Fauji Foundation, KAPCO move ahead toward ACPL acquisition
KAPCO disclosed the development in its notice to the Pakistan Stock Exchange (PSX) on Tuesday.
Earlier in June, Fauji Foundation and KAPCO formally expressed their intention to jointly acquire a majority shareholding and joint control of ACPL.
As per the public announcement of intention (PAI) submitted to the bourse, the acquirers intend to purchase 84.06% shareholding (Fauji Foundation 42.03%, KAPCO 42.03%) of APCL.
'The company has submitted a binding offer to Pharaon Investment Group Limited S.A.L for the approved consideration in connection with the proposed purchase of the seller's entire shareholding in the target, consisting of 84.06% of the total issued and paid-up capital of the target,' read the notice on Tuesday.
KAPCO said the binding offer is subject to acceptance by the seller and execution of the share purchase agreement and related transaction documents, along with satisfaction of regulatory approvals and other conditions.
The development comes as Pharaon Investment Group Ltd., a Lebanon-based company, is exploring a strategic sale of its stake in Attock Cement Pakistan Ltd. (ACPL).
The potential sale has attracted initial interest from several major players in the cement and energy sectors, including Cherat Cement, Bestway Group, KAPCO and Fauji Cement.
Earlier, Pharaon Investment Group informed its stakeholders that certain prospective investors had expressed interest in acquiring its shareholding in ACPL and also indicated their intention to submit binding offers.
PIGL shared that Standard Chartered Bank has been appointed as a financial advisor for the divestment process.
Attock Cement Pakistan Ltd was incorporated in Pakistan on October 14, 1981, as a public limited company. The company is a subsidiary of Pharaon Investment Group Limited Holding S.A.L, Lebanon.
Its main business activity is the manufacturing and sale of cement.
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