Race intensifies: Cherat Cement, Shirazi Investments move to acquire majority stake in ACPL
The race for the acquisition of Attock Cement Pakistan Limited (ACPL) has intensified after Cherat Cement (CCCL) and Shirazi Investments announced their intention to jointly acquire a majority stake of 84.06% in the company.
Cherat Cement disclosed the development in a notice to the Pakistan Stock Exchange (PSX) on Wednesday.
According to the notice, the two acquirers intend to purchase at least 115.5 million shares, split equally, and assume joint control of ACPL.
Cherat Cement Company Limited (CCCL) is a prominent player in Pakistan's cement industry.
With a state-of-the-art production infrastructure and an installed capacity of 4.5 million tons per annum, primarily serving the northern region of Pakistan, CCCL also plays an active role in regional trade, exporting cement to Afghanistan, thereby contributing to the country's export economy.
Meanwhile, Shirazi Investments (Private) Limited operates as the investment arm of Atlas Group, a diversified conglomerate with investments in engineering, power, finance, and trading businesses, renowned for its strategic investments and strong governance.
Fauji Foundation, KAPCO eye majority stake in ACPL
The development comes as Pharaon Investment Group Ltd. (PIGL), a Lebanon-based company and majority shareholder of ACPL, announced that it is exploring a strategic sale of its 84.06% stake in the company.
The potential sale has attracted initial interest from several major players in the cement and energy sectors, including Cherat Cement, Bestway Group, KAPCO and 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.
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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