Pharaon Investment Group Limited (Holding) S.A.L, Lebanon, the parent company of Attock Cement Pakistan Limited (ACPL) announced on Thursday that certain prospective investors had expressed interest in acquiring its shareholding and also indicated their intention to submit binding offers.
Last year, the group said it was exploring strategic options, including a potential sale, in relation to its investment in the cement business in Pakistan.
“We hereby notify you that we have received a letter from Pharaon Investment Group Limited (Holding) S.A.L, Lebanon, the parent company of Attock Cement Pakistan Limited, advising us about their intention to re-evaluate their long-term strategic options, including a potential sale, in relation to their investment in cement business in Pakistan,” Attock Cement in a notice to the Pakistan Stock Exchange (PSX), back then.
In its notice to the PSX today (Thursday), the group said it wanted to inform that PIGL remains interested in pursuing the divestment of its shareholding in the company, subject to receipt of an offer acceptable to PIGL commercially.
PIGL shared that Standard Chartered Bank has been appointed as a financial advisor for the divestment process.
“We are fully cognisant of the applicable legal regime concerning takeovers in Pakistan and shall endeavour to ensure that all regulatory requirements are duly complied with in the course of the transaction process,” the notice to the bourse added.
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.
