Attock Cement Pakistan Ltd (ACPL) has announced that its majority shareholder, Pharaon Investment Group Ltd, Holding SAL, is actively engaged in the process of potentially divesting its shareholding in the company.
The disclosure, made on the Pakistan Stock Exchange (PSX) website under Section 96 of the Securities Act, 2015 and Regulation 5.6 of the PSX Rule Book, confirms that multiple binding offers have been received from prospective investors. The majority shareholder, together with its advisors, is currently evaluating the commercial terms of these offers.
Established in 1981 with an initial investment of PKR1.5bn (US$17.22m), including US$45m in foreign exchange. ACPL commenced commercial production in 1988 with a clinker capacity of 2000tpd (0.6Mta). Through successive expansions, most recently in FY18, the company has grown its production capacity to 3Mta. Operating three manufacturing lines at its Hub, Balochistan facility, ACPL remains a significant player in Pakistan’s cement industry.
By Abdul Rab Siddiqi, Pakistan
