Fauji Foundation and KAPCO Plan Joint Acquisition of Attock Cement

Fauji Foundation and Kot Addu Power Company Limited (KAPCO) have officially declared their mutual intention to acquire a controlling stake and joint management of Attock Cement Pakistan Limited (ACPL).

KAPCO communicated this development to the Pakistan Stock Exchange (PSX) through a formal notification on Tuesday.

The notice stated, “The Board of Directors at KAPCO has given the green light for the acquisition of shares and joint control of Attock Cement Pakistan Limited (ACPL) by both the company and Fauji Foundation (FF), in accordance with the Securities Act, 2015, and the Listed Companies Regulations, 2017.”

The announcement also specified that the acquisition hinges on the completion of all essential corporate and regulatory procedures.

Integrated Equities Limited has been designated as the Manager to the Offer (MTO) by the company, which has also approved the commencement of due diligence and negotiations regarding the terms of the acquisition.

According to the public announcement of intention (PAI) submitted to the stock exchange, the acquiring parties aim to purchase 84.06% of APCL’s shareholding, divided equally between Fauji Foundation and KAPCO (42.03% each).

This development unfolds as Pharaon Investment Group Ltd., based in Lebanon, explores the potential strategic sale of its ownership in Attock Cement Pakistan Ltd. (ACPL).

Reports indicate that this potential transaction has garnered initial interest from prominent entities within the cement and energy sectors, including Cherat Cement, Bestway Group, KAPCO, and Fauji Cement.

Previously, Pharaon Investment Group had informed its stakeholders about the expressions of interest from several potential investors regarding the acquisition of its shares in ACPL, along with their intentions to submit binding offers.

PIGL has engaged Standard Chartered Bank to serve as the financial advisor for this divestment process.

Attock Cement Pakistan Ltd., established in Pakistan on October 14, 1981, operates as a public limited company. It functions as a subsidiary of Pharaon Investment Group Limited Holding S.A.L, located in Lebanon.

The company’s primary business activity revolves around the manufacturing and sale of cement products.