Latest news with #ACPL
Business Recorder
4 days ago
- Business
- Business Recorder
Race intensifies: Cherat Cement, Shirazi Investments move to acquire majority stake in ACPL
The race for the acquisition of Attock Cement Pakistan Limited (ACPL) has intensified after Cherat Cement (CCCL) and Shirazi Investments announced their intention to jointly acquire a majority stake of 84.06% in the company. Cherat Cement disclosed the development in a notice to the Pakistan Stock Exchange (PSX) on Wednesday. According to the notice, the two acquirers intend to purchase at least 115.5 million shares, split equally, and assume joint control of ACPL. Cherat Cement Company Limited (CCCL) is a prominent player in Pakistan's cement industry. With a state-of-the-art production infrastructure and an installed capacity of 4.5 million tons per annum, primarily serving the northern region of Pakistan, CCCL also plays an active role in regional trade, exporting cement to Afghanistan, thereby contributing to the country's export economy. Meanwhile, Shirazi Investments (Private) Limited operates as the investment arm of Atlas Group, a diversified conglomerate with investments in engineering, power, finance, and trading businesses, renowned for its strategic investments and strong governance. Fauji Foundation, KAPCO eye majority stake in ACPL The development comes as Pharaon Investment Group Ltd. (PIGL), a Lebanon-based company and majority shareholder of ACPL, announced that it is exploring a strategic sale of its 84.06% stake in the company. 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.
Business Recorder
5 days ago
- Business
- Business Recorder
Fauji Foundation, KAPCO eye majority stake in ACPL
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, 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, 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.
Business Recorder
5 days ago
- Business
- Business Recorder
Attock Cement acquisition: Alpha Cement files PAI as Bestway exits the race
Alpha Cement Company Limited, a Karachi-based company, intends to acquire the majority stake and control of Attock Cement Company Limited (ACPL). 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.
Business Recorder
5 days ago
- Business
- Business Recorder
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.
Business Recorder
30-05-2025
- Business
- Business Recorder
Cherat, Bestway interested in Attock Cement as Pharaon mulls exit: Bloomberg
Pharaon Investment Group Ltd., a Lebanon-based company exploring a strategic sale of its stake in Attock Cement Pakistan Ltd (ACPL), has attracted initial interest from several major players in the cement and energy sectors, including Cherat Cement and Bestway Group, reported Bloomberg, citing people familiar with the matter. According to the report, Pakistani cement giants, including Cherat and Bestway, are among suitors considering bids for the stake. Meanwhile, Kot Addu Power Co. from the energy sector has also been evaluating ACPL 'and may explore a joint offer with a local building materials producer like 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. Last year, it was reported that Pharaon Investment was exploring strategic options, including a potential sale, in relation to its investment in the cement business in Pakistan. 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.
