Pakistan: Dewan denies sale of 50% stake

It has been rumoured that 50 per cent of Dewan Cement Ltd (DCL) shares are being sold to undisclosed strategic buyers. As a result the company’s share value and volume experienced heavy activity in the past weeks on the Pakistan Stock Exchange (PSE).

DCL has denied any such sales to the PSE, claiming, “Many shareholders for their personal benefits circulate rumours and speculation, to which we have no control. Further we hereby confirm that we have nothing to do with the trading volume in Dewan Cement Limited Shares in recent times”.

Yousuf Dewan Companies entered the cement sector by acquiring Pakland Cement Limited and Saadi Cement Ltd in 2004, later merging these companies in September 2007. Dewan Cement is amongst Pakistan's largest manufacturers of cement with combined installed capacity of 2.9Mta.