Karachi: In an unexpected development, Cherat Cement Company Limited, in collaboration with Shirazi Investments (Private) Limited, has officially withdrawn its public announcement of intention to acquire up to 84.06% of Attock Cement Pakistan Limited. The decision was made public on October 30, 2025, following unsuccessful negotiations with the seller, Pharaon Investments Group Limited (Holding) S.A.L. Lebanon.

The initial public announcement of intention (PAI) was issued by Topline Securities Limited on behalf of the acquirers on June 4, 2025, and subsequently published in the Business Recorder and Nawa-i-Waqt on June 6, 2025. The announcement detailed the intention to acquire up to 115,526,349 shares, representing a significant majority stake in Attock Cement.

According to information available from the Pakistan Stock Exchange (PSX), the withdrawal of the PAI stems from the inability to finalize terms with Pharaon Investments Group Limited. This move is in compliance with Regulation 21(1)(b) and Regulation 21(2) of the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017, as well as relevant provisions of the Securities Act, 2015.

Topline Securities Limited, serving as the manager to the offer, has confirmed that all necessary formalities are being undertaken to ensure compliance with the pertinent regulations. Stakeholders, including the Pakistan Stock Exchange Limited and the Securities and Exchange Commission of Pakistan, have been duly informed of the withdrawal. The decision underscores the complexities inherent in major acquisition deals within the designated market category of cement manufacturing.