Lafarge to sell operations in Pakistan
By Chris Sleight25 July 2014
Lafarge has agreed to sell its controlling stake in Lafarge Pakistan Cement to Bestway Cement for US$ 329 million. The company is a subsidiary of London, UK-based Bestway Group, which was founded by Indian-born British citizen Sir Anwar Pervez in 1963.
Lafarge Pakistan Cement is quoted on the Karachi, Lahore and Islamabad stock exchanges, and Lafarge is selling its 75.86% stake in the business. The assets include a 2.4 million tonnes per year cement plant in Chakwal, Pakistan, and Lafarge said the sale was in line with its debt reduction plans.
Zameer Choudrey, Bestway group chief executive and CEO of Bestway Cement, said,
"We are excited about the prospect of adding Lafarge Pakistan Cement to our existing portfolio. Through this investment we have reinforced our commitment to Pakistan where our cement and banking businesses continue to flourish. We see great potential for the cement business to keep growing, and will continue to review opportunities to invest in it further. For now, we will be working to integrate Lafarge into our existing cement business, adding efficiencies and synergies where possible."