Fauji Cement to diversify

Fauji Cement Company Ltd (FCCL) has informed Pakistan Stock Exchange that the 135th Special Board Meeting of the company held at the Fauji Foundation’s head office in Rawalpindi on 13 December 2019 decided to pool resources and diversify investment.

The Board of Directors have discussed and resolved that in the interest of the company an Extra Ordinary General Meeting be convened soon to consider and approve the resource sharing arrangement to be entered into with Askari Cement Ltd (an Associated Company) and an equity investment in the associate Foundation Solar Energy (Pvt) Ltd (FSEL) up to of PKR200m (US$1.29m) as part of its diversification to increase its profitability.