By John Lee.
Pakistan's Attock Cement Pakistan Limited has given notice of an Extraordinary General Meeting (EGM) to be held on 25th May to approve the sale of its cement grinding facility in Iraq.
According to a stock excchange filing, Attock proposes to sell its 60-percent share (18 million shares) in Saqr Al-Keetan for Cement Production Company Limited (SAKCPCL),(pictured), located at Khor Al-Zubair, Basra, to two buyers:
- Mr. Abdul Lateef Mohsin Al Geetan, an Iraqi national, purchasing 50 percent of the sale shares (9,000,000 shares); and,
- M/s Lamassu Babylon General Trading Company, a company incorporated under the laws of Dubai, UAE, purchasing 50 percetb of the sale shares (9,000,000 shares).
The investment is a joint venture with the Iraq-based Al Geetan Commercial Agencies.
Each of the buyers is to pay US$11.7 million.
Previous information from the company revealed that the proposed sale is expected to generate a capital gain of approximately US$ 5.343 million.
(Source: Attock)