Pharaon Investment Group Considers Divesting Attock Cement Shares

Pharaon Investment Group Limited (Holding) S.A.L, the Lebanese-based parent organization of Attock Cement Pakistan Limited (ACPL), revealed on Thursday that certain potential investors have shown interest in acquiring its shares and have indicated their intent to present formal, binding proposals.

The group announced last year that it was weighing various strategic alternatives regarding its investment in the Pakistani cement sector, including a possible sale.

In a previous notification to the Pakistan Stock Exchange (PSX), Attock Cement stated, “We are informing you that we have been notified by Pharaon Investment Group Limited (Holding) S.A.L, Lebanon, the parent entity of Attock Cement Pakistan Limited, about their plan to re-examine their long-term strategic options, which include a possible sale, concerning their investment in the cement business located in Pakistan.”

In its recent notification to the PSX this Thursday, the group communicated its ongoing interest in pursuing the disposal of its shareholding in the company, contingent upon receiving a commercially acceptable offer.

PIGL also disclosed the engagement of Standard Chartered Bank as the financial advisor for this divestment process.

The notification to the PSX further stated, “We are well aware of the relevant legal framework governing takeovers in Pakistan and will strive to ensure adherence to all regulatory prerequisites during the transaction.”

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, Lebanon.

The company’s primary business activity involves the production and distribution of cement.