Saturday, June 27, 2009

BVI company acquires shares of Pioneer Cement Ltd

Vision Holding Middle East Ltd, British Virgin Islands-registered company having its headquarters in Karachi, Pakistan, announced the acquisition of 24.599 % shares in Pioneer Cement Ltd - a public company incorporated in Pakistan and engaged in manufacturing and sale of cement.

The shares have been purchased by the BVI company at the rate of Rs10 ($0.12) per share on June 18, 2009. According to information received by Karachi Stock Exchange, the purchase price is Rs22 per share - subject to downward adjustment following completion of due diligence, which will be done in the next four months to determine the final price.

Vision Holding Middle East has also entered into a call-and-put option agreement with several shareholders of Pioneer Cement Ltd for the purchase of 28.855 % of the total issued and paid up share capital of the Pakistani company in the next 1,5 years. Also, the Competition Commission of Pakistan has given its clearance to the acquisition initiated by the BVI company.