Bestway Cement Limited (BWCL) clarified its position on the reported interest in Attock Cement Pakistan Limited (ACPL), following media reports regarding the proposed divestment of shares by Pharaon Investment Group Limited (PIGL).
In a notification submitted to the Pakistan Stock Exchange (PSX) on Tuesday, BWCL explained that it had submitted a non-binding offer to Standard Chartered Bank (SCB), acting as the financial advisor for PIGL’s share sale process.
The company’s notification emphasized that the offer made by BWCL was in the preliminary phase of the divestment process and was intended to signal its indicative interest. However, BWCL was later informed by SCB that it had not been invited to participate in the second phase of the transaction.
“Subsequently, we were informed by SCB that BWCL has not been invited to participate in the second phase of the divestment process” Bestway Cement Limited said in its notice to the PSX.
This statement from BWCL comes in response to a report published by a local newspaper on May 30, 2025, which mentioned BWCL among the interested parties in the sale of PIGL’s stake in ACPL. BWCL clarified that it had been involved only in the initial stages of the process and confirmed that its offer remained non-binding.
In the notification, BWCL reiterated its commitment to maintaining transparency and compliance with regulatory disclosure requirements.
