Islamabad, Sep 9: Attock Cement Pakistan Limited (ACPL) has received a payment of US$ 5.85 million (Rs. 11.83/share) for the sale of its remaining 4.5 million shares in its subsidiary, Saqr Al Keetan for Cement Production Company Limited (SAKCPCL), as per a notice shared on PSX today.
The transfer of these shares is currently being started by Attock Cement (ACPL) which previously owned 60% parts in SAKCPCL, JS GLobal.
It was agreed that the US$ 23.4 million total sale consideration would be paid in three installments, with this payment representing the last installment.
While the second tranche was received in 4QFY24, the first tranche was received in 4QFY23.
In accordance with the conditions of the sale agreement, the gain related to this transaction also includes the exchange difference, non-competing fee, and payment for the loss of majority control.
The board of ACPL thinks that this transaction will give the business more cash to invest in other lucrative
