Binani Industries Press and Media
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Binani ‘Binani Cement’s board to mull raising up to USD 125 mn

Binani Cement announced that a meeting of the board of directors of the company will be held on Jan. 19, 2008 for the purpose of considering and approving the raising of funds up to a maximum of USD 125 million by way of foreign currency convertible bonds, Global Depositary Receipts, American Depository Receipts, Qualified Institutional Placements or other appropriate equity linked instruments.

The board of the company is looking at raising funds for the purpose of facilitating expansion of capacities and for overseas acquisitions. However, this is subject to all the necessary approvals.

The board of the company will also consider and approve taking on record the un-audited financial results (provisional) for the third quarter and nine months ended Dec. 31, 2007.