Attock Cement to Invest $25m in Basra

By John Lee.

Pakistan's Attock Cement Pakistan Limited (ACPL) intends to invest around $25 million in a new cement grinding unit in Basra.

Summit Capital analyst Muhammad Sarfaraz Abbasi commented:

"Since Iraq is an economy which is coming out of war with a huge potential for reconstruction activities, we expect the project will pay ACPL back well in the coming years ...

"However, since the project's plan is at an initial stage, we are waiting for further details from the company to evaluate the impact of the project on its earnings going forward."

The producer of the well-known Falcon brand of cements posted revenue growth of just 9 percent in the last quarter.

(Sources: Express Tribune, Pakistan Stock Exchange)

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