Fauji Foundation and Kot Addu Power Co Ltd have issued a public announcement of their intention to acquire a majority shareholding and joint control of Attock Cement Pakistan Ltd, marking a significant move in the cement industry.
The announcement, dated 3 June, states that Integrated Equities Ltd has been appointed as the Manager to Offer by the acquirers under Pakistan’s Securities Act, 2015, and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017. A Public Announcement of Intention is expected to be formally published within two working days.
Both Fauji Foundation and Kot Addu Power Co have been looking to expand their influence in the cement sector, according to information available from the Pakistan Stock Exchange.
