Attock Refinery to sell its hospital subsidiary to its own chairman

Attock Refinery Ltd, one of Pakistan’s oldest crude oil refineries, wants to sell control of its hospital business. The proposed buyer is not a private equity fund, a healthcare group, or another hospital operator. It is Shuaib A. Malik, the company’s own chairman.

In a notice sent to the Pakistan Stock Exchange on June 19, Attock Refinery said its board had approved an offer submitted by Malik for the acquisition of 70% of the issued and paid-up share capital of Attock Hospital (Pvt) Ltd, a wholly owned subsidiary of the refinery. The consideration: Rs305 million.

The transaction is not yet complete. Attock Refinery said the proposed sale would remain subject to the execution of definitive transaction documents and the receipt of all required corporate, regulatory and statutory approvals and consents. But the board approval itself is enough to make the deal interesting.

On its face, the transaction is small. Attock Refinery reported consolidated profit after tax of nearly Rs8.95 billion in the year ended June 30, 2025. The hospital earned Rs71 million. At group level, Attock Hospital is not a major profit centre. It is not the asset on which Attock Refinery’s investment case rests. It is, however, a long-standing institution tied to the refinery’s history in Morgah, Rawalpindi, and to the broader Attock Group’s corporate ecosystem.