logo
Fauji Foundation, KAPCO eye majority stake in Attock Cement

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.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Recovery planning: SBP unveils regulatory framework for banks
Recovery planning: SBP unveils regulatory framework for banks

Business Recorder

time2 hours ago

  • Business Recorder

Recovery planning: SBP unveils regulatory framework for banks

KARACHI: In a major step towards enhancing financial stability, the State Bank of Pakistan (SBP) has introduced a comprehensive 'Regulatory Framework on Recovery Planning' for all banks. Aimed at aligning domestic practices with international standards and best practices, the framework outlines the SBP's supervisory expectations and seeks to harmonize recovery planning across the banking industry. The basic objectives of recovery planning are to ensure that the banks are prepared for periods of financial stress, can stabilize their financial position, recover from financial losses, and avoid failure. SBP injects record high Rs14.3trn in banks for seven days The SBP has asked banks to develop and maintain recovery plans that include a number of recovery options, and test their plans to assess their effectiveness. The recovery plan should include measures to reduce the risk profile of a bank and conserve capital in case of need. It should also include strategic options, such as, the divestiture of business lines and restructuring of liabilities, a circular issued by the SBP said. In order to strengthen recovery and resolution regime in Pakistan, various amendments in relevant laws i.e. Banking Companies Ordinance (BCO), 1962 and Deposit Protection Corporation (DPC) Act, 2016 have recently been enacted. The amendments provide explicit legal powers to State Bank to require the banks to submit a recovery plan in the form, content and manner as directed by the SBP, remove any impediments to the implementation of the plan, revise and update recovery plan etc. Accordingly, the SBP has developed a regulatory framework on recovery planning, in line with the international standards and best practices. As per framework, the banks are required to develop and maintain comprehensive recovery plans on group wide basis including their subsidiaries and associates, where applicable. The banks shall develop and submit their first Recovery Plans in light of this framework, duly approved by their Board of Directors to relevant Banking Supervision Departments by June 30, 2026 based on the audited financial statements as of December 31, 2025. Subsequently, all the banks are required to submit their Board approved recovery plans to relevant Supervision Department by 30th June of each year based on the latest audited financial statements or within 15 days of the Board's approval in case of revision in the plan based on material changes during the year. The recovery planning requirements would be applicable on banks requiring them to prepare and maintain comprehensive recovery plans on group wide basis including their subsidiaries and associates, where applicable. The banks may adjust their recovery plans keeping in view their size, complexity of operations, and risk profile while ensuring that at a minimum, key components set out in this framework are duly covered. The SBP has also directed the foreign bank branches to must align their recovery plans with those developed by their Head Office, ensuring consistency with the applicable provisions in this document with respect to their operations in Pakistan. While, the Islamic Banking Institutions (IBIs) will ensure that the recovery plans are in conformity with Shariah principles, and the role of Shariah Board has been appropriately defined (if required). In this regard, the banks are now required to incorporate their contingency funding plans in the board approved recovery plans prepared under this framework to effectively deal with unusual situations in a timely and effective manner. The SBP has warned that any violation of these instructions shall attract strict punitive action under the relevant provisions of the BCO, 1962. Copyright Business Recorder, 2025

Sindh Ombudsman finds KE CEO guilty of harassment, orders removal
Sindh Ombudsman finds KE CEO guilty of harassment, orders removal

