KARACHI: Mega Conglomerate (Pvt) Ltd has appointed BMA Capital Management Ltd as managers to the offer for the acquisition of controlling shares in Dewan Cement Ltd (DCL).

A notice released by BMA to the stock exchange said that Mega Conglomerate was submitting a copy of public announcement of its intention to acquire 424m shares of DCL, constituting up to 87.5pc shares of the total issued by the company.

The managers to the offer noted that 363m shares forming 75pc of the paid-up capital would be secured by ‘agreement’, while 61m would be taken up through public offer.

The notice disclosed that the share price quoted on the securities exchange at the time of listing was Rs21.65, while the share priced quoted on Jan 30 was Rs25.65.

The volume weighted average share price for the period preceding the date of announcement stood at Rs23.20.

Dost Steel: The company notified PSX that all stages of rebar plant commissioning activities in conjunction with the automation software were completed.

The plant would start its trail production from Feb 1, and subject to satisfactory completion of those trials, it would commence commercial operations from Mar 1.

Published in Dawn, February 1st, 2018