Pharaon Investment Group Limited (Holding) S.A.L, Lebanon, the parent company of Attock Cement Pakistan Limited (ACPL), is exploring strategic options, including a potential sale, in relation to its investment in the cement business in Pakistan.
Attock Cement disclosed the development in its notice to the Pakistan Stock Exchange (PSX) on Wednesday.
“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 bourse.
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ACPL also shared a copy of the letter from its parent company.
“On behalf of Pharaon Investment Group Limited (Holding) S.A.L, Lebanon, the parent company of Attock Cement Pakistan Limited, I am writing to inform you that the majority shareholders have decided to re-evaluate their long-term strategic options, including a potential sale, in relation to our investment in cement business in Pakistan,” stated the letter.
The company clarified that no formal decision has been taken at this point.
“We will be carefully considering various options including a potential sale with due consideration to appropriate pricing, timelines and broader market conditions before taking a final decision,” Pharaon Investment Group said, adding that it has appointed Standard Chartered Bank as its international financial advisor to assist in this strategic assessment.
“Once we have completed a thorough analysis of our options, a final decision will be made considering all the factors involved. We will keep you fully informed of any significant development as we move along in this process,” it 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.
Following the development, ACPL’s share price surged to Rs259.27, hitting its upper lock after an increase of Rs23.57 or 10%.
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