Islamabad-based cement maker, Bestway Cement, is in discussion with Dewan Cement over the potential purchase of Dewan’s North cement plant, according to a release to the Pakistan Stock Exchange.
According to release, the two companies have entered into a non-binding memorandum of understanding (MoU), according to which Bestway has “sole and exclusive right to negotiate terms and structure of the proposed transaction.” The exclusivity period will last an initial 15 days with the potential to extend on agreement by both parties.
The transaction includes land, the cement production facility and related assets, mining leases/licenses and inventories, and stores and spares. The plant is located in Hattar in the province of Khyber Pakhtunkhwa.
The potential sale is subject to obtaining all relevant corporate, regulatory and creditor consents and approvals.
Read the article online at: https://www.worldcement.com/indian-subcontinent/22022017/bestway-in-discussions-to-buy-dewan-cement-plant/