Lebanese stakeholder in Attock Cement expresses enthusiasm from potential investors
** Pharaon Investment Group Limited's Shareholding in Attock Cement Pakistan Limited Up for Sale**
Thursday saw Pharaon Investment Group Limited (Holding) S.A.L, the Lebanon-based parent company of Attock Cement Pakistan Limited (ACPL), announce that it has garnered interest from potential investors eager to acquire its shareholding, with binding offers expected.
In the past, the group declared it was exploring strategic options, including a potential sale, regarding its investment in the cement business in Pakistan. Back in 2021, it informed the Pakistan Stock Exchange (PSX) of its plans to reconsider its long-term strategic options, including a possible sale of its investment in the cement industry in Pakistan.
Attock Cement communicated through the PSX on Thursday that Pharaon Investment Group Limited (Holding) S.A.L remains committed to the pursuit of divesting its shareholding in the company, contingent upon receiving a commercially appealing offer. Standard Chartered Bank has been appointed as the financial advisor for the divestment process.
The company affirmed its intention to adhere to the applicable legal framework governing takeovers in Pakistan and maintain compliance with all regulatory requirements throughout the transaction process.
Founded in Pakistan on October 14, 1981, Attock Cement Pakistan Ltd operates as a public limited company. It functions primarily in the production and distribution of cement. Attock Cement is a subsidiary of Pharaon Investment Group Limited Holding S.A.L, based in Lebanon.
Update on the progress of the divestment process will be furnished to the market as developments unfold.
- Interested investors may soon submit binding offers for the purchase of Pharaon Investment Group Limited's shareholding in Attock Cement Pakistan Limited, as the company continues its pursuit of divesting its stake in the business, contingent upon receiving a commercially appealing offer.
- In the realm of finance and business, Pharaon Investment Group Limited has announced that it is currently considering various options for its investment in Attock Cement Pakistan Limited, with the potential sale being among the possibilities on the table.
- To facilitate the divestment process, Standard Chartered Bank has been appointed as the financial advisor, ensuring a professional approach in navigating the options and finalizing any potential sale of Pharaon Investment Group Limited's index in Attock Cement Pakistan Limited.
