Following Bestway Cement’s successful bid for 75.86% of Lafarge Pakistan’s shares for an enterprise value of US$329 million in July 2014, Bestway Cement has announced the acquisition of management control of Lafarge Pakistan’s 2.5 million tpy cement plant in Chakwal and attainment of another 12.07% shares of the target company through the public offer process, taking its shareholding in Lafarge Pakistan to 87.93%.
Bestway Cement has now become the largest cement manufacturer in Pakistan, with a total capacity of more than 8 million tpy, representing 18% of the entire industry's capacity in the country.
In Bestway Group’s Chief Executive and CEO, Mr. Zameer Choudrey’s, address to a large assembly of staff, various stakeholders and dignitaries, he said that taking over Lafarge Pakistan was a momentous occasion and a major milestone for Bestway Group. He affirmed his determination to continue playing his role in the economic development of Pakistan. He extended a warm welcome to the staff of Lafarge Pakistan to Bestway and expressed his commitment to keep developing Lafarge. He stated, Bestway intended to invest nearly US$30 million in the acquired company, including an environmentally friendly waste heat recovery power plant.
Adapted from press release by Harleigh Hobbs
Read the article online at: https://www.worldcement.com/asia-pacific-rim/24042015/bestway-now-largest-cement-manufacturer-pakistan-747/