Dubai Islamic Bank arranges $76 million financing for Attock Cement stake acquisition

Dubai Islamic Bank Pakistan Limited (DIBPL) has arranged $76 million in financing for the acquisition of an 84.06% majority stake in Attock Cement Pakistan Limited by a consortium comprising Fauji Cement Company Limited (FCCL) and Kot Addu Power Company Limited (KAPCO).

According to a statement, DIBPL acted as the largest financier, lead advisor and Shariah advisor, structuring and arranging the transaction as a Sharia-compliant financing solution. Mohsin Tayebaly & Co served as legal counsel for the deal.

The transaction marks a development in Pakistan’s mergers and acquisitions activity, involving the transfer of a strategic industrial asset from foreign to local ownership.

President of DIBPL Muhammad Ali Gulfaraz said the bank supported the acquisition through financing and advisory services, reflecting its role in facilitating complex transactions.

The bank stated that coordination with the management teams of the acquiring companies and their sponsors enabled execution of the transaction.

DIBPL said it continues to provide structured financial solutions for large corporates, supporting transactions that contribute to economic activity.

On April 27, FCCL and KAPCO informed the PSX that their acquisition of Attock Cement had been completed on April 24, 2026, with the purchasers holding approximately 92.03% of the company’s share capital.

The transaction followed a sale and purchase agreement signed on January 30, 2026, between FCCL 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 company.

In addition to the initial stake, the purchasers acquired a further 7.97% shareholding through a mandatory tender offer conducted in accordance with takeover laws. 

The offer was concluded on April 16, 2026, by Integrated Equities Limited, acting as manager to the offer, and was communicated to the PSX, the Securities and Exchange Commission of Pakistan and the target company.