Bestway Cement Limited has announced the completion of the construction and installation of a brownfield expansion project at its Farooqia plant site in a record 14 months.
In a notification sent to the Pakistan stock exchange on Friday, the company notified,
We are pleased to inform you that Bestway Cement Limited has completed the construction and installation of a brownfield expansion project at its Farooqia plant site in a record time of 14 months.
It added that the Farooqia Line II had a clinker capacity of 6,000 tons per day and it had started production on 31st May 2018.
Bestway Escapes Penalty
Bestway Cement Co and DG Khan Cement have also escaped harsh penalties from the Supreme Court (SC) for the Katas Raj temple case.
The country’s top court ruled that Bestway Cement and DG Khan Cement will find an alternate source of water for their needs.
The two companies also submitted Rs. 2 billion as the security deposit and agreed to pay for the water they use from now on.
However, they had been given six months to find an alternate to Katas Raj pond that has nearly dried up due to heavy consumption by these companies.
Not Acquiring North Plant of Dewan Cement
Bestway Cement Limited in April also announced that it has shelved its plan to acquire north plant of Dewan Cement Limited, citing legal hiccups and leaving room for other local players or a Chinese entrant to join forces with a key cement maker.
Due to delays and uncertainty resulting from recent legal proceedings initiated in the Sindh High Court, Bestway Cement Limited decided not to proceed with the acquisition of the north plant of Dewan Cement Limited.
Bestway Cement Limited produces and sells cement in Pakistan. It offers ordinary Portland, sulfate resistant, quick setting, and low alkali ordinary Portland cement, as well as clinker.
Bestway Cement Limited also exports its products to Afghanistan, India, Sri Lanka, Africa, the Middle East, and Central Asia.
Bestway Cement Limited’s share was closed at Rs. 137.96, +0.71% with a turnover of 8300 shares.
