Bestway Cement Ltd, a subsidiary of Bestway Group, has taken management control of Lafarge Cement's plant located near Kallar Kahar, Pakistan.
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.
In July 2014 Bestway successfully bid for a 75.86 per cent of Lafarge Pakistan’s shares for an enterprise value of US$329m. Bestway Cement also acquired another 12.07 per cent shares of the company through the public offer process, taking its shareholding in Lafarge Pakistan to 87.93 per cent.
The acquisition of Lafarge Pakistan’s 2.5Mta cement plant, now takes Bestway Cement's domestic capacity to 8Mta, making it the largest cement producer in the country.
Zameer Choudrey, Bestway Group’s Chief Executive and CEO of Bestway Cement, in his address to a large gathering of staff, various stakeholders and dignitaries at a prestigious ceremony at Islamabad to celebrate the occasion said that taking over of Lafarge Pakistan was a momentous occasion and a major milestone for Bestway Group.
He expressed his commitment to further developing the acquired company into a role model for cement industry to follow and stated that Bestway intended to invest nearly US$ 30 million in the acquired company including, among other things, an environmentally friendly waste heat recovery power plant.