Cherat Cement signs deal to acquire 64.07% stake in Nimir Industrial Chemicals for Rs 24 billion

Cherat Cement has agreed to buy 64.07% of Nimir Industrial Chemicals for about Rs24.09 billion, according to a Pakistan Stock Exchange notice reported by Profit by Pakistan Today. The agreements, signed on October 30, cover 70,858,178 NICL shares at Rs340 each.

The purchase comprises a 51% holding valued at roughly Rs19.18 billion and a further 13.07% worth about Rs4.92 billion. Completion depends on regulatory and other approvals, as well as conditions in the agreements.

The deal expands Cherat Cement’s September proposal, which had set out an intention to acquire at least 30% of NICL. If completed, the transaction would give the cement producer control of the chemicals company; Cherat Cement says it will update the exchange on developments.