Attock Cement Pakistan Limited (ACPL) has received the final payment of $5.85 million as part of the sale of the remaining 4,500,000 shares in its subsidiary, Saqr Al Keetan for Cement Production Company Limited (SAKCPC), based in Iraq.
According to a disclosure made to the Pakistan Stock Exchange (PSX) on Monday, the payment marks the conclusion of the sale of the remaining 4.5 million shares held in SAKCPC.
This final tranche follows the third tranche received on August 16, 2024, also amounting to $5.85 million. The company has now initiated the process of transferring the remaining shares to one of the buyers as per the Share Purchase Agreement and in compliance with the laws of the Islamic Republic of Iraq.
“Further to our intimation dated August 16, 2024, regarding the receipt of the third tranche of payment against the sale of shareholding of the Company in its subsidiary ‘Saqr Al Keetan for Cement Production Company Limited’ (SAKCPC) amounting to $5,850,000 as consideration against the sale of balance 4,500,000 shares, we are now pleased to inform that the Company has today received a sum of remaining $5,850,000 as final consideration against the sale of the remaining 4,500,000 shares held in SAKCPC,” read the company’s notice.
Attock Cement has assured that it will continue to provide updates on any further developments related to the transfer process. The TRE Certificate Holders of the PSX have been informed accordingly.
