Pakistan: Bestway Cement, a subsidiary of Bestway Group, has announced assumption of management control of Lafarge Pakistan. This follows the company's successful bid for 75.86% of Lafarge Pakistan's shares for US$329m in July 2014. Bestway Cement also acquired another 12.07% shares of the target company through the public offer process taking its shareholding in Lafarge Pakistan to 87.93%.
Acquisition of Lafarge Pakistan's 2.5Mt/yr cement plant located in Chakwal, means that Bestway Cement has now become the largest cement manufacturer in Pakistan with a total capacity of more than 8Mt/yr representing 18% of the entire industry's capacity in the country. Bestway intends to invest nearly US$30m in the acquired company including, among other things, an environmentally friendly waste heat recovery power plant.