Bidding War Heats Up for Attock Cement

The competition to acquire Attock Cement Pakistan Limited (ACPL) has grown more intense as Cherat Cement (CCCL) and Shirazi Investments have jointly declared their aim to secure a controlling interest of 84.06% in the firm.

Cherat Cement announced this development in a statement submitted to the Pakistan Stock Exchange (PSX) on Wednesday.

According to the announcement, the two acquiring entities plan to procure a minimum of 115.5 million shares, divided equally, and jointly manage ACPL.

About Cherat Cement Company

Cherat Cement Company Limited (CCCL) is a significant participant in the cement sector of Pakistan.

CCCL, with its advanced production facilities and a production capacity of 4.5 million tons annually, primarily caters to the northern region of Pakistan and actively participates in international commerce by exporting cement to Afghanistan, thus bolstering the nation’s export economy.

About Shirazi Investments

Shirazi Investments (Private) Limited serves as the investment division of Atlas Group, a diverse conglomerate involved in engineering, power, finance, and trading, recognized for its strategic investments and robust governance.

Background

This development follows an announcement by Pharaon Investment Group Ltd. (PIGL), a Lebanon-based entity and the primary shareholder of ACPL, regarding its exploration of a strategic sale of its 84.06% stake in the company.

The prospective sale has garnered initial attention from several prominent entities in the cement and energy industries, including Cherat Cement, Bestway Group, KAPCO, and Fauji Cement.

Previously, Pharaon Investment Group had informed stakeholders about the interest shown by potential investors in acquiring its shareholding in ACPL, along with their intention to present binding offers.

PIGL disclosed that Standard Chartered Bank has been engaged 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 and functions as a subsidiary of Pharaon Investment Group Limited Holding S.A.L, Lebanon.

Its core business revolves around the production and distribution of cement.