Fauji Cement, KAPCO acquire 92.03% stake in Attock Cement after completing deal

Fauji Cement Company Limited and Kot Addu Power Company Limited (KAPCO) have informed the Pakistan Stock Exchange (PSX) on Monday that the acquisition of Attock Cement Pakistan Limited has been completed on April 24, 2026, with the purchasers now holding approximately 92.03% of the target company’s share capital.

The transaction follows a sale and purchase agreement signed on January 30, 2026, between Fauji Cement Company Limited and KAPCO as purchasers, and Pharaon Investment Group Limited Holding S.A.L. as the seller, covering 84.06% of the issued and paid-up capital and joint control of the target company.

According to the disclosure, the transaction was executed after fulfilling all contractual conditions and regulatory requirements, including compliance with Sections 96 and 131 of the Securities Act, 2015 and the Listed Companies (Substantial Acquisitions of Voting Shares and Takeovers) Regulations, 2017.

In addition to the stake acquired under the agreement, the purchasers obtained a further 7.97% shareholding through a mandatory tender offer conducted in line with takeover laws. The offer was concluded on April 16, 2026, by Integrated Equities Limited, acting as manager to the offer, and subsequently communicated to the Pakistan Stock Exchange, the Securities and Exchange Commission of Pakistan and the target company.

Following completion of both components, the purchasers now hold controlling ownership of Attock Cement, significantly increasing their stake beyond the initially disclosed 84.06%.

Fauji Cement Company Limited, incorporated in November 1992, is engaged in the manufacturing and sale of cement and began commercial operations in May 1993.

Kot Addu Power Company Limited, incorporated in April 1996, operates a multi-fuel power plant in Kot Addu, Muzaffargarh, with a capacity of 1,600 MW and supplies electricity to the Pakistan Water and Power Development Authority under a power purchase agreement.

Attock Cement Pakistan Limited, incorporated in October 1981, is engaged in cement manufacturing and was previously a subsidiary of Pharaon Investment Group Limited Holding S.A.L., Lebanon.