Cherat Cement Company Limited has signed two agreements to purchase a controlling 64.07% stake in Nimir Industrial Chemicals Limited for approximately Rs24.09 billion. The proposed purchase substantially increases the cement maker’s earlier plan to acquire at least 30% of the chemical manufacturer, but remains subject to approvals and contractual conditions.
Two agreements cover the controlling stake
In a disclosure to the Pakistan Stock Exchange on Monday, Cherat Cement said the agreements were signed on October 30, 2026. They cover a total of 70,858,178 ordinary shares, with the purchase price fixed at Rs340 per share.
The purchase is divided between shares held by Nimir’s majority controlling shareholders and a further holding owned by certain non-controlling shareholders. The two portions are:
- A 51% stake comprising 56,401,178 ordinary shares from the majority controlling shareholders, valued at approximately Rs19.18 billion.
- A further 13.07% stake comprising 14,457,000 ordinary shares from certain non-controlling shareholders, valued at approximately Rs4.92 billion.
Completion of both agreements would leave Cherat Cement holding 64.07% of Nimir’s issued share capital. The company put the combined consideration at approximately Rs24.09 billion.
A larger purchase than first proposed
The signed agreements follow Cherat Cement’s September 10 announcement that it intended to buy at least 30% of Nimir. A Public Announcement of Intention published on September 14 set out a proposed acquisition of at least 33,177,164 ordinary shares.
That earlier proposal depended on due diligence, agreement on commercial terms and the required approvals. The October 30 agreements now envisage a controlling holding rather than the minimum 30% stake initially outlined.
Completion still depends on approvals
Signing the agreements does not complete the acquisition. Regulatory and other approvals must still be obtained, and the conditions contained in each share purchase agreement must be fulfilled.
Cherat Cement’s principal activities are manufacturing, marketing and selling cement. The proposed transaction would give it control of Nimir Industrial Chemicals, and the company said it would notify the stock exchange of further developments.
