Pakistan's Cherat Cement to buy chemical maker Nimir in $86.8M cross-sector bet
What's the deal? Cherat Cement has agreed to acquire a controlling 64.07% stake in Nimir Industrial ChemicalsDealroom has a profile for this one. Try Dealroom → for about Rs24.09 billion (roughly $86.8 million, at current exchange rates). The listed cement maker signed two share purchase agreements on October 30, disclosed to the Pakistan Stock Exchange on November 2, at Rs340 per share.
The structure: The first agreement covers 56.40 million shares — 51% of Nimir — bought from majority shareholders. A second buys 14.46 million shares, or 13.07%, from non-controlling holders, bringing the combined stake to 70.86 million shares.
What's the endgame? Cherat's core business is manufacturing and selling cement; Nimir makes industrial chemicals used in sectors including textiles and detergents. The purchase pushes the company into a new industrial market and gives it a controlling interest in a listed chemical producer.
Why now? The deal escalates Cherat's September proposal to buy at least 30% of Nimir into an outright controlling acquisition. It also arrives during a wave of consolidation across Pakistan's cement industry, where Maple Leaf has expanded its stake in Pioneer CementDealroom has a profile for this one. Try Dealroom → and Fauji Cement and KAPCODealroom has a profile for this one. Try Dealroom → have agreed to buy Attock Cement.
What could go wrong? Completion remains subject to regulatory approvals and conditions set out in the agreements, with no closing date announced. Cherat said a public offer would follow through KTrade Securities under the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017.
The signal: While rivals are buying scale within cement, Cherat is diversifying out of it. Its move stands out as a cross-sector play rather than a bet on cement capacity, signalling that Pakistan's industrial consolidation is widening beyond a single sector.
Read more: mettisglobal.news
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