Danish investors and FLSmidth buy into Power Cement

A joint venture of foreign investors IFU (Danish Investment Fund for Developing Countries), IIP (IFU Investment Partners) and FLSmidth have reportedly purchased over 100m shares in Power Cement Ltd (PCL) and its undertaking, situated at DehKaloKohar, Nooriabad Industrial Estate, District Dadu (Sindh), Pakistan.
 
PCL has informed the Pakistan Stock Exchange (PSX) last week that that the subscription amount (in euros) has been received against 104,658,670 ordinary shares by way of allotment, otherwise than Right under Section 83(1)(b) of the Companies Act 2017, on the basis of special resolution passed by the shareholders of the company in the Extra Ordinary General Meeting, held on 20 May 2017. However, the value has not been disclosed in the bourse filling.
 
The subscribed shares will be recorded as fully-paid shares and will be credited in the members register in the names of IFU, IIP and FLSmidth A/S.
 
Consequently, PCL's Board has approved the appointment of Anders Paludan as the Nominee Director of the Foreign Investors (IFU/IIP/FLS) in terms of company's special resolution and fill the casual vacancy following the resignation of Muhammad Yahya Khan, which takes effect from 1 February 2018.

Power Cement has released progress report for the quarter ended 31 December 2017 for its brownfield expansion project, being implemented at the company's existing site by adding a new line of 7700tpd (2.5Mta), taking the total capacity to around 3.4Mta at DehKaloKohar. The project is planned to be commissioned by last quarter of financial year 2019 at an estimated of PKR24.9bn (US$224.7m).