Express Tribune

time13 hours ago

  • Express Tribune

Sindh Ombudsman finds KE CEO guilty of harassment, orders removal

Listen to article The Sindh Provincial Ombudsman has ordered the immediate removal of K-Electric's Chief Executive Officer, Moonis Alvi, and imposed a fine of Rs2.5 million after finding him guilty of workplace harassment. The order came in response to a complaint filed by Mahreen Aziz Khan, a former consultant and the company's first female CxO since its corporate restructuring began in 2009. The complaint, lodged in November 2020 under the Protection Against Harassment of Women at the Workplace Act, 2010, accused Alvi of harassment and creating a hostile environment. In his verdict, Justice (retd) Shahnawaz Tariq, who presided over the case, stated that Alvi had committed harassment and caused psychological distress to Khan and her team. Also Read: Pakistan launches new remote sensing satellite from China 'Accused No.1 Moonis Abdullah Alvi has committed harassment, created hostile environment and caused mental agony at the workplace to the complainant Mahreen Aziz Khan and her team,' the ruling said, citing Section 2(h) of the Act. The Ombudsman ordered Alvi's removal from service under Section 4(ii)(d) of the Act and directed him to pay the fine within one month. In case of non-compliance, the verdict allows for the seizure of his movable and immovable assets, and the blocking of his national identity card and passport. Three other individuals — Rizwan Dallal (Chief People Officer), Col (R) Wahid Asghar (Chief of Security), and Khalid Rafi (Board Member, HR Committee) — were also named in the original complaint but were discharged due to lack of evidence. 'In the absence of direct evidence, the allegations against the three co-accused could not be substantiated,' the ruling said. In a statement shared on social media platform X (formerly Twitter), Alvi expressed disappointment with the ruling. I have always upheld the values of integrity and dignity in professional interactions, and I deeply believe in fostering safe and inclusive workplaces for all. The recent verdict is deeply distressing to me. While I respect the legal process and the institutions that (1/4) — Moonis Alvi (@alvimoonis) July 31, 2025 'I have always maintained professionalism and integrity in all workplace relationships,' he said. 'The recent verdict is extremely distressing. I respect the legal system, though the outcome does not reflect the reality of my experience.' Alvi added that he is reviewing the decision with legal advisors and intends to appeal.

Sindh ombudsman orders to remove KE CEO Moonis Alvi for ‘workplace harassment'
Sindh ombudsman orders to remove KE CEO Moonis Alvi for ‘workplace harassment'

Business Recorder

time19 hours ago

  • Business Recorder

Sindh ombudsman orders to remove KE CEO Moonis Alvi for ‘workplace harassment'

The Sindh ombudsman has ordered to remove Syed Moonis Alvi from his position of K-Electric's chief executive officer (CEO), over his alleged involvement in a case pertaining to workplace harassment. Sindh Ombudsman for the Protection against Harassment of Women at the Workplace Justice (retired) Shah Nawaz Tariq has also imposed a fine of Rs2.5 million on Alvi in the same case. 'Moonis Abdullah Alvi is penalised under section 4(4)(ii)(c) of the Act, 2010, and is removed from his service instantly,' read the order issued by the ombudsperson. After allegation of harassing a woman was proven against him, the KE CEO must pay the fine within one month to the complainant through the registrar of the ombudsman's office, the Sindh government official stated. Meanwhile, Alvi has termed the ombudsman's decision 'deeply distressing' for him, saying the findings did not reflect the truth of the situation as he experienced it. Justice (retired) Tariq said in his decision that the KE CEO Alvi harassed and mentally tortured the complainant. 'If Moonis Alvi fails to pay the fine, his movable and immovable property should be confiscated,' he ordered. Moonis Alvi reappointed K-Electric CEO The ombudsman also stated that if Alvi does not pay the fine, his computerised national identity card (CNIC) and passport should also be blocked. In a series of tweets, the KE chief executive said he always upheld the values of integrity and dignity in professional interactions, and he deeply believed in fostering safe and inclusive workplaces for all. 'The recent verdict is deeply distressing to me. While I respect the legal process and the institutions that uphold it, I must, in good conscience, state that the findings do not reflect the truth of the situation as I experienced it,' he said. Alvi said he was reviewing the decision with his legal advisor to exercise his right to appeal. He said he was committee to bring the truth to light through all legal means. 'This has been a painful journey — not just professionally, but personally. I am currently reviewing the decision with my legal counsel and will be exercising my right to appeal. 'It is for anyone who feels wronged to be heard. I remain committed to ensuring that the truth is fully brought to light, through all lawful means available. 'In the meantime, I remain grateful for the support of those who know me, who have worked alongside me, and who believe in due process. My respect for the principles of justice and workplace dignity remains unwavering.' Alvi was appointed CEO of KE in June 2018. Under his leadership, KE has undertaken a series of investments across the energy value chain. These investments include the development of 900 MW RLNG-fired power plant. He joined KE in 2008 and has served as the company's Chief Financial Officer and also held the roles of Company Secretary and Head of Treasury. Alvi holds 30 years of diversified experience in finance, financial planning, and capital restructuring. He is a Fellow member of the Institute of Chartered Accountants of Pakistan.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store