Pharaon Group considers selling stake in Attock Cement

KARACHI: Attock Cement Pakistan Limited (ACPL) has informed the Pakistan Stock Exchange (PSX) of a significant development regarding its parent company’s long-term strategic plans.

In an official letter to the PSX on Wednesday, ACPL disclosed receiving communication from Pharaon Investment Group Limited (Holding) SAL, Lebanon, the parent company of Attock Cement Pakistan Limited. The letter indicated that Pharaon Investment Group is evaluating its strategic options concerning its investment in Pakistan’s cement sector, which may include a potential sale.

The move comes as part of the parent company’s re-evaluation of its long-term business strategy. ACPL assured that a copy of the letter has been provided to relevant regulatory authorities, adhering to PSX regulations to ensure transparency for shareholders and stakeholders.

The announcement has sparked speculation on the future ownership and management of ACPL, one of Pakistan’s key cement producers, as the company plays a critical role in the country’s infrastructure and construction sector.The Securities and Exchange Commission of Pakistan (SECP) has been formally notified about the development.