Economy & Market
Premier buys National Cement for Tk 800m
Premier Cement, a leading construction material manufacturer, has bought Chittagong-based National Cement for 800 million taka, consolidating its position as a top-five cement manufacturer of the country. The Chittagong-based company bought the ailing National Cement and has pumped in additional funds to ramp up its production. Owned by a group of Chittagong-based manufacturers, National Cement is based on the banks of the river Karnaphuli and has a capacity to produce 1,800 tonne of cement a day. But the company has hit rough patches in recent years amid cut-throat competition in this fast-growing sector now undergoing massive consolidation.
Managing Director Amirul Haq
said that National Cement would keep its name but its produce would be re-branded as Premier Cement and marketed in the southeastern districts of Chittagong, Feni, Cox's Bazaar, Bandarban, Khagrachhari and Rangamati. He added that the company has brought in new machinery and manpower to fast-track production. The purchase of National Cement is believed to be the largest acquisition of a cement company by a rival. Earlier in 2003, global heavyweight Heidelberg Cement bought state-owned Chittagong Clinker and Cement Company and merged it into its Bangladesh operations.