LAHORE: A bourse notification filed Thursday by Maple Leaf Cement Factory Limited (MLCF) revealed in pursuant of a decision by the Lahore High Court (LHC), the order of Environmental Protection Agency (EPA) to cease construction work at new-line 3 of has been set aside.
MLCF said Lahore High Court has passed the order to the effect that the Environmental Impact Assessment (EIA) filed by the company has been deemed to be approved, read the notification.
The notification read “it has been ordered that the Company maintains status quo until issuance of the report delineating negative and positive areas for cement plants is issued by the Punjab Government. The EPA has been directed to issue orders in light of the report considering that Company’s EIA already stands approved within a fortnight of its release, expected by mid-January 2018.”
In a notification sent to the Pakistan Stock Exchange (PSX) on 29th December 2017, EPA had ordered Maple Leaf Cement to cease carrying out any work at its expansion project to raise its capacity enhancement to 7,300 tons per day. The expansion project was being built at a capital outlay of $220 million.
At the time of filing this report, MLCF shares were trading at Rs80.65, up Rs1.15 and KSE-100 index was trading at 43,580.88 points, up 221.91 points from its opening on Thursday.
