Cherat Cement to acquire 64.07% stake in Nimir Chemical
Mettis Global • • 1 min read
Cherat Cement Company (CHCC) has agreed to buy 64.07% of Nimir Industrial Chemicals (NICL) for about Rs24.09 billion, Mettis Global reported. The agreements, signed on October 30 and disclosed to the Pakistan Stock Exchange on November 2, set a price of Rs340 per share.
The proposed purchase covers 70.86 million NICL shares: 56.40 million shares, or 51%, from controlling shareholders, plus another 14.46 million shares, or 13.07%, from non-controlling shareholders. Completion requires regulatory and other approvals and satisfaction of conditions in the agreements, while no completion date has been announced.
Cherat Cement plans to make a public offer through KTrade Securities, the offer manager, in line with applicable takeover rules. The company said it would update the exchange as the transaction progresses.
At a glance
- Cherat Cement agreed to acquire 64.07% of NICL for about Rs24.09 billion.
- The agreed price is Rs340 per share.
- Regulatory approvals and other conditions remain outstanding.
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Originally reported by Mettis Global
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