Alpha Cement Announces Plan to Acquire 84% Stake in Attock Cement

Alpha Cement Company Limited (ACCL) has formally announced its intention to acquire a controlling 84.06% stake (115.5 million shares) of Attock Cement Pakistan Limited, according to a public disclosure issued under the Securities Act, 2015 by Arif Habib Limited at PSX today. The acquisition is subject to regulatory approval and, if cleared, would also trigger a mandatory public offer for an additional 7.97 percent shares (around 10.95 million shares) in accordance with the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017. The ultimate controlling shareholder of ACCL is Tanweer Ahmed Khan, who also serves as the company’s CEO. Arif Habib Limited is acting as the manager of the offer. Established in November 2024, Alpha Cement is a Sindh-based company involved in the production and processing of cement and related products. The company has no prior holdings in Attock Cement, nor does it control any convertible securities or options tied to the target firm. Attock Cement, listed since June 28, 2002, is currently majority-owned by Lebanon-based Pharaon Investment Group Holding SAL, which holds the same 84.06 percent stake ACCL seeks to acquire. As of June 2, 2025, Attock Cement’s share price closed at Rs. 310.54, with a 28-day weighted average price of Rs. 303.77 per share. The company’s financials show a strong trajectory, with after-tax profits increasing from Rs. 1.1 billion in FY20 to Rs. 3.6 billion in FY24. For the nine months ending March 31, 2025, the company reported Rs. 1.31 billion in profit, with earnings per share of Rs. 9.53. Total assets stood at Rs. 47.7 billion as of March 2025, with equity valued at Rs. 22.3 billion.