Cherat Cement raises stake in Cherat Packaging to 12.70% after acquiring 2.63 million shares

Cherat Cement Company Limited has increased its stake in Cherat Packaging Limited to 12.70% after acquiring 2,629,980 ordinary shares.

In a disclosure to the PSX on Wednesday, Cherat Cement said its total holding had risen to 6,236,504 shares, representing 12.70% of Cherat Packaging’s issued and paid-up capital.

The shares were acquired on July 21, while a separate intimation identified July 20 and July 21 as the dates on which the change in shareholding occurred.

The acquisition took Cherat Cement’s ownership above the 10% threshold, requiring disclosure under Section 110(1) of the Securities Act, 2015. The company notified the Pakistan Stock Exchange, the Securities and Exchange Commission of Pakistan and Cherat Packaging of the transaction.

The filing did not disclose the purchase price, total transaction value or the identities of the sellers.

Cherat Cement also said no company, fund or individual was acting in concert with it in the transaction. It had no nominee representing it on the Board of Directors of Cherat Packaging at the time of the disclosure.

Faruque (Private) Limited was identified as Cherat Cement’s largest shareholder, with a 21.67% stake.

Cherat Cement’s Board of Directors comprises Chairman Omar Faruque, Chief Executive Officer Azam Faruque, Non-Executive Directors Akbarali Pesnani and Arif Dino Faruque, Independent Directors Abrar Hasan, Zeeba Ansar and Ariful Islam, and Executive Director Yasir Masood.