Bestway injects Rs 1.25 bn into Mustehkam Cement
Bestway Cement has invested Rs 1.25 billion in the company's subsidiary, Mustehkam Cement Ltd, through purchase of right shares. After the latest capital injection, Bestway Group's stake in Mustehkam Cement stands at 95.03 per cent of the total paid-up capital. The group purchased Mustehkam Cement back in September 2005 after a successful bid of $70 million for an 85.29 per cent stake. The plant had been dormant since 1999; however, it became operational roughly a month after the deal, in November 2005. It is located in Haripur, Khyber-Pakhtunkhwa, and has an installed capacity of about 0.6 million tonne per annum. Bestway intends to enhance capacity to 1.2 million tonne per annum, while also upgrading some of the existing production lines at the facility.