KARACHI: Bestway Cement Ltd (BCL) has said it is pulling out of a deal to acquire Dewan Cement Ltd’s (DCL) north plant due to delay and uncertainty arising out of the recent legal proceedings initiated in the Sindh High Court (SHC).
In a filing to the Pakistan Stock Exchange (PSX) on Friday, the BCL affirmed that it was acting in accordance with sections 96 and 131 of the Securities Act of 2015 and clause 5.19.13(c) of the PSX rule book.
Bestway, still the largest cement plant by capacity, entered into a non-binding memorandum of understanding with Dewan in February to acquire its north plant, including land, production facility and mining leases/licences.
Published in Dawn, April 8th, 2017
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