Cherat Cement to buy 64.07% of Nimir Industrial Chemicals for Rs24 billion
Two share purchase agreements signed on October 30 cover 70.86 million shares at Rs340 each, with completion subject to regulatory and other approvals.
Cherat Cement has agreed to buy a 64.07% stake in Nimir Industrial Chemicals Limited for more than Rs24 billion, about $86.6 million, according to a notice the company filed with the Pakistan Stock Exchange and which Business Recorder reported on Monday.
The cement maker signed two share purchase agreements with NICL shareholders on October 30, 2026 to buy 70.86 million ordinary shares. The agreed price is Rs340 per share.
The first agreement covers 56.40 million shares, a 51% stake, bought from NICL's majority shareholders. The second covers 14.46 million shares, or 13.07% of the company, from certain non-controlling shareholders.
"Completion of the transaction remains subject to necessary regulatory and other approvals, as well as the satisfaction of conditions precedent set out in the respective SPAs," the notice said.
The filing did not say how the purchase would be funded, which approvals are outstanding, or when the transaction is expected to close.
Cherat Cement is listed on the PSX and manufactures, markets and sells cement. Its installed production capacity is about 4.5 million tons a year. It serves mainly markets in northern Pakistan and also exports cement to Afghanistan.
The purchase moves the company into chemical manufacturing alongside its cement business.
Nimir Industrial Chemicals manufactures and markets chemicals and is also listed on the Pakistan Stock Exchange. Its shareholders are the sellers in both agreements.
Business Recorder put the transaction value at more than Rs24 billion, or approximately $86.6 million, in its report on the exchange filing.
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