Pakistan, June 4 -- Alpha Cement Company Limited, a Karachi-based company, intends to acquire the majority stake and control of Attock Cement Company Limited (ACPL).
The development comes as ACPL's parent company, Pharaon Investment Group Ltd, signalled its intent to divest its shareholding in the cement manufacturer.
As per a public announcement of intention (PAI) filed by Arif Habib Limited, appointed as Manager to the Offer by Alpha Cement Company, the "acquirer intends to acquire 84.06% shareholding, i.e. 115.5 million shares, and control of the target company, i.e. ACPL".
Moreover, Alpha Cement has expressed interest in acquiring a further 7.97% (10.95 million shares) through a public offer, if required.
As per the PAI, Alpha Cemen...