Karachi: Kot Addu Power Company Limited (KAPCO) and Fauji Foundation have announced their intention to acquire a majority stake and joint control in Attock Cement Pakistan Limited. This development falls under the Securities Act, 2015, and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017.

According to Sections 96 and 131 of the Act and Clause 5.6.1 of the Pakistan Stock Exchange Rule Book, Integrated Equities Limited, serving as the Manager to Offer, has submitted the Public Announcement of Intention (PAI) on behalf of the acquirers. The PAI outlines the plan to acquire the majority shares of Attock Cement Pakistan Limited, referred to as the Target. This announcement adheres to the relevant provisions of the Act and the Regulations.

The PAI will be published in one English and one Urdu newspaper within two working days, as stipulated by the Regulations and the Act. This marks a significant step for both KAPCO and Fauji Foundation as they move to consolidate their interests in the cement sector.

According to information available from the Pakistan Stock Exchange (PSX), the detailed process of acquisition is in compliance with the legal frameworks governing substantial acquisitions and takeovers. The acquisition represents a strategic move by both organizations to strengthen their positions in the market.

The Pakistan Stock Exchange is the designated market category where this transaction will take place. The strategic acquisition is expected to have implications for the market dynamics within the cement industry in Pakistan, though further details on the financial aspects of the acquisition have yet to be disclosed.