Pharaon Investment Group Ltd. (PIGL), a Lebanon-based conglomerate, is exploring a potential strategic exit from its shareholding in Attock Cement Pakistan Ltd. (ACPL), drawing interest from several major Pakistani players in the cement and energy sectors. According to a Bloomberg report citing people familiar with the matter, prominent suitors include Cherat Cement, Bestway Group, and Kot Addu Power Company (KAPCO), with the latter reportedly considering a joint bid in partnership with Fauji Cement.
The report coincides with Attock Cement’s confirmation of PIGL’s interest in divestment on Thursday. PIGL, which holds a majority stake in ACPL through its holding structure, has appointed Standard Chartered Bank as financial advisor to steer the divestment process. In a recent communication to shareholders, the group confirmed that preliminary interest had been received from prospective investors and that some had indicated plans to submit binding offers for the stake.
Founded in 1981 and listed on the Pakistan Stock Exchange, Attock Cement operates from its manufacturing base in Hub, Balochistan, with a production capacity of over 3 million tonnes annually. The company is known for its Falcon brand and has a footprint in both domestic and export markets, particularly in East Africa and the Middle East. ACPL’s parent, Pharaon Investment Group, is part of a diversified business empire with holdings across oil and gas, financial services, real estate, and hospitality.
The potential divestment comes as Pakistan’s cement industry begins to witness renewed consolidation moves, driven by recovering demand, operational synergies, and renewed investor interest amid macroeconomic stabilisation. Cherat Cement, part of the Ghulam Faruque Group, operates in the northern region and has recently expanded capacity in Khyber Pakhtunkhwa. Meanwhile, Bestway Cement, a market heavyweight and subsidiary of the UK-based Bestway Group, is among the most aggressive acquirers in the sector, having previously taken over Lafarge Pakistan in 2014.
Kot Addu Power Company, one of Pakistan’s largest independent power producers, has also reportedly shown interest in ACPL. Sources indicate that KAPCO may explore a consortium bid in collaboration with a local cement producer such as Fauji Cement, potentially eyeing synergies between energy and building materials sectors — particularly as decarbonisation and efficiency gains become more central to long-term competitiveness.
Pharaon’s exit plan was first hinted at last year when the group began evaluating strategic options for its cement investment in Pakistan. The renewed investor interest now suggests that the transaction may be moving into a more formal phase, with binding offers expected in the coming months.
Should a deal materialise, it would mark one of the more significant M&A developments in Pakistan’s industrial sector this year, with implications for market share, regional footprint, and cost optimisation strategies in an industry still reeling from cyclical volatility but eyeing a long-term recovery.
