Karachi, December 18, 2024 – M/s. Pharaon Investment Group Limited (Holding) S.A.L., Lebanon, the parent company of Attock Cement Pakistan Limited, has announced plans to re-evaluate its long-term strategic options regarding its investment in Pakistan’s cement sector. This includes the possibility of selling its stakes in Attock Cement.
In a statement shared with the Pakistan Stock Exchange (PSX) on Wednesday, the parent company of Attock Cement Pakistan Limited confirmed that the majority shareholders are assessing their options. These include exploring a potential sale of their investment in Attock Cement while taking into account prevailing market conditions and broader strategic goals.
“At this stage, no formal decision has been made,” the company stated. “We will carefully evaluate various possibilities, including a potential sale, ensuring due consideration of pricing, timelines, and market conditions before reaching a conclusion.”
To assist in this strategic assessment, the parent company of Attock Cement has engaged Standard Chartered Bank as its international financial advisor. This move is aimed at ensuring a comprehensive analysis of all available options and facilitating an informed decision-making process.
The communication further emphasized the company’s commitment to transparency throughout this process. “Once a thorough evaluation has been completed, a final decision will be made after taking all relevant factors into account. Rest assured, we will keep stakeholders fully informed of any significant developments related to Attock Cement,” the statement added.
Attock Cement Pakistan Limited has been a key player in Pakistan’s cement industry, known for its robust production capacity and high-quality products. The potential sale of stakes in the company could mark a significant shift in the industry’s landscape. Analysts suggest that this decision might also reflect the broader challenges faced by foreign investors in Pakistan, including economic volatility and evolving market dynamics.
The market is closely monitoring developments around Attock Cement as any decision by its parent company could have far-reaching implications for the cement sector in Pakistan. Stakeholders and investors alike are keenly awaiting further updates from the company in the coming weeks.