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Lucky Cement To Buyback 10 Million Shares

Lucky Cement plans to buy back its 10 million shares from shareholders at the face value of Rs. 10 per share.

According to the firm’s financial results, the board of directors has directed the management of the company to carry out the drive of purchasing back its shares from different shareholders. The reason for this transaction is said to be the cancellation of shares.

The purchase back of the shares will have a positive effect on the future financial position of the company including the breakup values of the company’s shares and earnings per share.

It will also provide an opportunity for exit to those members who wish to liquidate their investment fully or partially.

The buyback of shares will continue from the period of September 29 to December 19, this year.

The company will purchase its shares back at the spot or current share price prevailing during the said period in accordance with PSX’s law.

Bangladesh expects a 15% growth in cement exports in FY22-23

Bangladesh has set an export target for the cement industry at US$11m during the 12 months of the ongoing financial year, ending 31 June 2023, compared to US$9.57m earned in FY21-22. This translates to expected growth of 15 percent YoY, according to the Bangladesh Export Promotion Bureau (EPB) data.

Meanwhile, the first month of FY22-23, ie July 2022, started with bringing home US$0.72m of earnings on account of cement exports, up by 94.6 percent over the same month last year. The figure also includes a minor amount of salt, stone, and related products, says EPB data.

More than a dozen companies export cement to India, Myanmar, Nepal, Maldives, and Sri Lanka. Furthermore, local media says that Bangladesh Cement Manufactures Association (BCMA) sent a letter to the commerce ministry asking for a 10 percent cash incentive for exporting key construction materials to increase the current export volume threefold.

The volume of cement export was 0.25Mt in the 2021 calendar year. The majority was exported to the northeastern states of neighbouring India, cites the letter. Seventy-six cement companies are registered with the government, but only 42 large-, medium- and small-scale companies are currently in operation. Of them, seven have stock market listings, according to the association.

Currently, all the 42 plants have a production capacity of ~58Mta against the demand of ~31Mta. The cement industry is dominated by only 10 companies, including two multinationals, holding around 75 per cent of the total market share.

Flying Cement gets long term mining lease for limestone

Flying Cement Company Limited (FLYING) has been granted a long-term mining lease by the Directorate General of Mines & Minerals (Punjab) for limestone over an additional area of 1,765 acres of land situated near to factory site, Dhok Meharwal in District Khushab, Punjab, the company’s filing on PSX said today.

This will add remarkable value to the company’s vision in the implementation plan of achieving constant future growth.

Accordingly, the company would be able to implement its business growth plan by further expanding its operation in the near future which will result in better profitability and add significant value to the shareholders’ equity.

Yanpai to Add Four Needlepunch Nonwovens Lines

Yanpai Filtration Technology Co., Ltd., a Chinese filtration media manufacturer, will expand needle punch capacity at its site in Tiantai, China through the investment of four Andritz lines. The new lines will begin starting up in the third quarter of 2022 and should be complete in the third quarter 2023.

Andriz will deliver customized needlepunch lines for the production of high-quality needlepunch filter felts. The lines will enable Yanpai to achieve state-of-the-art technical characteristics in terms of product quality and line performance. The drylaid web-forming equipment (cards and cross lappers) will be manufactured at the Andritz Wuxi premises, including 8 PRO 25-80 access profile cross lappers for controlled web weight evenness. The 16 eXcelle needlelooms will be supplied by ANDRITZ Asselin-Thibeau in France.

Yanpai is one of the leading Chinese producers of nonwoven filters for dust and air treatment and for woven filter fabrics used in solid/liquid separation. Established in 1990, Yanpai was at the forefront in the development of new industrial filtration fabrics. Today, YANPAI is a company with facilities in China and the USA.

Pakistan’s cement and clinker exports decline

Pakistan’s cement and clinker exports have decreased in the first seven months of the FY21-22. According to local analysts, historically, when domestic demand is booming, exports take a backseat, and when the domestic market is slowing down, exports contribute a critical share in total sales. It makes more economic sense to sell domestically where prices are more desirable and less competitive. The Indian supply has not been restored to date, and there is no momentum in dispatches to Kabul.

The Pakistan cement industry earned US$160.926m in export revenue by dispatching 4.315Mt of cement and clinker overseas in the 7MFY21-22 (July 2021-January 2022), compared to US$163.67m from 4.93Mt of exports in the year-ago period. As a result, the sector saw a nominal slide of 1.7 per cent in dollar terms but reported a double-digit decline of 12.5 per cent in volume during the export period. However, exports valued in Pakistani rupees saw a growth of 3.1 per cent to PKR27.58bn (US$156.4m) during this period.

Pakistan has been exporting clinker/cement to Bangladesh, Sri Lanka, Afghanistan, Madagascar, South Africa, Tanzania and India.

In Jan 2022 alone, export revenues decreased 44 per cent MoM to US$17.15m on the shipment of 393,347t, compared to US$27.77m from 702,698t of exports in December 2021.

However, when compared with January 2021 earnings of US$20.74m from 607,640t, this represented a drop of 17.3 per cent and 35.3 per cent YoY in value and quantity, respectively.

Scholarship programme launched for Lakki Marwat students

Lucky Cement Limited has launched a scholarship programme for the intermediate students of district Lakki Marwat, a statement said.

Under this programme, the eligible students can apply for a full scholarship of Intermediate, where the company will cover the tuition fee expense of the selected students.

This will be the second batch of students who will be able to apply for the intermediate scholarships.

Students residing permanently and holding domicile of district Lakki Marwat can apply for the programme.

The aim of the programme is to make education accessible and affordable for deserving students especially from the rural areas regardless of their financial background.

Continuing with its long-term vision to provide merit-based support for the deserving and less privileged segments of society, the company has granted a number of scholarships to various students at leading universities in Pakistan.

Lucky Cement, in order to empower women through education, has been supporting two leading government girls’ schools in Karachi, which have been transformed into model girls’ educational institutions in collaboration with a non-governmental organisation (NGO).

Earlier, the company launched a series of dedicated scholarship programmes for vocational training, graduate and undergraduate programmes as well as for intermediate.

The annual dedicated scholarship programmes aim to empower rural youth through skill development and education.