Alert Sign Dear reader, online ads enable us to deliver the journalism you value. Please support us by taking a moment to turn off Adblock on Dawn.com.

Alert Sign Dear reader, please upgrade to the latest version of IE to have a better reading experience

.

Bestway acquires Lafarge cement plant

Updated April 24, 2015

Email

To mark the acquisition, a ceremony was held at the plant on Wednesday. Photo courtesy Lafarge photo gallery
To mark the acquisition, a ceremony was held at the plant on Wednesday. Photo courtesy Lafarge photo gallery

CHAKWAL: Bestway Cem­­­ent Limited, a subsidiary of Bestway Group, has taken over Lafarge Cement plant located near Kallar Kahar.

To mark the acquisition, a ceremony was held at the plant on Wednesday, which was attended by Sir Anwar Pervez, the owner of Bestway Group and Amr Ali Reda, the CEO of Lafarge Pakistan, among others.

The announced assumption of management control of Lafarge Pakistan Cement Limited by Bestway is followed by the latter’s successful bid for 75.86 per cent of Lafarge Pakistan’s shares for an enterprise value of $329 million in July 2014.

Bestway Cement also acquired another 12.07pc shares of the company through the public offer process taking its shareholding in Lafarge Pakistan to 87.93pc.

The acquisition of Lafarge Pakistan’s 2.5 million tonnes per annum cement plant by the Bestway Cement will make it a major cement manufacturer in Pakistan with a total capacity of more than 8 million tonnes per annum, representing 18pc of the total cement manufacturing capacity in the country.

Zameer Choudrey, Bestway Group’s Chief Executive, expressed his commitment to invest $30 million in the acquired company.

Published in Dawn, April 24th, 2015

On a mobile phone? Get the Dawn Mobile App: Apple Store | Google Play