Lucky Cement diversifies mining business

The Competition Commission of Pakistan (CCP) has recently approved two mergers (cement and fertiliser firms) in the mining of copper and minerals in the Balochistan province of Pakistan. CCP approved the acquisition of a cumulative 66.66 per cent shareholding in National Resources (Private) Ltd by two publicly-listed companies: Lucky Cement Ltd and Fatima Fertilizer Co Ltd.

National Resources (Pvt) Ltd is engaged in mining, surveying, extracting, excavating, mining and boring minerals. Its primary purpose is the potential development of the mineral sector in Balochistan.

Lucky Cement sent a pre-merger application to acquire 33.33 per cent of National Resources' shares from YB Pakistan Ltd. Similarly, Fatima Fertilizer Co Ltd, engaged in the manufacturing, producing, buying, selling, importing, and exporting of fertilisers and chemicals, sent a pre-merger application to acquire 33.33 per cent shareholding in National Resources from Reliance Commodities (Pvt) Ltd.

“Lucky Cement and Fatima Fertilizer’s interest in investing in the mining sector signifies a positive shift towards economic diversification and growth, promising to unlock new opportunities and drive innovation,” the CCP spokesperson said.

In a parallel move, Lucky Cement’s board of directors informed the Pakistan Stock Exchange (PSX) recently that it has decided to invest up to PKR1bn (US$3.59m) in National Resources (Pvt) Ltd.