Karachi: Cherat Cement Company Limited has disclosed the acquisition of a controlling stake in Nimir Industrial Chemicals Limited (NICL), marking a significant development in the chemicals sector. According to a report dated November 2, 2026, the company engaged in two Share Purchase Agreements on October 30, 2026, to secure this acquisition.

The first agreement involved a transaction with the majority shareholders of NICL to acquire 56,401,178 ordinary shares, which constitute 51.00% of the company's issued share capital. In a concurrent move, Cherat Cement entered into another agreement with certain non-controlling shareholders for the purchase of 14,457,000 ordinary shares, representing 13.07% of NICL's issued share capital.

The combined agreements entail the acquisition of 64.07% of NICL's issued share capital at a price of PKR 340 per share. According to information available from the Pakistan Stock Exchange (PSX), this acquisition positions Cherat Cement as the majority stakeholder in NICL, subject to the completion of regulatory approvals and other conditions.

The transaction will proceed in accordance with the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017. Cherat Cement, through its Manager to the Offer, KTrade Securities Limited, will make a Public Announcement of Offer to formalize the acquisition process.

The chemicals sector designated market category will be closely monitoring the development, as Cherat Cement awaits the necessary regulatory and other approvals to finalize the acquisition.