Cement News tagged under: Bestway Cement

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Pakistan: Bestway Cement shelves plans to acquire Dewan Cement

10 April 2017, Published under Cement News

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...

Pakistan: capacity expansion projects reach 27.3Mta

09 March 2017, Published under Cement News

Pakistani cement producers have been announcing capacity expansions at a breakneck pace of late, reports the Business Recorder, which calculates that if all of these are completed the country’s nominal cement production capability will rise by 62 per cent to 72Mta. The Business Recorder also notes that the rise in capacity is broad-based, with all but the smallest of firms increasing their production potential. While the three largest producers – Bestway, Lucky and DG Khan – will remai...

Pakistan: Bestway Cement awards Sinoma brownfield project

02 March 2017, Published under Cement News

Bestway Cement Ltd informed the Pakistan Stock Exchange that it will set up a brownfield cement plant with a capacity of 6000tpd clinker at its Farooqia site in District Haripur, Khyber Pakhtunkhwa, in northern Pakistan. According to Sehar Hussain, secretary and general counsel of the company, Bestway Cement signed an agreement with Sinoma International Engineering Co Ltd on 1 March 2017. According to the APCMA,  Bestway Cement’s four plants have a combined capacity of 7.9Mta.

Pakistan: Bestway Cement to acquire Dewan Cement

22 February 2017, Published under Cement News

Dewan Cement Ltd and Bestway Cement Ltd have both separately informed the Pakistan Stock Exchange (PSX) that they are signing a memorandum of understanding (MoU), wherein Bestway will acquire Dewan Cement, subject to approval by concerned authorities.   Previously, three local cement companies and a Chinese company expressed their intention to acquire stakes in Dewan Cement.   The Bestway Cement Ltd notification to PSX says that it has entered into a non-binding MoU with Dewan Cement Ltd ...

Pakistan: Bestway Cement joins bidding for Dewan Cement assets

03 January 2017, Published under Cement News

Bestway Cement Ltd has informed Pakistan Stock Exchange (PSX) on 30 Dec that it is considering acquiring the northern plant and related assets of Dewan Cement Ltd in Pakistan. Previously, three local cement companies and a Chinese company have expressed their intention to acquire stakes in Dewan Cement. “The final outcome will be dependent upon due diligence and any eventual bidding, if made, for purchase of Dewan’s assets,” said Sehar Hussain, Bestway cement's company secretary. The i...

Pakistan: Bestway Cement pretax profits up 45%

09 May 2016, Published under Cement News

In an earnings statement released today, Bestway Cement announced that its pretax profits for 9MFY2016 were PKR12.64bn (US$121m), up 45 per cent on the same period last year. After tax, the firm’s profits were up 49 per cent, to PKR9.24bn (US$88m). According to a report in the Nation, Bestway’s turnover rose by over 49 per cent to PKR32.91bn (US$314m). The scale of the increase was attributed to Bestway’s acquisition of Pakcem and increasing domestic demand. This was offset to a degree...

Pakistan: Bestway Cement profit up 48% for 9MFY2016

06 May 2016, Published under Cement News

Bestway Cement has announced after tax profits of PKR7.45bn (US$71m) in the nine month period to 31 March 2016, a 34 per cent increase YoY. Total sales rose to PKR24.42bn (US$233m) – an increase of 11 per cent YoY. Profits rose on the back of lower administrative and distribution costs, which fell by 2.4 per cent and 17.3 per cent respectively to PKR289m (US$2.8m) and PKR439m (US$4.2m). Finance costs increased sharply to PKR1.3bn (US$12.4m). Bestway’s sister concern, Pakcem Ltd, also e...

Pakistan: amalgamation of Bestway Cement and Pakcem complete

11 April 2016, Published under Cement News

The Board of Directors of Bestway Cement Ltd (BCL) and Pakcem Ltd (formerly Lafarge Pakistan Cement Ltd) in their meetings held on 7 April 2016 have approved the scheme of amalgamation of Pakcem Ltd with and into Bestway Cement Ltd and its placement before the shareholders in the extraordinary general meeting of the company as special business for their approval as per requirement of Companies Ordinance, 1984. In July 2014, BCL entered into a binding agreement to acquire Pakcem and on 22 ...

Bestway consolidated turnover up 45.5%

22 February 2016, Published under Cement News

Bestway Cement Ltd (BCL) said that its consolidated net turnover for the first half of FY15-16 soared by 45.5 per cent YoY to PKR21.1bn, largely due to the acquisition of Pakcem Ltd, an increase in domestic demand and stable retention prices.   The company's gross margin of PKR8.9bn rose by more than 61.9 per cent over the same period last year. Profit before tax for the period amounted to PKR7.6bn, representing a YoY increase of 37 per cent. Consolidated profit after tax also climbed 47 pe...

Bestway Cement recognised for sustainability endeavours

21 January 2016, Published under Cement News

Bestway Cement, together with its newly-acquired Pakcem unit, was honoured for its efforts in contributing to sustainable development, when it received four awards at an award ceremony held in Islamabad, Pakistan. Bestway won the coveted awards in the categories of Green Energy Initiatives, Community Development and Service, Education and Scholarship and Employee Engagement and Volunteering, The Pakistan Observer reported yesterday. The Waste Heat Recovery Power Plants, Health and Safety i...