Attock Cement receives $5.85mn from sale of SAKCPCL shares

Attock Cement Pakistan Limited (ACPL), a subsidiary of Pharaon Investment Group Limited Holding S.A.L, Lebanon, has received $5.85 million as proceeds from the sale of an additional 4.5 million shares in its subsidiary, Saqr Al Keetan for Cement Production Company Limited (SAKCPCL).

The listed cement manufacturer shared the development in its notice to the Pakistan Stock Exchange (PSX) on Friday.

“Further to our intimations dated April 28, 2023 and June 21, 2023 regarding the agreement for sale of entire shareholding of the company in its subsidiary ‘Saqr Al Keetan for Cement Production Company Limited’ (SAKCPCL) and receipt thereon of $11,700,000 as consideration against sale of 9,000,000 shares, we are now pleased to further announce that the Company has received a sum of $5,850,000 as consideration against the sale of further 4,500,000 shares held in its subsidiary i.e. SAKCPCL,” read the notice.

ACPL shared it is now initiating the process of transfer of further 4.5 million shares to one of the buyers as per the Share Purchase Agreement under the prevailing laws of Islamic Republic of Iraq.

Incorporated in Pakistan as a public limited company in 1981, ACPL has succeeded in exporting a huge quality of clinker and cement both in bags and bulk to the UAE, South Africa, Iraq, Sri Lanka, and many other countries.

The company also has the facility of supplying cement in bulk besides producing low-alkali cement for some of its markets.

Earlier this year, ACPL completed construction and installation work of expanding its capacity by 1.28 million tons as its new production line becomes operational.