Fauji Cement Company Limited (FCCL) has announced that its Board of Directors has approved a plan to jointly acquire a controlling stake in Attock Cement Pakistan Limited (ACPL) along with Kot Addu Power Company Limited (KAPCO), according to a notice submitted to the Pakistan Stock Exchange (PSX) on Monday.
Under the arrangement, both Fauji Cement and KAPCO will jointly acquire 84.06% of ACPL’s issued and paid-up capital, giving them shared control of the company. Each will purchase 57.76 million ordinary shares, representing 42.03% of Attock Cement’s total paid-up share capital.
“The acquisition is subject to execution of a share purchase agreement, related transaction documents, and necessary regulatory approvals,” the PSX notice added.
The move follows Pharaon Investment Group Limited (PIGL), a Lebanon-based firm and current majority shareholder, deciding to divest its entire stake in Attock Cement Pakistan Limited. The potential sale attracted several major investors from the cement and energy sectors, including Cherat Cement, Bestway Group, Fauji Cement, and KAPCO.
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Back in August, Fauji Foundation and KAPCO had already submitted a binding offer to PIGL for its entire shareholding in ACPL. Standard Chartered Bank has been appointed as the financial advisor for the divestment process.
Attock Cement Pakistan Limited, established in 1981, is engaged in the manufacturing and sale of cement. It operates as a subsidiary of Pharaon Investment Group Limited Holding S.A.L, Lebanon.
