Cherat Cement to Buy 51% Stake in Nimir Industrial Chemicals for Rs. 19.2 Billion
Cherat Cement Firm Ltd. Agreed to acquire a controlling 51% stake in Nimir Industrial Chemicals Ltd., marking a cross-sector expansion by the cement maker into Pakistan's industrial chemicals space.
Cherat Cement Firm Ltd. Agreed to acquire a controlling 51% stake in Nimir Industrial Chemicals Ltd., marking a cross-sector expansion by the cement maker into Pakistan's industrial chemicals space.
Article outline
- What happened
- The details
- The bottom line
Key points
- SECP Freezes Bank Accounts of Almost 40, 000 Businesses Over Missed Filings.
- 19.2 billion, according to a notice sent to the Pakistan Stock Exchange on Monday.
- The acquisition gives Cherat a foothold in industrial chemicals at a time when Pakistan's manufacturers are grappling with elevated energy and financing costs.
- Muhammad Inam ur Rahim, firm secretary at Nimir, signed the notice.
- Nimir, listed on the PSX, manufactures chemicals including caustic soda and allied products applied throughout textiles, soaps and detergents.
In practice, the share purchase agreement, signed Oct. 30, covers 56.4 million shares at Rs. 340 apiece, valuing the transaction at regarding Rs. 19.2 billion, according to a notice sent to the Pakistan Stock Exchange on Monday. Meanwhile, the sellers are the company's controlling shareholders.
In practice, the accord is subject to conditions precedent set out in the agreement and regulatory approvals, Nimir stated in the disclosure, created under the Securities Act 2015 and the PSX rule book. Muhammad Inam ur Rahim, firm secretary at Nimir, signed the notice.
Meanwhile, the acquisition gives Cherat a foothold in industrial chemicals at a time when Pakistan's manufacturers are grappling with elevated energy and financing costs.
Neither firm disclosed the identity of the selling shareholders or a timeline for completion. Stay Connected with ProPakistani.
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In short, cherat Cement to Buy 51% Stake in Nimir Industrial Chemicals for Rs. Is the central thread here, and readers can expect follow-up reporting as the picture becomes clearer.
