According to the Pakistan Stock Exchange (PSX), Attock Cement Pakistan Ltd (ACPL) has garnered significant interest from investors wishing to acquire 84.06 per cent (115,526,349 shares) and joint control of the company.
PSX information indicates that Topline Securities Ltd, manager to the offer, has re-submitted the public announcement of intention to acquire 84.06 per cent (115,526,349 shares) and joint control of ACPL, held by Pharaon Investment Group Ltd (Holding) SAL, Lebanon on behalf of the Cherat Cement Co Ltd and Shirazi Investments (Private) Ltd as acquirers, under the provisions of the Securities Act, 2015 and the listed companies (substantial acquisition of voting shares and takeovers) Regulations, 2017.
Separately, the Board of Directors of Kot Addu Power Co Ltd has approved the acquisition of shares and joint control of ACPL by Kot Addu Power Co and Fauji Foundation. Additionally, ACPL has received a public announcement of intention from Arif Habib Ltd (the “Manager to the Offer”), on behalf of Alpha Cement Co Ltd, to acquire up to 115,526,349 voting shares (representing 84.06 per cent of the paid-up capital) of the target company.
Attock Cement Pakistan was established in 1981 in Hub, Balochistan, with an initial capital outlay of PKR1.5bn (US$5.31m), including a foreign exchange component of US$45m. The company began commercial production in 1988 with a plant capacity of 2000t of clinker. Through a series of expansions, with the latest line added in FY17-18, the company boasts a production capacity of 3Mta.
by Abdul Rab Sidiqqi, Pakistan
