Kohat Cement Company Limited has become a subsidiary of ANS Capital as the sponsors of Kohat Cement have transferred 55 percent of their holding to the latter.
According to the details, six of seven directors of the cement maker – presently controlling the company's management – have transferred their 55 percent shareholding to ANS Capital, a company wholly owned and controlled by these sponsors, in exchange for shares of the holding company i.e. ANS Capital.
These directors are Aizaz Mansoor Sheikh, Nadeem Atta Sheikh, Shahnaz Aizaz, Hafsa Nadeem, Mohammad Atta Sheikh and Mohammad Rehman Sheikh. Accordingly, a group has been formed, comprising of ANS Capital as the holding company and Kohat Cement as its subsidiary. The Securities and Exchange Commission of Pakistan (SECP) have approved the formation of the group and tax relief under 59B of the Income Tax Ordinance, 2001. Since the sponsors hold 100 percent shareholding and control of the holding company, there is no change in the management and control of Kohat Cement. Moreover, there is also no change on the board of Kohat Cement.
