KAPCO and Fauji Foundation Pursue Controlling Stake in Attock Cement

Kot Addu Power Company Limited (KAPCO) and Fauji Foundation (FF) are intensifying their collaborative bid to secure a controlling interest of 84.06% in Attock Cement Pakistan Limited. They have jointly presented a binding proposal to the existing shareholder, Pharaon Investment Group Limited S.A.L, for the acquisition of its complete shareholding.

KAPCO officially communicated this development in a notice submitted to the Pakistan Stock Exchange (PSX) on Tuesday.

Previously, in June, Fauji Foundation and KAPCO had formally indicated their যৌথ intention to jointly acquire a majority stake and joint management of ACPL.

According to the public announcement of intention (PAI) presented to the PSX, the acquiring parties intend to procure 84.06% of ACPL’s shares, divided equally between Fauji Foundation and KAPCO (42.03% each).

The notification stated, “The company has provided a binding offer to Pharaon Investment Group Limited S.A.L for the agreed-upon consideration regarding the proposed acquisition of the seller’s entire stake in the target, which constitutes 84.06% of the total issued and paid-up capital of the target.”

KAPCO clarified that the binding offer hinges on the seller’s acceptance, the execution of a share purchase agreement and associated transaction documents, and the fulfillment of necessary regulatory approvals and other stipulated conditions.

Separately, Attock Cement informed the PSX that the process initiated by its primary shareholder, Pharaon Investment Group Limited, Holding S.A.L, concerning the possible sale of its shareholding in ACPL remains active and is advancing.

ACPL conveyed, “The majority shareholder has stated that it has received binding proposals from multiple potential investors and is currently evaluating the commercial terms of these proposals in collaboration with its advisors.”

This development occurs as Pharaon Investment Group Ltd., a firm based in Lebanon, explores the strategic divestment of its stake in Attock Cement Pakistan Ltd. (ACPL).

This potential transaction has garnered initial interest from key entities within the cement and energy sectors, including Cherat Cement, Bestway Group, KAPCO, and Fauji Cement.

Pharaon Investment Group previously informed stakeholders about the interest expressed by prospective investors in acquiring its ACPL shareholding, along with their intention to submit binding offers.

PIGL disclosed the appointment of Standard Chartered Bank as the financial advisor for this divestment endeavor.

Attock Cement Pakistan Ltd. was established in Pakistan on October 14, 1981, as a public limited company and operates as a subsidiary of Pharaon Investment Group Limited Holding S.A.L, Lebanon. Its core business revolves around the manufacturing and distribution of cement.