Lucky Cement Addresses Social Media Rumors Regarding Iraq Plant

Lucky Cement Limited released an official statement to the Pakistan Stock Exchange (PSX) on Friday to dispel what it described as speculation stemming from a widely circulated video on social media.

The company clarified that an incident at its Iraqi cement facility resulted in “minimal damage” to some electrical components. Despite the event, the plant remains fully operational.

The notification stated: “In compliance with Regulation 5.6.2 of the PSX Regulations, along with Section 96 of the Securities Act, 2015, this disclosure addresses rumors circulating on social media since yesterday and a supposed clarification issued by the Company.”

Lucky Cement added, “In this regard, we wish to inform you that the company’s cement plant, operating under a joint venture arrangement in Samawah, Iraq, is fully functioning, and no significant damage occurred to the plant itself.”

The company explained that an unidentified object struck the top section of the pre-heater installed at Samawah, Iraq, causing “minor damage to some electrical wiring”.

Earlier, Lucky Cement had announced the commencement of operations for its new clinker line at Najmat Al-Samawah (NAS) in Samawah, Iraq.

In May 2023, Lucky Cement and the Al-Shumookh Group of Iraq agreed to increase their clinker production capacity by adding a new production line with a capacity of 1.82 million tons per year (MTPA) in Samawah, Iraq.