Attock Cement Completes Next Phase in Share Sale of Iraqi Subsidiary

Karachi: Attock Cement Pakistan Limited has progressed further in its ongoing divestment from Saqr Al Keetan for Cement Production Company Limited (SAKCPCL). In the latest transaction, the company successfully received $5.85 million as consideration for the sale of 4.5 million shares.

According to information available from the Pakistan Stock Exchange (PSX), initially, Attock Cement had informed stakeholders on April 28, 2023, and June 21, 2023, about its agreement to sell its entire shareholding in its subsidiary, SAKCPCL. The deal included the receipt of $11.7 million for 9 million shares sold. With the latest payment, the total consideration received thus far amounts to $17.55 million for 13.5 million shares sold. The company is now initiating the process of transferring the additional 4.5 million shares to one of the buyers under the terms of the Share Purchase Agreement, adhering to the prevailing laws of the Islamic Republic of Iraq.

This disclosure, mandated under Section 96 and Section 131 of the Securities Act, 2015, and Clause No. 5.6.1(a) of the PSX Regulations, is part of Attock Cement’s strategic realignment of its investment portfolio. The company assures continued updates on further developments in this transaction. Certificate holders of the exchange have been duly informed about these proceedings.

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