Cherat Cement agrees to acquire majority stake in Nimir Industrial Chemicals for Rs24 billion

Business Recorder reports that Cherat Cement has agreed to buy a 64.07% interest in Nimir Industrial Chemicals for more than Rs24 billion. The agreements, signed on October 30, cover 70.86 million NICL ordinary shares at Rs340 each. Cherat Cement disclosed the proposed transaction in a filing to the Pakistan Stock Exchange on Monday.

One agreement covers 56.40 million shares, or 51%, held by NICL’s majority shareholders; the other is for 14.46 million shares, representing 13.07%, from some non-controlling shareholders. The deal still needs regulatory and other approvals, and must meet conditions in the share purchase agreements before completion. Cherat Cement makes and sells cement, while NICL manufactures and markets chemicals, bringing two listed businesses from different sectors into the proposed acquisition.