Pharaon Investment Considering Exit from Pakistan’s Cement Sector

Pharaon Investment Group Limited (Holding) S.A.L, Lebanon, the parent company of Attock Cement Pakistan Limited (ACPL) is set to re-evaluate its long-term strategic options, including a potential sale, in relation to their investment in cement business in Pakistan.  We hereby notify you that we have received a letter from Pharaon Investment Group, advising us about their intention to re-evaluate their long-term strategic options, including a potential sale, in relation to their investment in cement business in Pakistan, ACPL said in a notice to the Pakistan Stock Exchange (PSX) on Wednesday.  The letter by Pharaon Investment Group, shared by ACPL, stated that the majority shareholders have decided to re-evaluate their long-term strategic options, including a potential sale, in relation to our investment in cement business in Pakistan.  “Please be advised that no formal decision has been taken at this point. We will be carefully considering 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,” it added.  The letter said that once Pharaon Investment has completed a thorough analysis of its options, a final decision will be made considering all the factors involved.   We will keep you fully informed of any significant development as we move along in this process. We appreciate your continued commitment and support as we navigate this critical phase of evaluation, it added.