Fauji Foundation, KAPCO eye majority stake in Attock Cement
Fauji Foundation and Kot Addu Power Company Limited (KAPCO) have formally expressed their intention to jointly acquire a majority shareholding and joint control of Attock Cement Pakistan Limited (ACPL).
KAPCO disclosed the development in a notice to the Pakistan Stock Exchange (PSX) on Tuesday.
'The Board of Directors of KAPCO has approved the acquisition of shares and joint control of Attock Cement Pakistan Limited (ACPL) by the company and Fauji Foundation (FF) under the Securities Act, 2015 (the Act) and Listed Companies Regulations, 2017,' read the notice.
It added that the acquisition is subject to the completion of necessary corporate and regulatory formalities.
The company has appointed Integrated Equities Limited as Manager to the Offer (MTO) and sanctioned the commencement of due diligence and negotiation of acquisition terms.
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 development comes as Pharaon Investment Group Ltd., a Lebanon-based company, explores a strategic sale of its stake in Attock Cement Pakistan Ltd. (ACPL), concerning its investment in the Pakistani cement business.
The sale has attracted initial interest from several major players in the cement and energy sectors, including Cherat Cement, Bestway Group, KAPCO and Fauji Cement, reported Bloomberg, citing people familiar with the matter
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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