Fauji Cement appoints CEO/MD and makes resource sharing agreement with Askari Cement

Fauji Cement Co Ltd (FCCL) informed Pakistan Stock Exchange (PSX) on 28 May 2020 that due to expiry of employment contract of Lt Gen Muhammad Ahsan Mahmood, HI (M) (Retd), CEO/MD of FCCL on 9 June 2020, Qamar Haris Manzoor has been appointed as his replacement by the Board of Directors of Fauji Cement, says a notification signed by company secretary. He will assume the charge of this appointment with effect from 10 June 2020.

Earlier, the company stated that as a result of the approval of the Competition Commission of Pakistan, FCCL has formally entered into resource sharing agreement (RSA) with Askari Cement Ltd (ACL). The approval was accorded by the shareholders during 11th Extra Ordinary General Meeting of FCCL held on 10 January 2020 and PSX was informed on 10 January 2020.

Following officers of FCCL have assumed the appointments of ACL, as part of common facilitators, under the RSA signed by both companies. Lt Gen Muhammad Ahsan Mahmood, HI(M), (Retd) will act as CEO/MD FCCL and Brig Riaz Ahmed Gondal, SI(M), (Retd) as Company Secretary FCCL and Omer Asharf, CFO FCCL.

Askari Cement Ltd has a 1.102Mt cement plant at Wah in Punjab and another plant at Nizampur with a capacity of 1.795Mta in Khyber Pakhtunkhwa. FCCL has a 3.433Mta plant at Fateh Jang in Punjab.