Karachi: Cherat Cement Company Limited, alongside Shirazi Investments (Private) Limited, announced the withdrawal of their Public Announcement of Intention (PAI) to acquire a substantial portion of Attock Cement Pakistan Limited. This decision follows the failure of negotiations with Pharaon Investments Group Limited (Holding) S.A.L. Lebanon.

The initial PAI, issued on June 4, 2025, aimed to secure up to 84.06% of Attock Cement's issued share capital, amounting to 115,526,349 shares. It was published in the Business Recorder and Nawa-e-Waqt newspapers on June 6, 2025. However, due to stalled negotiations with the seller, the acquirers decided to retract their offer.

According to information available from the Pakistan Stock Exchange (PSX), this withdrawal aligns with Regulation 21(1)(b) of the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017. The formal announcement of the withdrawal will be published in relevant newspapers.

The construction and materials sector, to which both Cherat Cement and Attock Cement belong, will closely monitor the implications of this withdrawal, given its potential impact on market dynamics and shareholder interests.