Last checked at 16 May 2008 16:20
Lucky Cement Limited and Noor Financial Investment Company of Kuwait signed a MoU for supply of clinker for 5 years
We would like to inform that M/s. Lucky Cement Limited, the largest manufacturer and exporter of cement in Pakistan, has entered into a Memorandum of Understanding (MoU) with Noor Financial Investment Company (Noor) for supply of 500,000 tonnes clinker per annum for a period of 5 years with additional option of 150,000 tonnes each year.
Noor is a Kuwaiti investment company and the financial arm of the National Industries Group (NIG), which is one of the largest and best performing industrial conglomerate in Middle East and one of its subsidiaries M/s National Industries Company (NIC) specializes in manufacturing and marketing building materials and infrastructure products. NIC has the largest industrial complex for construction materials in the Middle East with the largest market share of building materials in Kuwait.
The Middle East is at present undergoing a construction boom and countries like UAE, Kuwait, Iraq and Qatar are severely facing shortfall of cement. Pakistan with its growing cement industry has an excellent opportunity for export of cement/clinker to these countries due to its close proximity to the region. Lucky is ideally placed due to location of its southern plant close to Karachi Port from where most of the exports take place.
This MoU will allow Lucky to increase its growing exports to the Middle East under a guaranteed off-take arrangement which will further strengthen its dominant position of exports from the Country. Lucky is the only cement exporter in Pakistan with infrastructure facilities at Karachi port for the storage, handling and loading of loose cement.
For: LUCKY CEMENT LIMITED
MUHAMMAD ABID GANATRA
Company Secretary