Cherat Cement Company Limited (PSX: CHCC) has announced its intention to acquire at least a 30 percent stake in Nimir Industrial Chemicals Limited (PSX: NICL).
NICL disclosed to the Pakistan Stock Exchange on Thursday that it had received the public announcement of intention from CHCC through KTrade Securities Limited to acquire at least 30 percent of its ordinary shares.
The proposed acquisition covers at least 33.177 million shares of NICL under a share purchase agreement. Any public offer, if required, would be made in accordance with the applicable takeover regulations.
The announcement is subject to regulatory approvals, finalization of commercial terms, due diligence and execution of the required agreements. The document also states that the public announcement of intention may be withdrawn if the required regulatory approvals are not obtained.
CHCC said its Chief Executive Officer Azam Faruque is the ultimate controlling shareholder and the company has no existing holding in NICL and has no shares controlled by persons acting in concert with it.
NICL has 110.59 million issued ordinary shares. Its major shareholders include Zafar Mahmood with 19.72 percent, Muhammad Yahya Khan with 11.89 percent and Khalid Mumtaz Qazi with 11.53 percent, according to the acquisition document.
Nimir reported net sales of Rs. 48.291 billion and profit after tax of Rs. 2.393 billion for fiscal year 2026. Its total assets stood at Rs. 35.996 billion, while equity reached Rs. 11.534 billion during the year.
The proposed transaction remains subject to the completion of the required regulatory and corporate processes, with the final terms and any public offer to be determined at a later stage.
CHCC is part of the Ghulam Faruque Group and manufactures and markets Ordinary Portland and composite cement under the Cherat and Cherat Khyber brands. Its plant in Nowshera has an installed capacity of 4.5 million tons a year and serves markets in Pakistan as well as exports to Afghanistan.
Nimir Industrial Chemicals was incorporated in 1994 as Ravi Alkalis Limited and listed on the Pakistan Stock Exchange in 1996 before adopting its current name in 1998.
It manufactures oleochemicals and chlor-alkali products, including soap noodles, stearic acid, glycerin, caustic soda, and hydrochloric acid.
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