Fauji Cement Co Ltd (FCCL) and Kot Addu Power Company Limited (KAPCO) have announced a public offer to acquire up to 10.95m ordinary shares, representing approximately 7.97 per cent of Attock Cement Pakistan Ltd (ACPL), as part of a broader transaction to secure joint control of the company.
In a filing to the Pakistan Stock Exchange (PSX), the companies said the offer follows a previously signed sale and purchase agreement (SPA) with Pharaon Investment Group Limited Holding SAL for the acquisition of 84.06 per cent of ACPL’s issued and paid-up capital.
Under the SPA, FCCL will acquire 57.76m ordinary shares, equivalent to 42.03 per cent of ACPL’s share capital, while KAPCO will purchase an equal 42.03 per cent stake at an adjusted price of PKR330.41 per share (US$1.18). Through the public offer, each party intends to acquire a further 3.98 per cent stake at the same price, potentially lifting their combined holding to nearly 92 per cent if fully subscribed.
The total estimated payout under the public offer, assuming full acceptance, is approximately PKR3.62bn.
In the notice, FCCL stated that the transaction is strategically beneficial as it strengthens its portfolio in the cement sector and complements its existing presence across Pakistan. For KAPCO, the deal marks an entry into the cement industry as it diversifies its investment base.
According to the public announcement, Attock Cement will continue to operate in the ordinary course of business and remain listed on the PSX.
