Minority shareholders of Chakwal complain

We would like to draw your attention towards the acquisition of over 51 per cent stake in Chakwal Cement company, Pakistan in November 2004 by OCI Cement Group (ORASCOM). The group finalised the negotiations and the formal completion of the acquisition took place in March 2005 (as per their web page and the accounts for the quarter ended 31st March 2005).

SIGMA Leasing Corporation Ltd is among one of the minority shareholders of the company. We are of the opinion that the transaction of acquisition is defective as clear violation of rules and regulations of local corporate laws is evident.