Cherat Cement seeks to acquire 30% stake in NICL
Business Recorder • • 1 min read
Business Recorder reported that Cherat Cement Company Limited plans to buy a stake of at least 30 per cent in Nimir Industrial Chemicals Limited. NICL disclosed the approach in a notice to the PSX on Thursday, noting that KTrade Securities Limited is handling the offer as Manager. Under a Share Purchase Agreement, the cement producer intends to pick up at least 33,177,164 ordinary shares of the chemicals maker.
The listed cement maker has a production capacity of roughly 4.5 million tons a year, and its main customers are in northern Pakistan. It also ships cement to Afghanistan, which adds to regional trade and export earnings. NICL, also listed on the PSX, manufactures and markets chemicals. Both companies are therefore linked through this proposed share acquisition.
At a glance
- Cherat Cement intends to acquire at least 30 per cent of NICL's ordinary shares.
- The offer is managed by KTrade Securities Limited, according to NICL's notice to the PSX.
- The planned purchase covers at least 33,177,164 NICL shares under a Share Purchase Agreement.
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Originally reported by Business Recorder
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