KARACHI: The planned takeover of Attock Cement Pakistan Limited (ACPL) by Kot Addu Power Company Limited (KAPCO) and Fauji Cement Company Limited (FCCL) has been pushed back, after the acquiring firms secured a 90-day extension for issuing their mandatory Public Announcement of Offer (PAO).
Integrated Equities Limited, the Manager to the Offer, informed Pakistan Stock Exchange (PSX) and the Securities and Exchange Commission of Pakistan (SECP) on Wednesday that the new deadline for the PAO is March 1, 2026.
According to the notification, the extension was sought because the acquirers are still engaged in “detailed discussions and negotiations” with the seller to finalize and execute the Share Purchase Agreement (SPA) and associated documents. These steps could not be completed within the 180-day timeframe that followed the Public Announcement of Intention (PAI) published on June 4, 2025.
Fauji Cement, KAPCO to jointly acquire majority stake in Attock Cement
The proposed acquisition is among the largest in Pakistan’s cement and energy sectors, involving the purchase of 84.06 percent of ACPL’s total issued and paid-up capital—enough to grant joint control to the buyers.
Under the structure announced earlier, FCCL plans to acquire about 57.76 million ordinary shares—equivalent to 42.03 percent of ACPL—while KAPCO will purchase an equal stake. The shares are being acquired from Pharaon Investment Group Limited Holding S.A.L., a Lebanon-based conglomerate with diversified global interests across petroleum, chemicals and cement.
The acquisition consortium saw a key change this month when, on November 6, 2025, FCCL formally replaced Fauji Foundation as the joint acquirer alongside KAPCO. The move positions FCCL—the cement arm of the Fauji Group—to directly manage and integrate the new capacity, enhancing potential synergies within the group’s industrial portfolio.
The deal followed a competitive bidding phase. Before the KAPCO-Fauji Group consortium submitted its binding offer, the ACPL stake drew interest from several major cement producers, including Cherat Cement, Bestway Cement and Alpha Cement Company. Most of these earlier expressions of interest were later withdrawn.
Copyright Business Recorder, 2025
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