Cement maker Cherat Cement Company Ltd. has agreed to purchase a controlling 51 percent stake in Nimir Industrial Chemicals Ltd., entering Pakistan's industrial chemicals sector for the first time.
According to a Monday notice sent to the Pakistan Stock Exchange, the share purchase agreement was signed on Oct. 30 and involves 56.4 million shares priced at Rs. 340 each. The transaction totals approximately Rs. 19.2 billion, with the company's controlling shareholders acting as the sellers.
The disclosure, signed by Nimir company secretary Muhammad Inam ur Rahim under the Securities Act 2015 and the PSX rule book, stated that the transaction depends on regulatory approvals and conditions precedent detailed in the agreement.
Through this purchase, Cherat secures an entry into industrial chemicals while local manufacturers face high financing and energy expenses.
Nimir is a PSX-listed company producing caustic soda and related items used in detergents, soaps, and textiles.
The completion timeline and the identities of the selling shareholders were not revealed by either firm.
