Fauji Cement, KAPCO move to take 92% stake in Attock Cement

Fauji Cement Company Limited (FCCL) and Kot Addu Power Company Limited (KAPCO) have announced a public offer to acquire up to 10.95 million ordinary shares, representing approximately 7.97% stake, in Attock Cement Pakistan Limited. According to a filing submitted to the Pakistan Stock Exchange (PSX) on Monday, the acquisition is part of a broader transaction to take joint control of the company. Last month, KAPCO and FCCL entered into a sale and purchase agreement (SPA) with Pharaon Investment Group Limited Holding S.A.L for the sale of 84.06% of the total issued and paid-up capital, and joint control of Attock Cement Pakistan Limited.