Cherat, Shirazi withdraw bids of intention to acquire Attock Cement

KARACHI: Cherat Cement Company Limited and Shirazi Investments (Private) Limited have formally withdrawn their public announcement of intention (PAI) to acquire a controlling 84.06 percent stake in Attock Cement Pakistan Limited, ending months of negotiations over one of the industry’s most anticipated merger proposals.

According to a notice to the Pakistan Stock Exchange (PSX), the two companies referred to jointly as the “Acquirers” had initially expressed interest in acquiring up to 84.06 percent, or 115.53 million shares, of Attock Cement’s issued share capital, along with joint management control. The shares were to be purchased from Pharaon Investments Group Limited (Holding) S.A.L. of Lebanon, the principal shareholder in Attock Cement.

The original PAI was submitted on June 4, 2025, and published in newspapers on June 6, 2025. However, the Acquirers announced that they have now withdrawn their offer, stating that “negotiations with the seller did not materialize.” The withdrawal has been made in accordance with Regulation 21(1)(b) of the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017.

Cherat Cement Company Limited confirmed that a copy of the withdrawal notice and the public announcement of withdrawal will be published in newspapers in compliance with the relevant takeover regulations.

The move effectively concludes the previously announced plan to acquire a majority stake in Attock Cement, a transaction that had drawn attention across the cement sector for its potential to reshape market dynamics.

Copyright Business Recorder, 2025