KARACHI: Calicom Industries (Pvt) Limited has expressed intention to acquire 79.19 million share constituting 83.5 percent of the issued share capital of Dandot Cement Company Limited through their manager Pervez Ahmed Capital (Pvt) Limited. Calicom also plans strategic investment in the cement sector.
According to the details, Calicom Industries intends to acquire as much as 63.542 million shares constituting 67 percent of the share capital of Dandot Cement through share purchase agreement (SPA) at the rate of Rs12.59/share while 15.648 million shares (16.5 percent of the share capital) through public offer at the rate of Rs12.59/share. The proposed financial consideration of the acquisition comes to Rs997 million.
Calicom Industries was incorporated on September 26, 2018 in Lahore with authorized and issued share capital of Rs50 million. Calicom entered into a share purchase agreement with Dandot Cement on November 07, 2018 for the purchase of 63.54 million shares.
The major areas of Calicom’s operations include set up, organize, establish, manage, run, operate and new industrial undertaking or otherwise acquire, purchase interest, right, share in any existing cement or any other undertaking, mill, factory or business entity.
Calicom’s sponsors and directors are Taha Muhammad Naseem and Zaka Muhammad Naseem.
Calicom Industries intends to invest in the cement sector as the future outlook of the sector is positive and profitable. Dandot Cement Company has much potential to become a profit generating business and is a good platform for Calicom to make its entry in the cement sector, which plans to increase the production capacity of Dandot Cement and increase its efficiency and profitability.