Attock completes due diligence for Al-Abbas acquisition

Attock completes due diligence for Al-Abbas acquisition
Published: 17 May 2010

Pakistan cement producer Attock Cement has completed due diligence process for acquiring fellow domestic manufacture Al-Abbas Cement and it will take 30-60 days to complete the acquisition process if its offer gets accepted, an Attock Cement official said on Thursday.

“We will bid for the target company before May 25,” said Irfan Amanullah, General Manager, Attock Cement.

If the deal materialises, Attock Cement’s production would rise to 2.7Mta from the existing 1.8Mt, he said. Al-Abbas, which manufactures 0.9Mta, incurred PKR388m losses during the nine-month period ended on March 31, while the Attock Cement earned a profit of PKR893m during the same period.