Pooling of resources between Fauji Cement and Askari Cement

Fauji Cement Company Ltd has informed Pakistan Stock Exchange (PSX) that its 11th Extraordinary General Meeting (EGM) was held on 10 January 2020 and two important resolutions were adopted by the shareholders for sharing resources amongst two cement units.

The first resolution for approval and authorisation was the resource sharing arrangement to be entered into with Askari Cement Ltd (ACL).

The second resolution approved an equity investment of up to PKR200m (US$1.29m) in the associated company Foundation Solar Energy (Pvt) Ltd (FSEL) as part of its diversification to increase its profitability.

Askari Cement Ltd has a 1.102MT cement plant at Wah in Punjab and a further plant at  Nizampur with a capacity of 1.795Mt in Khyber Pakhtunkhwa. Fauji Cement has a 3.433Mta plant at Fateh Jang in Punjab.