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 KTrade Securities Limited, Manager to the Offer, to acquire at least 30% of the ordinary shares of the company,” NICL said in a notice to the PSX on Thursday.
Under the Share Purchase Agreement (SPA), CCCL intends to acquire at least 33,177,164 shares of NICL.
Cherat Cement, a listed company engaged in the manufacturing, marketing and sale of cement, has an installed production capacity of around 4.5 million tons per annum and primarily serves markets in northern Pakistan.
The company also exports cement to Afghanistan, contributing to Pakistan’s regional trade and export earnings.
Nimir Industrial Chemicals is engaged in the manufacturing and marketing of chemicals and is listed on the PSX.