KARACHI, Nov 2 (Focus Pakistan) - Cherat Cement Company Limited has signed deals to buy 64.07% of Nimir Industrial Chemicals Limited for about Rs24.09 billion, a move that would put a northern cement maker in charge of the country’s leading oleochemicals producer.
Company said that it executed two share purchase agreements on Oct 30. The first covers 56,401,178 shares, or 51%, from Nimir’s controlling shareholders. The second covers 14,457,000 shares, or 13.07%, from a set of non-controlling holders.
Cherat agreed to pay Rs340 a share under both.
That price sits 21.8% above Nimir’s Oct 30 close of Rs279.26 on the PSX and above its 52-week high. At Rs340, the deal values all 110.59 million Nimir shares at roughly Rs37.6bn.
The cheque alone runs to more than three times the Rs7.25bn net profit Cherat booked for the year ended June 30, 2026, a figure that itself fell 16% from Rs8.68bn a year earlier. The filing does not say how Cherat will fund the purchase, or whether it will borrow.
From 30% to control
Cherat first flagged its interest on Sept 10, when it announced an intention to acquire at least 30% of Nimir. Seven weeks later, it holds signed agreements for more than double that floor.
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The agreement also breaks a losing streak. In 2025, Cherat joined Shirazi Investments in a bid for 84.06% of Attock Cement Pakistan, then withdrew it in October. A month earlier, the same partners dropped a plan to buy a 75.69% stake in Rafhan Maize Products from US-based Ingredion.
This time, Cherat went alone.
Soap noodles, not clinker
Nimir makes nothing a cement buyer would recognise. Its main plant on the Sheikhupura-Faisalabad Road turns out stearic acid, glycerine, distilled fatty acids, soap noodles and caustic soda for multinational consumer-goods companies. In September 2024, it took over Procter & Gamble’s soap factory in Hub, Balochistan, and now toll-manufactures soaps, aerosols and home-care products.
Nimir’s management has said the company controls more than 75% of the domestic oleochemicals market. The company began life in 1994 as Ravi Alkalis Limited and listed on the exchange two years later. Company briefings put its installed capacity at roughly 140,000 tonnes of oleochemicals and 158,000 tonnes of chlor-alkali products. Last year, Nimir also told investors it would bid for the rest of P&G’s manufacturing assets in Pakistan.
Quarterly results from both companies show what Cherat stands to absorb.
In the July-September quarter, Nimir posted revenue of Rs15.27bn, roughly 45% more than Cherat’s Rs10.51bn over the same three months. Nimir kept far less of it. Its profit after tax came to Rs666.27 million. Cherat cleared Rs2.22bn.
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Put simply, Cherat would take on a business that sells more, earns thinner margins and answers to a completely different set of customers. Cement demand rises and falls with construction. Soap and detergent demand does not.
Minority shareholders next
The transaction still needs regulatory approvals and must meet conditions precedent in both agreements. Cherat said it will make a public announcement of offer under the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017, which gives the holders of Nimir’s remaining 35.93% their own say.
KTrade Securities Limited will run that offer as manager. The price Cherat sets for minority investors, and how many of them choose to sell, will decide how much of Nimir the cement maker finally owns.
