The Competition Commission of Pakistan has approved the acquisition of a minority stake in Power Cement Ltd by three Danish companies, including engineering company, FLSmidth.
According to commission documents, the acquisition of approximately 9.84% subscription shares in Power Cement by FLSmidth, Investment Fund for Developing Countries (IFU), and IFU Investment Partners (IIP) was approved on 6 December.
IFU is a Danish foundation acting as an agency of the Danish government, tasked with promoting sustainable investment in developing countries. IIP is an investment fund established by two Danish pension funds and managed by IFU.
FLSmidth, IFU, and IIP will pay around PKR 1.31 billion for the stake. In addition to acquiring a stake in Power Cement, FLSmidth currently holds a 2.7% stake in fellow cement maker, Maple Leaf Cement.
Read the article online at: https://www.worldcement.com/indian-subcontinent/12012018/danish-trio-to-acquire-stake-in-power-cement/