Cherat, Bestway interested in Attock Cement as Pharaon mulls exit: Bloomberg
Pharaon Investment Group Ltd., a Lebanon-based company exploring a strategic sale of its stake in Attock Cement Pakistan Ltd (ACPL), has attracted initial interest from several major players in the cement and energy sectors, including Cherat Cement and Bestway Group, reported Bloomberg, citing people familiar with the matter.
According to the report, Pakistani cement giants, including Cherat and Bestway, are among suitors considering bids for the stake. Meanwhile, Kot Addu Power Co. from the energy sector has also been evaluating ACPL 'and may explore a joint offer with a local building materials producer like Fauji Cement.'
Earlier, Pharaon Investment Group informed its stakeholders that certain prospective investors had expressed interest in acquiring its shareholding in ACPL and also indicated their intention to submit binding offers.
PIGL shared that Standard Chartered Bank has been appointed as a financial advisor for the divestment process.
Last year, it was reported that Pharaon Investment was exploring strategic options, including a potential sale, in relation to its investment in the cement business in Pakistan.
Attock Cement Pakistan Ltd was incorporated in Pakistan on October 14, 1981, as a public limited company. The company is a subsidiary of Pharaon Investment Group Limited Holding S.A.L, Lebanon.
Its main business activity is the manufacturing and sale of cement.
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