Attock Cement on Tuesday dropped its deal to acquire Al-Abbas Cement after exercising due diligence and plans to communicate its latest decision to the Karachi Stock Exchange (KSE).
“Due diligence of acquiring Al-Abbas Cement ended with the idea being scrapped,” CEO of Attock Cement Babar Bashir Nawaz told to media.
Nawaz, however, did not disclose the reason for not acquiring Al-Abbas Cement. Attock Cement has decided to reveal its decision in its communiquÈ with KSE on Wednesday (today) under the listed companies’ regulations.
Industry sources speculated that Al-Abbas Cement, with an installed production capacity of 0.9Mta, may require heavy investment to be run on professional lines, something Attock Cement is not very keen on.