Karachi: Cherat Cement Co. Limited, in collaboration with Shirazi Investments (Private) Limited, has officially announced its intention to acquire a significant majority stake in Attock Cement Pakistan Limited. This acquisition aims to secure 84.06% of the company, equivalent to 115,526,349 shares, which are currently held by Pharaon Investment Group Limited (Holding) S.A.L, a Lebanese entity.

The announcement was made in compliance with Sections 96 and 131 of the Securities Act, 2015, along with Clause 5.6.1 of the Rule Book of Pakistan Stock Exchange Limited. Topline Securities Limited, acting as the Manager to the Offer, has re-submitted the public announcement of intention to the regulatory authorities.

According to information available from the Pakistan Stock Exchange (PSX), this transaction is guided by the regulatory framework outlined in the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017. The intent to acquire shares and assume joint control over Attock Cement Pakistan Limited represents a strategic move by Cherat Cement Co. Limited to expand its market presence.

The public announcement will be disseminated through English and Urdu newspapers to ensure comprehensive communication to all stakeholders. The Pakistan Stock Exchange has been advised to inform its TRE Certificate Holders about this development.

This acquisition falls under the designated market category of the Pakistan Stock Exchange, marking a significant potential shift in the ownership structure of Attock Cement Pakistan Limited.