Two major listed companies Fauji Cement and KAPCO have stepped in to take control of Attock Cement Pakistan Limited, marking one of the more significant consolidation moves in Pakistan’s cement sector in recent years.
Fauji Cement Company Limited and Kot Addu Power Company Limited have jointly launched a public offer to acquire minority shares of Attock Cement, alongside a previously agreed deal to purchase a majority stake. If completed, the transaction would give the two firms joint control of more than 90% of the company.
Under the public offer, the acquirers plan to buy up to 10.95 million shares, or nearly 8% of Attock Cement’s total shareholding, at a price of Rs 330.41 per share. This offer runs parallel to a separate share purchase agreement to acquire 84.06% of the company’s issued capital.
Taken together, the transactions would raise the combined holding of Fauji Cement and Kot Addu Power to around 92%, firmly placing Attock Cement under their control.
Both companies will hold equal stakes in the acquisition. Each intends to acquire roughly 42% of Attock Cement through the main agreement, with an additional 5.48 million shares each targeted under the public offer. There is no minimum acceptance condition, meaning the offer will move ahead regardless of how many shares minority shareholders choose to tender.
Despite the change in ownership, Attock Cement is expected to remain listed on the Pakistan Stock Exchange, allowing its shares to continue trading publicly. The acquirers have also indicated that there are no immediate plans to change the company’s core operations, restructure the business, or pursue delisting.
Fauji Cement, a subsidiary of the Fauji Foundation, is one of the country’s leading cement producers and has expanded its footprint steadily over the past few years. Kot Addu Power, meanwhile, operates a 1,600-megawatt multi-fuel power plant and maintains a strong balance sheet despite ongoing shifts in the power sector.