Bestway Cement shareholders have rejected a rights share offer from the company’s subsidiary, Bestway Automotive (Private) Limited, allowing the shares to be offered to another party.
The decision was taken at Bestway Cement’s shareholders meeting on August 31, 2026, according to a filing with the Pakistan Stock Exchange.
Following the rejection, Bestway Automotive can allot the rights shares to another party, including another company within the Bestway Group, subject to applicable laws and regulations.
The proposed allotment could lead to Bestway Automotive becoming a subsidiary of Bestway Cement, according to the disclosure. The company did not name the potential recipient or disclose the number or value of shares involved.
In simple terms: BWCL controls BAL → BWCL rejects the new shares → BAL gives the shares to someone else → BWCL may lose control of BAL → BAL is no longer its subsidiary.
Bestway Cement said the disclosure was submitted under Sections 96 and 131 of the Securities Act, 2015, along with the required form to the Securities and Exchange Commission of Pakistan and the Pakistan Stock Exchange.
