Pharaon Investment weighs exit from Pakistan’s cement sector

MG News | December 18, 2024 at 03:36 PM GMT+05:00

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December 18, 2024 (MLN): Pharaon Investment Group Limited (Holding) S.A.L, Lebanon, the parent company of Attock Cement Pakistan Limited (PSX: ACPL), has expressed its intention to re-evaluate its long-term strategic options concerning its investment in Pakistan's cement sector.

The aforesaid information was shared by ACPL through a notification to exchange.

It was also informed that no formal decision has been taken at this point.

The company will carefully consider various options including a potential sale with due consideration to appropriate pricing, timelines, and broader market conditions before taking a final decision.

"We have appointed Standard Chartered Bank as our international financial advisor to assist us in this strategic assessment," the notification reads.

The company also assured that once a thorough analysis of options is completed, a final decision will be made considering all the factors involved.

The company shall keep fully informed the local of any significant development.

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