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 several potential purchasers have shown involvement in acquiring its stockholding and plan to present definitive proposals.

The group communicated last year that it was assessing tactical alternatives regarding its cement business investment in Pakistan, which included a possible transaction.

Attock Cement informed the Pakistan Stock Exchange (PSX) that they received correspondence from Pharaon Investment Group Limited (Holding) S.A.L, Lebanon, the parent entity of Attock Cement Pakistan Limited, indicating their aim to reassess their long-term strategic choices, encompassing a prospective divestiture, regarding their investment within Pakistan’s cement sector.

In its notification to the PSX this Thursday, the group stated its continued interest in divesting its company shares, pending receipt of a commercially acceptable proposal.

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

The notice to the stock exchange emphasized their awareness of Pakistan’s relevant legal framework concerning acquisitions and their commitment to fulfilling all regulatory mandates throughout the transaction.

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

The company’s core operation involves cement production and sales.