Fauji Foundation on Monday put up for sale a 52 percent stake in Fauji Cement Company Ltd (FCCL). FCCL shares were up 4.8 percent at Rs 28.25 in a broader market that was down 0.4 percent, making a 52 percent stake worth about 91 million dollars, according to Reuters data.
Fauji Foundation, a local investment group run by former military men, said in a newspaper advertisement that expressions of interest (EoI) should be submitted by January 10.
FCCL is a public listed company and was incorporated in 1992. It has a paid-up share capital of about Rs 4.2 billion ($70.25 million). According to Reuters data it has 370.74 million shares in issue.
"The principal activity of FCCL is production and sale of ordinary Portland cement. The plant of FCCL has a production capacity of 3.700 metric tons per day," Fauji Foundation said in the advertisement. The plant is in Attock district in Punjab province.
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