Cherat Cement Company Limited and Shirazi Investments (Private) Limited have entered the race to acquire a majority stake in Attock Cement Pakistan Limited as its parent company, Pharaon Investment Group Ltd., a Lebanon-based conglomerate, explores a potential strategic exit from its shareholding in Attock Cement, drawing interest from several major players in Pakistan’s cement and energy sectors.
Attock Cement disclosed to the Pakistan Stock Exchange (PSX) on Thursday that Cherat Cement and Shirazi Investments have jointly made a bid to acquire up to 115,526,349 voting shares, representing 84.06% of the paid-up capital of Attock Cement.
Both bidders have appointed Topline Securities Limited as the manager for the offer, which is subject to regulatory approvals and other necessary procedures. The acquisition exceeds the threshold set by the Securities Act, 2015.
“On behalf of the Acquirers, we would like to submit the Public Announcement of Intention to acquire at least 84.06% shares of Attock Cement Pakistan Limited (“Target Company”), subject to receipt of regulatory and other approvals, if any,” Topline Securities said in its notice to the PSX.
This intention was communicated to Attock Cement’s CEO on June 4, 2025.
On June 3, Fauji Foundation and Kot Addu Power Company Limited (KAPCO) jointly expressed their intent to acquire a majority stake in Attock Cement Pakistan Limited, with both entities aiming to purchase a combined 84.06% stake, each acquiring 42.03% of the company.
Alpha Cement Company Limited (ACCL) also intends to acquire an 84.06% stake in Attock Cement Pakistan Limited, with Arif Habib Limited submitting a Public Announcement of Intent to the PSX on behalf of Alpha Cement.
The potential divestment by Pharaon Investment Group 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. Attock Cement’s parent company is part of a diversified business empire with holdings across oil and gas, financial services, real estate, and hospitality.
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.
