Dadex Eternit signs deal with Aqeel Karim Dhedhi to sell Karachi property for ₨800 million

Dadex Eternit Limited has entered into an agreement with businessman Aqeel Karim Dhedhi for the sale of its immovable property in Karachi for ₨800 million, according to a notice submitted to the Pakistan Stock Exchange (PSX).

In the disclosure, the company said the agreement relates to property located at Plot No. Deh-22, Manghopir, Karachi-75890. The proposed transaction has already received shareholder approval but remains subject to the completion of corporate, regulatory and procedural requirements.

Dadex Eternit stated that the sale has not yet been completed and will only be finalized after all required formalities are fulfilled.

The company noted that shareholders would be informed once the transaction is completed in accordance with applicable regulatory requirements.

Dadex Eternit, whose registered office is located at 34-A/1, PECHS Block 6, Karachi, said the agreement forms part of a transaction already approved by shareholders and involves the disposal of a company-owned immovable asset.

The company did not disclose the size of the property, the expected completion timeline, or the intended use of the proceeds from the proposed sale.

Dadex Eternit was incorporated in Pakistan as a public limited company on April 13, 1959, under the repealed Companies Ordinance, 1984, now the Companies Act, 2017.

The company is principally engaged in the manufacture and sale of construction materials, including piping systems and allied products made from chrysotile cement, rubber and plastics, as well as the merchandising of imported pipe fittings, accessories and other building products.