Pakistan’s Cherat Cement has signed two share-purchase agreements to acquire a 64.07 per cent controlling interest in Nimir Industrial Chemicals Ltd for approximately PKR24.09bn (US$86.6m).
The agreements cover 70.86m shares at PKR340 each. Cherat will acquire a 51 per cent holding from Nimir’s controlling shareholders and a further 13.07 per cent from non-controlling investors.
The acquisition represents a substantial diversification beyond Cherat’s cement operations into industrial chemicals. Completion remains subject to regulatory approvals and the fulfilment of conditions contained in the agreements.
Cherat also intends to make a public offer to Nimir’s remaining shareholders, meaning its eventual ownership could exceed the 64.07 per cent covered by the signed agreements.
Handpicked stories, in your inbox
Our editors pick the top news delivered to your inbox. Sign-up today!
