CHAKWAL: Bestway Cement Limited, a subsidiary of Bestway Group, has taken over Lafarge Cement plant located near Kallar Kahar.
To mark the acquisition, a ceremony was held at the plant on Wednesday, which was attended by Sir Anwar Pervez, the owner of Bestway Group and Amr Ali Reda, the CEO of Lafarge Pakistan, among others.
The announced assumption of management control of Lafarge Pakistan Cement Limited by Bestway is followed by the latter’s successful bid for 75.86 per cent of Lafarge Pakistan’s shares for an enterprise value of $329 million in July 2014.
Bestway Cement also acquired another 12.07pc shares of the company through the public offer process taking its shareholding in Lafarge Pakistan to 87.93pc.
The acquisition of Lafarge Pakistan’s 2.5 million tonnes per annum cement plant by the Bestway Cement will make it a major cement manufacturer in Pakistan with a total capacity of more than 8 million tonnes per annum, representing 18pc of the total cement manufacturing capacity in the country.
Zameer Choudrey, Bestway Group’s Chief Executive, expressed his commitment to invest $30 million in the acquired company.