KARACHI, Dec 21: The signing ceremony of term financing for Rs4.6 billion for 6,000 tons per day cement project of Bestway Cement Limited in Chakwal district was held here on Monday night.

Bestway Group UK Chairman M. Anwar Pervez and Chief Executive Officer Zameer Choudhry attended the ceremony. The financing was arranged by Habib Bank and Muslim Commercial Bank through a syndicate. The syndicate consists of Habib Bank, Muslim Commercial Bank, Bank of Punjab, Allied Bank of Pakistan, Standard Chartered Bank and Faysal Bank Limited.

Speaking on the occasion, Anwar Pervez said that a new plant of Bestway Cement would be set up at Chakwal at a cost of Rs7 billion. The term financing of Rs4.6 billion has been arranged through a syndicate of banks, while Bestway Cement will also come up with a sum of Rs2.5 billion. -APP