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Cement co plans to invest in Iraq


Cement co plans to invest in Iraq


Staff Reporter
Wednesday, May 29, 2013 - Karachi—Attock Cement Company Limited has planned to makeinvestment in Cement Grinding Unit in Basra, Iraq. According to a notice sent by Attock Cement Pakistan Limited (ACPL) to Karachi Stock Exchange (KSE) that the company has an intention to invest about $25 million in new cement grinding unit in Basra, Iraq.

As per calculation, the company requires total investment of Rs2.46 billion. “The board of directors of the company has approved the investment for putting up a Cement Grinding Unit in Basra, Iraq, subject to regulatory and other approval and compliance with all applicable laws,rules and regulations,” the notice said. Muhammad Sarfraz Abbasi, an analyst at Summit Capital, said that the company presently had total cash and cash equivalents amounting to Rs1.60 billion in its balance sheet.

“We expect keeping other factors constant, the management might prefer to finance its new project partially by availing long term financing.

source: http://pakobserver.net/detailnews.asp?id=208230

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