KARACHI – Alpha Cement Company Limited has officially withdrawn its public offer to acquire a controlling stake in Attock Cement Pakistan Limited (ACPL), abruptly exiting a heated multi-party auction for one of Pakistan’s most strategic industrial assets.
The withdrawal was formally announced in a notice to the Securities and Exchange Commission of Pakistan (SECP) and the Pakistan Stock Exchange (PSX) on Thursday. Arif Habib Limited, acting as the Manager to the Offer, stated the acquirer “has decided not to pursue the proposed acquisition” of 84.06% of ACPL’s ordinary shares, thereby withdrawing the Public Announcement of Intention (PAI) it made in June.
The move narrows the field in a fiercely contested sale process for ACPL, which is prized for its 3-million-tonne capacity and strategic location near Karachi port. The plant is the only sizable cement facility west of the city, giving it a critical freight advantage for exports to East Africa and the Gulf.
The auction, managed by Standard Chartered Bank on behalf of the seller—the Lebanon-based Pharaon Investment Group (PIGL)—has drawn significant interest. The remaining key contenders are a consortium of Fauji Foundation and Kot Addu Power Company (KAPCO), and Cherat Cement Company, part of the Ghulam Faruque Group. UK-based Bestway Cement, while previously involved, was not invited to participate in the second phase of bidding.
The withdrawal of Alpha Cement, a special-purpose vehicle incorporated just months ago, introduces a new dynamic into the process. While the notice cited a decision “not to pursue” the acquisition without providing specific reasons, its exit will strengthen the position of the remaining bidders.
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