Karachi, Attock Cement Pakistan Limited has announced that an Extraordinary General Meeting (EOGM) of the shareholders will be held on May 25, 2023, to seek approval for the sale of its 60% share capital of Saqr Al-Keetan for Cement Production Company Limited. The sale will be made to two buyers, Mr. Abdul Lateef Mohsin Al Geetan, an Iraqi national, and M/s Lamassu Babylon General Trading Company, a company incorporated under the laws of Dubai, UAE.
According to the resolution to be passed at the EOGM, the buyers will purchase 50% of the sale shares each, which represents 9,000,000 shares each. The sale consideration for each buyer is USD 11,700,000, and the sale will be made in accordance with the terms of the Share Purchase Agreement.
The approval of the shareholders is also sought for the Company to enter into the Share Purchase Agreement with the buyers for the sale of the Sale Shares representing 60% of the shares held by the Company in Saqr-Al-Keetan against the sale price.
The Register of members and share transfer books of the Company will remain closed from May 18, 2023, to May 25, 2023, both days inclusive.