Cherat Cement seeks to acquire 30% stake in NICL
Cherat Cement Company Limited (CCCL), a major player in Pakistan’s cement industry, has expressed its intention to acquire at least 30% of the ordinary shares of Nimir Industrial Chemicals Limited (NICL), a company listed on the Pakistan Stock Exchange (PSX). “Nimir Industrial Chemicals Limited has received a Notice of Public Announcement of Intention from Cherat Cement Company Limited through…
Cherat Cement Company Limited, a prominent cement manufacturer in Pakistan, has announced its intent to acquire a minimum of 30% of Nimir Industrial Chemicals Limited (NICL), a publicly traded company on the Pakistan Stock Exchange (PSX). "Nimir Industrial Chemicals Limited has received a Notice of Public Announcement of Intention from Cherat Cement Company Limited through KTrade Securities Limited, Manager to the Offer, to acquire at least 30% of the ordinary shares of the company," NICL informed the PSX on Thursday.
Pursuant to the Share Purchase Agreement (SPA), CCCL plans to acquire a minimum of 33,177,164 shares of NICL. Cherat Cement, which specializes in the production, distribution, and sale of cement, boasts an installed capacity of approximately 4.5 million tons annually, catering primarily to markets in northern Pakistan. Additionally, the company exports cement to Afghanistan, thereby contributing to Pakistan's regional trade and export revenues.
Nimir Industrial Chemicals, on the other hand, is involved in the production and marketing of various chemicals and is also listed on the PSX.
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