KARACHI: Consequent to construction activity picking up and significant spend on infrastructure, expected to continue, the board of directors of Fauji Cement Company Limited has decided to invest in additional cement capacity.
The board of directors of Fauji Cement Company Limited, in its meeting held on Friday, has approved subject to all regulatory approvals setting up of Greenfield Cement Manufacturing Plant of 2.05 million tons per annum at Dera Ghazi Khan.
The equity portion of the expansion will be funded through internal cash generation, a notice sent to Pakistan Stock Exchange said.
The total project cost will be announced after conclusion of negotiation with the suppliers and contractors, the notice said.
The construction work on the project is expected to commence within current financial year and is expected to have a construction period of about 2.5 years. Currently, the Company is targeting financial closed by March 31, 2021, the notice added.
Copyright Business Recorder, 2021
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