Cherat Cement Company Ltd. agreed to acquire a controlling 51% stake in Nimir Industrial Chemicals Ltd., marking a cross-sector expansion by the cement maker into Pakistan’s industrial chemicals space.

The share purchase agreement, signed Oct. 30, covers 56.4 million shares at Rs. 340 apiece, valuing the transaction at about Rs. 19.2 billion, according to a notice sent to the Pakistan Stock Exchange on Monday. The sellers are the company’s controlling shareholders.

The deal is subject to conditions precedent set out in the agreement and regulatory approvals, Nimir said in the disclosure, made under the Securities Act 2015 and the PSX rule book. Muhammad Inam ur Rahim, company secretary at Nimir, signed the notice.

The acquisition gives Cherat a foothold in industrial chemicals at a time when Pakistan’s manufacturers are grappling with elevated energy and financing costs. Nimir, listed on the PSX, manufactures chemicals including caustic soda and allied products used across textiles, soaps and detergents.

Neither company disclosed the identity of the selling shareholders or a timeline for completion.