7,796
August 4, 2009
News : Lucky Cement Ltd., Pakistan’s biggest producer, plans to start its first overseas factory in Africa by 2011 to take advantage of a construction boom. “The African market is where the future growth for Pakistan lies,” Chief Executive Officer Muhammad Ali Tabba said yesterday in an interview in Karachi. “Demand is growing and there are not many plants in the region.”…“Lucky has the first-mover advantage in capacity building, exploring export markets and providing better quality with competitive prices,”…Lucky, which accounts for a third of Pakistan’s overseas cement sales, exported 57 percent of its production to the Middle East, Africa, Sri Lanka, India and Afghanistan in the nine months ended March 31.
Sales to India, Sri Lanka and Egypt will continue to grow, as demand from the Middle East slows, Tabba said. The cement maker’s full-year profit may rise 60 percent, First Capital’s Khan estimated. The company is expected to announce full-year earnings tomorrow…. Bloomberg
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Market Close : 7,796.22 — 79.23 points up
