Attock Cement acquisition: Alpha Cement files PAI as Bestway exits the race
The development comes as ACPL's parent company, Pharaon Investment Group Ltd, signalled its intent to divest its shareholding in the cement manufacturer.
As per a public announcement of intention (PAI) filed by Arif Habib Limited, appointed as Manager to the Offer by Alpha Cement Company, the 'acquirer intends to acquire 84.06% shareholding, i.e. 115.5 million shares, and control of the target company, i.e. ACPL'.
Moreover, Alpha Cement has expressed interest in acquiring a further 7.97% (10.95 million shares) through a public offer, if required.
Fauji Foundation, KAPCO eye majority stake in Attock Cement
As per the PAI, Alpha Cement's principal line of business is to produce, manufacture, prepare, treat, process, refine, and deal in all kinds of cement and its allied products.
Bestway exits the race
In a separate notice, Bestway Cement (BWCL), one of the largest cement manufacturers in the country, informed that it had submitted a non-binding offer to Standard Chartered Bank (SCB), which is handling the sale process on behalf of PIGL, to purchase the majority stake in Attock Cement.
'This is in reference to your letter No. PSX/Gen-1107 dated 2nd June 2025, and the article published in the Business Recorder dated 30th May 2025, which reports on the proposed divestment by Pharaon Investment Group Limited (PIGL) of its shareholding in Attock Cement Pakistan Limited (ACPL), and mentions Bestway Cement Limited (BWCL) among the suitors and as one of the interested parties in the said transaction,' BWCL notice read.
The cement maker shared that it evaluated the opportunity presented by the proposed divestment of PIGL's shareholding in ACPL and submitted a non-binding offer to Standard Chartered Bank (SCB),
'This submission only constituted the preliminary and non-binding phase of the transaction process, which was intended to communicate our indicative interest to the seller's advisors.'
However, BWCL was later informed that it had not been invited to participate in the second phase of 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.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Express Tribune
2 hours ago
- Express Tribune
Trump's tariffs trigger boycott calls against US brands in India
ndia, the world's most populous nation, is a key market for American brands that have rapidly expanded to target a growing base of affluent consumers. PHOTO: REUTERS Listen to article From McDonald's and Coca-Cola to Amazon and Apple, US-based multinationals are facing calls for a boycott in India as business executives and Prime Minister Narendra Modi's supporters stoke anti-American sentiment to protest against US tariffs. India, the world's most populous nation, is a key market for American brands that have rapidly expanded to target a growing base of affluent consumers, many of whom remain infatuated with international labels seen as symbols of upward mobility. India, for example, is the biggest market by users for Meta's WhatsApp, and Domino's has more restaurants than any other brand in the country. Beverages like Pepsi and Coca-Cola dominate store shelves, and people still queue up when a new Apple store opens or a Starbucks cafe offers discounts. Although there is no immediate indication of sales being hit, there is a growing chorus both on social media and offline to buy local and ditch American products after Donald Trump imposed a 50% tariff on goods from India, rattling exporters and straining ties between New Delhi and Washington. Read More: Pakistan, India should talk before it is too late McDonald's, Coca-Cola, Amazon and Apple did not immediately respond to Reuters queries. Manish Chowdhary, co-founder of India's Wow Skin Science, took to LinkedIn with a video message urging support for farmers and startups to make 'Made in India' a 'global obsession,' citing South Korea's global success with its food and beauty products. 'We have lined up for products from thousands of miles away. We have proudly spent on brands that we don't own, while our own makers fight for attention in their own country,' he said. Rahm Shastry, CEO of India's DriveU, which provides an on-call driver service, wrote on LinkedIn: 'India should have its own home-grown Twitter/Google/YouTube/WhatsApp/Facebook — like China has.' Indian retail companies give foreign brands like Starbucks stiff competition domestically, but going global has been a challenge. Indian IT services firms, however, have become deeply embedded in the global economy, with TCS and Infosys providing software solutions worldwide. On Sunday, Modi made a 'special appeal' for self-reliance, telling a gathering in Bengaluru that Indian technology companies make products for the world but 'now is the time for us to give more priority to India's needs.' He did not name any company. Also Read: India faces tough choices under US tariff pressure Don't drag my McPuff into it Even as anti-American protests simmer, Tesla launched its second showroom in India in New Delhi, with Monday's opening attended by Indian commerce ministry and U.S. embassy officials. The Swadeshi Jagran Manch, linked to Modi's Bharatiya Janata Party, held small rallies across India on Sunday, urging people to boycott American brands. 'People are now looking at Indian products. It will take some time to fructify,' Ashwani Mahajan, the group's co-convenor, told Reuters. 'This is a call for nationalism, patriotism.' He also shared a table circulating on WhatsApp, listing Indian brands of bath soaps, toothpaste, and cold drinks that people could choose over foreign ones. On social media, one of the group's campaigns is a graphic titled 'Boycott foreign food chains,' displaying logos of McDonald's and other restaurants. In Uttar Pradesh, Rajat Gupta, 37, dining at a McDonald's in Lucknow on Monday, said he was unconcerned about the tariff protests and simply enjoyed his 49-rupee ($0.55) coffee. 'Tariffs are a matter of diplomacy, and my McPuff, coffee should not be dragged into it,' he said.
