Bestway Cement Could Lose Control of EV Making Subsidiary

The shareholders of Bestway Cement Limited (PSX: BWCL) have turned down a share offer from their subsidiary, Bestway Automotive (Private) Limited (BAL). In response to the rejection, BAL now holds the authority to allocate those shares to any party, including another Bestway Group company, as stated in a Tuesday stock filing. This decision, per the filing, could lead to BAL no longer being a wholly owned subsidiary of Bestway Cement Limited.

The specifics of who will receive the shares and the exact nature of the change in ownership remain undisclosed. The offer was significant because accepting it would have enabled Bestway Cement to retain control over BAL. By rejecting the offer, shareholders have potentially paved the way for those shares to be transferred to another entity, potentially altering the ownership structure and the subsidiary relationship between the two companies.