Dewan Cement Ltd and Bestway Cement Ltd have both separately informed the Pakistan Stock Exchange (PSX) that they are signing a memorandum of understanding (MoU), wherein Bestway will acquire Dewan Cement, subject to approval by concerned authorities.
 
Previously, three local cement companies and a Chinese company expressed their intention to acquire stakes in Dewan Cement.
 
The Bestway Cement Ltd notification to PSX says that it has entered into a non-binding MoU with Dewan Cement Ltd (seller) for the proposed acquisition of the Dewant's North plant, including land, production facility and related assets, mining leases/licences and inventories, stores and spares located in Hattar, district Haripur, Khyber Pakhtunkhwa.
 
Dewan Cement Ltd says that that pursuant to the MoU, Bestway has been afforded an exclusivity period of 15 days to negotiate the deal terms and enter into definitive document. Notwithstanding the above, the potential sale shall be subject to obtaining of all relevant corporate, regulatory and creditor consents and approvals.