Cement giants set to seize control of Attock Cement

February 16, 2026 (MLN): Fauji Cement Company Limited (PSX: FCCL) and Kot Addu Power Company Limited (PSX: KAPCO) have jointly launched a public offer to acquire shares and control of Attock Cement Pakistan Limited. 

The acquirers plan to purchase up to 10.95 million ordinary shares, representing approximately 7.97% of Attock Cement Pakistan Limited, through a public offer to minority shareholders.

This move complements a previously signed share purchase agreement under which they intend to acquire 115.53 million shares, equivalent to about 84.06% of the company’s issued capital.

Taken together, the transactions could give the two companies joint control of roughly 92% of the target company.

The offer price has been set at Rs330.41 per share, equivalent to about USD 1.18, and reflects the highest price determined under regulatory pricing criteria.

Both acquirers will hold equal stakes under the transaction, with Fauji Cement Company Limited and Kot Addu Power Company Limited each acquiring approximately 42.03% of the company through the agreement.

As required under takeover regulations, the acquirers are extending an offer to public shareholders to purchase additional shares.

Each acquirer intends to buy about 5.48 million shares through the public offer at the same price of Rs330.41 per share.

No minimum acceptance level has been set, meaning the offer will proceed regardless of the number of shares tendered.

Despite the change in ownership, Attock Cement Pakistan Limited is expected to remain listed on the Pakistan Stock Exchange, ensuring continued public trading of its shares.

According to the disclosed plans, the acquirers do not intend to alter the company’s core business operations immediately after the acquisition.

Attock Cement will continue to operate in the ordinary course of business, with no announced restructuring or delisting plans.

Fauji Cement Company Limited, a subsidiary of the Fauji Foundation, is among Pakistan’s leading cement manufacturers and has reported steady growth in revenues and profitability in recent years.

Kot Addu Power Company Limited operates a large multi-fuel power plant with a generation capacity of 1,600 megawatts.

Although power sector dynamics have evolved in recent years, the company maintains a solid balance sheet that enables it to participate in large strategic investments such as this acquisition.

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