6 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.
