Attock Cement board overhauled after Fauji-led takeover

Attock Cement Pakistan Limited has announced a sweeping overhaul of its board and management following the acquisition of majority control by Fauji Cement Company Limited and Kot Addu Power Company Limited.

In a notice submitted to the Pakistan Stock Exchange on Monday, the company said its board had accepted the resignations of seven directors, including chairman Shuaib Anwar Malik, with immediate effect.

The outgoing directors include Laith G. Pharaon, Wael G. Pharaon, Shuaib Anwar Malik, Abdus Sattar, Shamim Ahmad Khan, Agha Sher Shah, and Mohammad Haroon. The company said the board placed on record its appreciation for their services during their tenure.

To fill the vacancies, Attock Cement appointed seven new directors, including retired senior military officials Lt Gen Anwar Ali Hyder and Lt Gen Muhammad Saeed as non-executive directors. Other appointments include Majid Munir, Muhammad Masood, Shabnam Faqir Mohammad, Aamir Malik, and Mudassir Khan.

Following the reshuffle, Lt Gen Anwar Ali Hyder was appointed chairman of the company with immediate effect for the remainder of the outgoing chairman’s term.

The company also announced a management change, with acting chief executive Omer Ashraf set to take charge from May 2, 2026, after the resignation of current CEO Babar Bashir Nawaz.

The changes formally mark the transition of control after Fauji Cement and KAPCO acquired a majority stake in Attock Cement earlier this year, consolidating Fauji-linked influence in Pakistan’s cement sector.

The acquisition comes amid increasing consolidation in the industry as companies seek scale advantages in a market facing weak domestic demand, rising energy costs, and intense pricing pressure.