General Cable Corporation (GCC), a USA based global cable company has acquired 25 percent equity stake of Pakistan Cable Limited. In a signing ceremony held in a local hotel here on Saturday, General Cable, having 44 manufacturing units in 22 countries, served by 11,000 associates committed to invest around 7 million dollars in Pakistan through taking up shares in Pakistan cable (PC).
Addressing the ceremony, Shahid Hafiz Kardar, Governor State Bank of Pakistan (SBP) who was the chief guest, said that everyone who wants to invest in the country would be facilitated by the government. The foreign investment through general cable was an encouraging step taken by the foreign company despite security concerns and other issues in the country, he said.
Addressing the ceremony, Gregory B Kenny, Chief Executive Officer (CEO) and President of General Cable Corporation, said through its physical presence in the country GCC would not only enhance its technology, managerial co-operation with PC it also introduce its products in Pakistani markets.
He said GCC, a Fortune 500 Company, is a global leader in the development, design, manufacture, marketing and distribution of copper, aluminium and fiber optic wire and cable products for the energy, industrial, and communications markets.
"As General Cable through its 1999 acquisition of UK based BICC Cables has long and deep historic ties with Pakistan Cables. We are delighted to renew these ties through a formal linkage between the two important industrial companies," he said. The CEO said he has long been impressed by the professionalism of the Pakistan Cables team and their extraordinary reputation in the local market and beyond.
"We see rich opportunity to improve both companies through the sharing of best practices and new markets. General Cable is active in more than 100 countries around the world. With Pakistan Cables, we look forward to new friendships and profitable growth," Gregory added. Kamal A Chinoy, Chief Executive of PC, said that the company has increased its equity share from 21 million dollars to 28 million dollars and the foreign company has committed to acquire 7 million dollars enhanced equity of the company. He said as a minority shareholder, GCC would provide technological advises, managerial support and an access to the global market to PC.
To a question, Chinoy said that to get maximum shares in the global market through the new doors, PC has to enhance the quality of its products with competitive price. Under the current situation of law and order and political/economic instability it was a matter of honour and pride for PC that a world-wide leader in the cable business has expressed its confidence in the local company, after due consideration of all aspects.
The ceremony was also attended by William J Martin, US Consul General, Roddy MachDonald, Executive Vice President of Global Sales and Business Development of General Cable, Robert J Siverd, Executive Vice President General Counsel and Secretary of GCC, Towfiq H Chinoy Chairman Pakistan Cable and others.