Fauji Foundation to sell cement firm stake

Fauji Foundation to sell cement firm stake
Published: 12 December 2005

Pakistan’s Fauji Foundation on Monday put up for sale a 52 per cent stake in Fauji Cement Company Ltd. (FCCL) . FCCL shares were up 4.8 per cent at 28.25 rupees in a broader market that was down 0.4 per cent, making a 52 per cent stake worth about US$91m.

Fauji Foundation, a local investment group run by former military men, said in a newspaper advertisement that expressions of interest should be submitted by Jan. 10. FCCL is a public listed company and was incorporated in 1992. It has a paid-up share capital of about 4.2 billion rupees ($70.25m). According to reported data it has 370.74 million shares in issue.

The principal activity of FCCL is production and sale of ordinary portland cement. The plant of FCCL has a production capacity of 3.700 metric tons per day," Fauji Foundation said in the advertisement. The plant is in Attock district in Punjab province.