ACPL receives $11.7m for 9m shares in Saqr Al Keetan

MG News | June 21, 2023 at 03:22 PM GMT+05:00

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June 21, 2023 (MLN): Attock Cement Pakistan Limited (PSX: ACPL) has received a sum of $11.7 million against the sale of its 9m shares in its subsidiary Saqr Al Keetan for cement production limited (SAKCPCL), the company’s filing on PSX revealed today.

“The company is now initiating the process of 9m shares to one of the buyers as per the share purchase agreement under the prevailing laws of the Islamic Republic of Iraq,” the notice reads.

Earlier on May 25, 2023, the shareholders of ACPL authorized the selling of 18m shares, representing 50% of the entire share capital of SAKCPCL.

The two buyers for the shares are Mr. Abdul Lateef Mohsin Al Geetan an Iraqi national, and Lamassu Babylon General Trading Company, a company incorporated under the laws of Dubai, UAE.

Both parties have purchased 50% of the sale shares 9m shares against a sale consideration of $11.7m each (collectively, the ‘Sale Price’) in accordance with the terms of the Share Purchase Agreement.

ACPL is involved in the manufacturing and sale of cement.

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