Attock Cement decides against acquiring Al-Abbas Cement
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. Published under Cement News
