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Majority stake in Thatta Cement sold

World Cement,

According to local media reports, Arif Habib Corporation has sold its 61% stake in Pakistan’s Thatta Cement. The stake was sold at Rs.24.16 per share, with the total sale transaction reported at around Rs.1.5 billion. Sky Pak Holding and Al-Mifta Holdings both purchased a 22.7% stake in the company, while Golden Globe Holding acquired an 8.5% share and Rising Star Holding brought 7%.

Thatta Cement recently released its results for 2H12, ending 31 December 2012. Turnover was up by 22.15% compared to 2H11. Cement sales increased by 25.21% y/y to reach 170 062 t, although exports fell by 74.16% y/y to 9001 t as the focus shifted towards the domestic market in order to improve margins. Capacity utilisation increased from 58% in 2H11 to 76% in 2H12. Clinker production came in at 170 637 t, up 31.46% y/y, cement production rose by 2.03% y/y to reach 167 885 t and GBFS production grew by 116.23% y/y.

Edited from various sources by Louise Fordham.

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