Bestway Cement becomes the largest cement manufacturer in Pakistan
Published by Harleigh Hobbs,
Editor
World Cement,
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/
You might also like
Holcim accelerates climate action
Holcim shares the acceleration of its net zero journey with the publication of its second climate report, including its upgraded 2030 climate targets aligned with the 1.5°C framework and validated by the Science Based Targets initiative.