Karachi: The Board of Directors of Kot Addu Power Company Limited has approved the acquisition of shares and joint control of Attock Cement Pakistan Limited, marking a significant move in the energy and construction sectors. This decision, taken on October 20, 2023, aligns with the stipulations outlined in the Securities Act, 2015 and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017.

The acquisition is set to be conducted in partnership with Fauji Foundation. The process will involve completing essential corporate and regulatory formalities. As part of the initial steps, the Board has authorized the issuance of a Public Notice of Intention to Attock Cement Pakistan Limited, the Pakistan Stock Exchange, and the Securities and Exchange Commission of Pakistan. Integrated Equities Limited has been appointed as the Manager to the Offer, facilitating the commencement of due diligence and the negotiation of acquisition terms.

According to information available from the Pakistan Stock Exchange (PSX), Kot Addu Power Company Limited and Fauji Foundation's strategic move is seen as a step towards enhancing their portfolio in the energy and construction markets. The acquisition is expected to undergo necessary due diligence processes to ensure compliance and strategic alignment.

Market participants and Trading Rights Entitlement Certificate (TREC) holders have been informed about this development, reflecting the procedural transparency in accordance with Sections 96 and 131 of the Act and Clause 5.6.1 of the PSX Rule Book. The acquisition is anticipated to influence the dynamics within the designated market categories, impacting both energy production and cement manufacturing sectors.