Karachi: Gharibwal Cement Limited has officially refuted circulating rumors about its alleged plans to divest a percentage of its stake to another cement manufacturing entity. The speculation, which has been spreading across various WhatsApp groups, suggested that such a transaction was in preliminary discussions and would be executed at a premium valuation.

The company, in a formal communication has addressed these rumors under the purview of PSX Regulation 5.6.2. The statement clearly emphasizes that there are no ongoing discussions or negotiations involving the divestment of shares by the company or its directors, who currently maintain majority shareholding.

According to information available from the Pakistan Stock Exchange (PSX), Gharibwal Cement Limited, along with its sponsors, major shareholders, and directors, has categorically disassociated itself from what it terms as "baseless and unfounded information." The company has urged the Exchange to ensure that this clarification reaches the TRE Certificate-holders, reinforcing their position against the rumor.

Gharibwal Cement Limited's response serves to maintain transparency and uphold investor confidence within the designated market category. The company remains committed to its current business operations and assures stakeholders of no such divestment activities.