Pakistan's Lucky Cement to Issue GDR to Finannce Capex

KARACHI, July 5 Asia Pulse - Pakistan's largest producer of cement, Lucky Cement Limited, plans to raise equity funds through the issue of global depository receipts (GDRs) in the international market for financing its capital expenditure.

According to a notice sent to the Karachi Stock Exchange, the board of directors of the company considered the proposal and gave a go ahead to the launch of GDRs in a meeting held on Tuesday.

The cement company plans to set up two more lines of cement manufacturing in Karachi with a combined production capacity of 2.5 million tonnes per annum.

The company already has capacity to produce 6.5 million tonnes from its existing plants. Its local market share is the largest at 18 per cent.

(PPI)

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