Pakistan: Bestway Cement receives financing??
Pakistan’s one of largest cement producers and operators, Bestway Cement Limited (BWCL) in the northern region, said it has obtained Syndicated Term Finance Facility value PKR2.050bn (US$23.84m) from local financial institutions to part finance ongoing company operations and to meet other expenses.
An official of Bestway told CemNet.com that funds will be provided by Allied Bank Ltd. (ABL), Habib Bank Ltd. (HBL), The Bank of Punjab (BoP) and Faysal Bank Ltd. (FBL). The ABL will act as financial advisor and lead arranger. Bestway (Holdings) Limited of United Kingdom is the ultimate parent company of the Company. It operates two production plants at Hattar Haripur in the North West Frontier Province and Chakwal in Punjab.
Its Hattar plant has a clinker capacity of 1.17Mta and 1.228Mt of cement. The Chakwal plant has a capacity of 3.428Mta of clinker and 3.6Mt of cement at Hattar.
In FY09, Bestway Cement held 13.2% local market share and 10% share in total exports of country’s cement industry. Bestway has a major exporter to Afghanistan and began exporting to India, Africa and Middle East recently.
Published under Cement News
