Lafarge Pakistan to go under hammer

Three leading Pakistan cement producers are gearing up to acquire a majority holding in Lafarge Pakistan, with the bidding process expected to be concluded in the coming weeks.

Bestway Cement, DG Khan and Kohat Cement, have received approval from their respective board of directors to separately bid for the acquisition of 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.

Each company has confirmed their intention to bid through notifications to the Karachi Stock Exchange on 25 June. Vision Holdings, which holds a 47 per cent stake in Pakistan producer Pioneer Cement, has also expressed an interest in the acquisition.

The bidding process is expected by concluded by the end of June 2014, a report by Foundations Securities (Pvt) stated.

Lafarge Pakistan owns a 2.6Mta integrated plant at Kallar Kahar, District Chakwal, Punjab province.