Pakistan's Kohat Cement Company announced that it will participate in the bidding process for the acquisition of 1.1bn ordinary shares of PKR10 each of Lafarge Pakistan, representing 75.86 per cent of the total issued and paid-up share capital of Lafarge Pakistan, according to local news service The News.
Vision Holdings Middle East, which holds a 47 per cent stake in Pioneer Cement, and DG Khan Cement have also expressed interest in acquiring the stake from Lafarge subsidiary Sofima SA.
Elixir Securities will work as manager of Kohat Cement, while DG Khan Cement has appointed The Next Capital Limited as manager to the proposed transaction.
The divestment from Lafarge Pakistan follows the announced merger of Lafarge and Holcim. Lafarge Pakistan is listed on the Karachi, Lahore and Islamabad stock exchanges. The company exports the output from its Chakwal, Punjab, works to countries including India, Afghanistan and Tajikistan.
