Dewan Cement to sell controlling shares of two plants

Dewan Cement Ltd is reportedly in talks with Karachi-based Mega Conglomerate Ltd to sell its controlling shares in two plants based in Dhabeji, Sindh and Hattar Industrial Estate, Khyber Pakhtunkhwa. The two facilities have a combined capacity of 2.89Mta.

BMA Capital has been appointed as the manager of the deal, overseeing the acquisition of 87.5 per cent of total shares from Dewan Cement. While 75 per cent of the controlling shares will be from major shareholders, the remainder will be from the general public.

Dewan Cement reported a decrease in net profit for the 2017 calendar year, down to PKR1.3bn (US$11.7m) from PKR1.5bn seen in the year-ago period.