ISLAMABAD: Fauji Cement Company Limited (FCCL) has announced that its Board of Directors has approved a plan to jointly acquire a controlling stake in Attock Cement Pakistan Limited (ACPL) along with Kot Addu Power Company Limited (Kapco).
The listed cement manufacturer disclosed this development in a notice to the Pakistan Stock Exchange (PSX). According to the company, the proposed acquisition covers 84.06 percent of ACPL’s issued and paid-up capital, giving both firms joint control of the cement producer.
Under the agreement, Fauji Cement will acquire 57.76 million ordinary shares, representing 42.03 percent of ACPL’s paid-up capital, while Kapco will purchase an equal number of shares corresponding to another 42.03 percent.
The notice stated that the transaction remains subject to the signing of the Share Purchase Agreement and related documents, completion of regulatory approvals, and fulfillment of other conditions outlined in the transaction documents.
The development comes as Lebanon-based Pharaon Investment Group Limited, the parent company of ACPL, considers a strategic sale of its shareholding. Several major players in the cement and energy sectors — including Cherat Cement, Bestway Group, Kapco, and Fauji Cement — had earlier expressed interest in the acquisition.
In August, both Kapco and Fauji Foundation submitted a binding offer to Pharaon Investment Group Limited SAL for the purchase of its entire shareholding in ACPL.
Pharaon Investment Group had previously informed its stakeholders that a number of potential investors had shown interest in acquiring its stake in ACPL and that formal offers were under consideration. The group had appointed Standard Chartered Bank as financial advisor for the divestment process.
Attock Cement Pakistan Limited, incorporated in Pakistan on October 14, 1981, is a public limited company and a subsidiary of Pharaon Investment Group Limited Holding SAL (Lebanon). The company is engaged in the manufacturing and sale of cement.
