Cherat Cement to acquire 64.07% stake in Nimir Chemical

November 2, 2026 (MLN): Cherat Cement Company Limited (PSX: CHCC) has signed share purchase agreements to acquire a controlling 64.07% stake in Nimir Industrial Chemicals Limited (NICL) at an agreed price of Rs340 per share, in a transaction valued at approximately Rs24.09 billion.

According to a material information disclosure submitted to the Pakistan Stock Exchange (PSX) on November 2, Cherat Cement entered into the agreements on October 30, 2026, following its public announcement of intention dated September 10, 2026.

Under the agreements, Cherat Cement will acquire 56.40 million ordinary shares, representing 51% of NICL's issued share capital, from the chemical manufacturer's majority and controlling shareholders.

The company has also signed a separate share purchase agreement with certain non-controlling shareholders to acquire an additional 14.46 million ordinary shares, equivalent to 13.07% of NICL's issued share capital.

Together, the two transactions cover approximately 70.86 million shares, representing 64.07% of NICL's issued share capital, at the agreed price of Rs340 per share.

At the agreed price, the shares covered by the agreements have an aggregate value of approximately Rs24.09 billion, subject to the completion of the transaction in accordance with the agreed terms.

Regulatory approvals and public offer

The completion of the acquisition remains subject to the necessary regulatory and other approvals, as well as the fulfilment of conditions precedent specified in the respective share purchase agreements.

Cherat Cement said a Public Announcement of Offer would be made in due course through KTrade Securities Limited, the manager to the offer, in accordance with the applicable laws and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017.

The disclosure did not specify a completion date for the acquisition. Cherat Cement said it would keep the Pakistan Stock Exchange informed of further developments.

The transaction marks a significant proposed expansion by Cherat Cement into the chemical sector, with the company seeking to acquire a majority stake in Nimir Industrial Chemicals.

The final completion of the deal will depend on the required approvals and satisfaction of the agreed conditions.

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