Attock Cement confirms investor interest in stake divestment

Attock Cement Pakistan Limited (PSX: ACPL) announced on Thursday that multiple potential investors have expressed interest in acquiring a stake in the company and are expected to submit binding offers following the completion of due diligence.

The divestment is being pursued by Pharaon Investment Group Limited Holding (PIGL), the majority shareholder in Attock Cement. According to the company’s filing, PIGL remains committed to selling its stake, contingent on receiving a commercially acceptable offer.

To facilitate the transaction, Standard Chartered Bank has been appointed as the financial advisor for PIGL. The company also stated that it is working to ensure the process adheres fully to Pakistan’s takeover regulations.

Attock Cement added that it will continue to update the market as the divestment process progresses.