International Steels Proposes Rs350m Sale of CECL Stake

KARACHI: International Steels Limited (ISL) has proposed selling its entire 17% holding in Chinoy Engineering & Construction (Pvt) Limited (CECL) for a total consideration of Rs350 million, subject to obtaining the required regulatory approvals.

According to a material information notice submitted to the Pakistan Stock Exchange (PSX) on Thursday, ISL’s Board of Directors has recommended that shareholders approve the proposed transaction at the company’s 19th Annual General Meeting, scheduled to take place on October 5, 2026.

The proposed deal involves the sale of 4,845,000 ordinary shares held by ISL in CECL. Each share carries a face value of Rs10, while the proposed transaction price has been set at Rs72.24 per share.

ISL said completion of the transaction will remain conditional upon securing all necessary regulatory approvals. The company added that the formal notice and agenda for the Annual General Meeting will be circulated to shareholders in due course.

The recommendation to dispose of the CECL investment was made following a meeting of ISL’s Board of Directors held on August 19, 2026.