KARACHI: The proposed acquisition of a majority stake in Attock Cement Pakistan Limited (ACPL) has been formally withdrawn, marking the end of a potential transaction that had drawn considerable market attention in recent months.
Attock Cement, incorporated in Pakistan on October 14, 1981, as a public limited company, is primarily engaged in the manufacturing and sale of cement. It operates as a subsidiary of Pharaon Investment Group Limited Holding S.A.L, Lebanon.
In a formal communication, the company notified both the Pakistan Stock Exchange (PSX) and the Securities and Exchange Commission of Pakistan (SECP) about the withdrawal of the Public Announcement of Intention (PAI) to acquire its shares. The notice confirmed receipt of the withdrawal from Arif Habib Limited, who was the Manager to the Offer, acting on behalf of the proposed acquirer, Alpha Cement Company Limited.
The original PAI, issued on June 3, 2025, had indicated Alpha Cement’s intention to acquire a substantial controlling interest—representing 84.06 percent of the paid-up capital of Attock Cement. However, that plan has now been abandoned.
The withdrawal was further confirmed by Arif Habib Limited through a separate letter dated October 10, 2025, addressed to the SECP, PSX, and the Chief Executive Officer of Attock Cement. The firm stated that the notice of withdrawal had been published in the newspapers in line with Regulation 21(2)(a) of the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017.
Copyright Business Recorder, 2025
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