited (PSX: FCL) has proposed using Rs. 747.763 million in surplus Initial Public Offering (IPO) proceeds for the company’s working capital needs.

The proposal will be placed before shareholders for approval through a special resolution at the company’s annual general meeting on October 22, 2026.

Fast Cables raised Rs. 3.130 billion through its 2024 IPO. Of this, Rs. 747.763 million remains unused, while the funds have generated Rs. 328.976 million in returns.

The proposed use of the funds will be subject to all required permissions, consents, and approvals.

The company said using the surplus funds for working capital would improve liquidity, provide more flexibility for day-to-day operations, and reduce its dependence on external financing and related costs.

Separately, the board has proposed selling the company’s factory building on leasehold land at 7 Canal Main, Jallo Road, Lahore, to Director and related party Mian Ghulam Murtaza Shaukat for at least Rs. 300 million.

Fast Cables said the sale would unlock value from a non-core asset and allow the proceeds to be used for its core business.

The company added that the disposal would also remove recurring expenses linked to the building, including lease rent, maintenance, utilities, security, insurance, and taxes.

The board also accepted the resignation of Non-Executive Director Syed Mazher Iqbal, effective September 12, 2026.

Almaas Hyder has been appointed as an Independent Director, effective September 21, 2026.