KAPCO and Fauji complete acquisition of Attock Cement

Kot Addu Power Company Ltd (KAPCO) and Fauji Cement Company Ltd (FCCL) have signed a Share Purchase Agreement (SPA) to jointly acquire 84.06% of Attock Cement Pakistan Ltd (ACPL), clinching control of one of the country’s most strategically located cement producers after a months-long, multi-bidder contest. The seller is Pharaon Investment Group Ltd (Holding) s.a.l., the long-time controlling shareholder of Attock Cement.

The deal is, in practical terms, a change of hands at the top – but it is not (yet) a clean sweep of the share register. The filings describe the transaction as the sale of a controlling stake and “joint control” for the two acquirers, rather than a full buyout. Completion is tied to the issuance of a public offer under Pakistan’s takeover framework, along with corporate and regulatory clearances, including Competition Commission of Pakistan (CCP) approval. KAPCO’s filing also flags shareholder approval among the required steps, underscoring that the ink on the SPA is the start of the endgame, not the closing bell.

For now, that structure points to a familiar outcome in Pakistani capital markets: a listed operating company remaining listed, even after control passes to new sponsors. Under the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, an acquirer of control must extend an offer to remaining shareholders – but that does not automatically translate into delisting. In fact, the paperwork and the language of “joint control” suggest KAPCO and FCCL are positioning themselves to run Attock Cement with the discipline of a strategic owner, while keeping public shareholders in the passenger seat for the next leg of the journey.