Latest news with #CheratCementCompanyLimited
Business Recorder
12-06-2025
- Business
- Business Recorder
Pakistan's solar boom continues as govt proposes 18% tax
Cherat Cement Company Limited (CHCC) has further enhanced its renewable portfolio with the commissioning of a 2.935 MW solar power plant at its facility in Khyber Pakhtunkhwa. The listed company engaged in the manufacturing of cement disclosed the development in its notice to the Pakistan Stock Exchange (PSX) on Thursday. 'We are pleased to inform that the company has commissioned remaining 2.935 MW solar power plant at its factory site Nowshera, Khyber Pakhtunkhwa on June 11, 2025, out of the total project of approximately 9 MW,' read the notice. 'After commissioning of this project, the total captive solar power generation capacity of the company will become around 23 MW,' it added. Back in April, the cement manufacturer added 6.065MW to its renewable capacity. Despite being a low-income country plagued by economic and social issues, a green revolution is taking place in Pakistan, and the South Asian country has quietly emerged as one of the world's largest markets for the growing solar industry. According to the Global Electricity Review 2025 by Ember, an energy think tank in the UK, Pakistan imported 17 gigawatts (GW) of solar panels in 2024, joining the ranks of leading solar nations. This rising trend has left decision-makers grappling with its implications for the national grid and energy sector, as electricity consumption remains stagnant. In response, the federal government, in its budget for the financial year 2025-26, on Tuesday revealed its intention to impose an 18% sales tax on imported solar panels. The proposed tax would help the local industry grow, Finance Minister Muhammad Aurangzeb said in his budget speech in the National Assembly. The development comes amid a solar boom in the country, with net-metering capacity in Pakistan jumping to 2,813 megawatts (MW) as of March 31, 2025, according to the Pakistan Economic Survey 2024-25 released on Monday.
Business Recorder
08-05-2025
- Business
- Business Recorder
Cherat Cement, Shirazi Investments plan to acquire majority stake in Rafhan Maize
Cherat Cement Company Limited (CCCL) and Shirazi Investments (Private) Limited have expressed their intention to acquire up to 75.69% stake in Rafhan Maize Products Company Limited (RMPL), one of Pakistan's largest agro-based companies. Topline Securities, appointed Manager to the Offer, disclosed the development in a notice to the Pakistan Stock Exchange (PSX) on Thursday. 'We, Topline Securities Limited, have been appointed as Manager to the Offer by Cherat Cement Company Limited and Shirazi Investments (Private) Limited, in accordance with the Securities Act 2015 and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017. 'On behalf of the acquirers, we would like to submit the Public Announcement of Intention to acquire up to 75.69% shares of Rafhan Maize Products Company Limited, subject to receipt of regulatory and other approvals, if any,' read the notice. The development comes days after it was learnt that Ingredion Incorporated, a US-based food and beverage ingredient provider, is evaluating offers to sell its stake in RMPL. Giving a brief description of the intended acquisition, the notice stated that under the Share Purchase Agreement (SPA), Cherat Cement and Shirazi Investments each plan to directly acquire up to 3,495,526 shares, which is up to 37.845% of Rafhan Maize's paid-up capital each. Combined, they aim to acquire up to 6,991,052 shares or 75.69% of the company. However, the number of shares they might offer to buy from the public is 'not determinable at this stage' and will be determined after the SPA is signed. Cherat Cement Company Limited is publicly listed on the Pakistan Stock Exchange and is engaged in cement manufacturing. 'With a state-of-the-art production infrastructure and an installed capacity of 4.5 million tons per annum, it primarily serves the northern region of Pakistan. CCCL also plays an active role in regional trade, exporting cement to Afghanistan,' read the notice. Meanwhile, Shirazi Investments (Private) Limited operates as the investment arm of Atlas Group, a diversified conglomerate with investments in engineering, power, finance, and trading businesses, renowned for its strategic investments and strong governance.
