Pakistan: Bestway Cement shelves plans to acquire Dewan Cement

Bestway Cement has announced it has shelved plans to acquire the North plant of Dewan Cement in Pakistan.

“As a result of delay and uncertainty resulting from recent legal proceedings initiated in the Sindh High Court, Bestway Cement Limited has decided not to proceed with the acquisition of the north plant of Dewan Cement Ltd located at Kamilpur, near Haripur, Khyber Pakhtunkhwa,” the company said in a notice issued to the Pakistan Stock Exchange.

Bestway did not cite the reason for its decision. In February, the company announced it had signed a non-binding memorandum of understanding to acquire Dewan Cement’s production facility, mining leases/licences and inventories, stores and spares in the province.

The company had, however, stressed that the acquisition would be subject to the receipt of all relevant corporate, regulatory and creditor consents and approvals.