Express Tribune
4 hours ago
- Express Tribune
US to collect share of Nvidia, AMD AI chip earnings from China
Nvidia CEO Jensen Huang met with US President Donald Trump at the White House on Wednesday and agreed to give the federal government the cut from its revenues. PHOTO: FILE Listen to article US semiconductor giants Nvidia and Advanced Micro Devices have agreed to pay the United States government 15 percent of their revenue from selling artificial intelligence chips to China, according to media reports Sunday. Nvidia CEO Jensen Huang met with US President Donald Trump at the White House on Wednesday and agreed to give the federal government the cut from its revenues, a highly unusual arrangement in the international tech trade, according to reports in the Financial Times, Bloomberg and New York Times. According to the Financial Times, the artificial intelligence chips that are part of the agreement with the US government are Nvidia's "H20" and the "MI308" from Advanced Micro Devices (AMD). Nvidia did not deny the reported deal when approached for comment. "We follow rules the US government sets for our participation in worldwide markets," a spokesperson told AFP. Read More: Nvidia H20 chips 'unsafe for China', says Chinese state media "While we haven't shipped H20 to China for months, we hope export control rules will let America compete in China and worldwide." The company spokesperson added: "America cannot repeat 5G and lose telecommunication leadership. America's AI tech stack can be the world's standard if we race." AMD did not immediately respond to inquiries for comment. Investors are betting that AI will transform the global economy, and Nvidia -- the world's leading semiconductor producer -- last month became the first company ever to hit $4 trillion in market value. The California-based firm has, however, become entangled in trade tensions between China and the United States, which are waging a heated battle for dominance to produce the chips that power AI. The US has been restricting which chips Nvidia can export to China on national security grounds. Nvidia said last month that Washington had pledged to let the company sell its H20 chips to China, which are a less powerful version that the tech giant specifically developed for the Chinese market. The Trump administration had not issued licenses to allow Nvidia to sell the chips before the reported White House meeting. On Friday, however, the Commerce Department started granting the licenses for chip sales, the reports said. Also Read: US licenses Nvidia to export chips to China Silicon Valley-based AMD will also pay 15 percent of revenue on Chinese sales of its MI308 chips, which it was previously barred from exporting to the country. The deal could earn the US government more than $2 billion, according to the New York Times report. The move comes as the Trump administration has been imposing stiff tariffs, with goals varying from addressing US trade imbalances, wanting to reshore manufacturing, and pressuring foreign governments to change policies. A 100 percent tariff on many semiconductor imports came into effect last week, with exceptions for tech companies that announce major investments in the United States. "It's a political tariff in everything but name, brokered in the shadow of heightened US-China tech tensions," Stephen Innes of SPI Asset Management said.
Business Recorder
7 hours ago
- Business Recorder
Palm closes over 3% higher following crucial data announcement
JAKARTA: Malaysian palm oil futures closed more than 3% up, its highest close since April 3, after Malaysia Palm Oil Board's (MPOB) supply data and cargo surveyors' export estimates were published on Monday. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange rose 129 ringgit, or 3.03%, to 4,384 ringgit ($1,036.16) a metric ton at the close. 'The MPOB data is stronger than expectation, coupled with Dalian jump, we expected market to trade higher,' a Kuala Lumpur-based trader said. Malaysia's palm oil stocks rose to their highest level in almost two years in July, increasing 4.02% over the month to2.11 million metric tons as robust production outpaced an increase in demand, data from the industry regulator showed on Monday. Exports of Malaysian palm oil products for August 1-10 rose 23.3% according to cargo surveyor Intertek Testing Services, while according to AmSpec Agri Malaysia it rose 23.7%. Malaysian palm oil futures climb Dalian's most-active soyoil contract rose 0.52%, while its palm oil contract gained 2.29%. Soyoil prices on the Chicago Board of Trade were up 1.68%. Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market. Indonesia reaffirmed a plan to raise the mandatory palm oil content in its biodiesel to 50% starting from next year, but the programme known as B50 is unlikely to start in January, senior energy ministry official Eniya Listiani Dewi told reporters on Monday. The ringgit, palm's currency of trade, strengthened slightly 0.09% against the dollar, making the commodity slightly more expensive for buyers holding foreign currencies.
