The Gharibwal Cement Limited (GCL) has successfully completed a financial package geared towards induction of a Captive Power Plant at the company's production facility and hoped to save over Rs 117 million in the first year, said a press release on Wednesday here.
A signing ceremony to that effect held on December 29, 2004. The company is one of the more established cement producers in Pakistan with an annual capacity of over 540,000 tons per annum.
As per details, the financial package has been structured as a blended hybrid of not only additional equity injection of Rs 40 million by the sponsors but also entails structuring of leasing and debt participation of Rs 280 million with a maturity profile of 5 year, the release elaborated.
At the occasion of signing ceremony, the Company Chairman Tousif Peracha spoke about how induction of the Captive Power Plant would prove beneficial and the company's shift away from reliance on furnace oil for its energy needs. He also stressed that this financial package would enable the company to improve its margins and efficiency levels and thanked all participating institutions for their confidence in Gharibwal Cement and the management.
It may be noted ORIX Investment Bank Pakistan (OIBP) Limited was the Financial Advisor for the arrangement and structuring of this financial package.
Also speaking at the occasion was the OIBP Managing Director Naim Farooqui, who elaborated on the contribution of the cement sector to the overall improvement in the economy of the county and thanked the participants, he said and emphasised on the positive outlook for the cement sector growth both in the near and long term, the release concluded.-PR
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