Pakistan Cables Limited has allotted 7,000,000 ordinary shares of Rs 10 each to GK Technologies, Incorporated, a subsidiary of General Cable Corporation USA.
According to an information sent to Karachi Stock Exchange, the board of directors of Pakistan Cables Limited in its meeting held on Tuesday took this decision in pursuant to the approval of the members in the Extraordinary General Meeting of the company held on August 24, 2010 and the subsequent approval granted by the Securities and Exchange Commission of Pakistan (SECP) by its letter dated September 16, 2010, for the placement of shares under the first proviso to section 86(1) of the Companies Ordinance 1984.
It said that Pakistan Cables Limited has allotted 7,000,000 ordinary shares of Rs 10 each to GK Technologies and its two nominee directors which shares shall rank pari passue with the existing shares of the company in all respects.
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