Attock Cement Receives $5.85 Million Tranche from Sale of Subsidiary

Attock Cement Pakistan Limited (PSX: ACPL) has received $5.85 million from the sale of its subsidiary Saqr Al Keetan for Cement Production Company Limited (SAKCPCL). Further to our intimations dated April 28, 2023 and June 21, 2023 regarding the agreement for sale of entire shareholding of the company in its subsidiary SAKCPCL and receipt thereon of $11,700,000 consideration against sale of 9,000,000 shares, we are now pleased to further announce that the company has received a sum of $5,850,000 as consideration against the sale of further 4,500,000 shares held in its subsidiary,” the company said in a notice to the Pakistan Stock Exchange (PSX) on Friday. The company is now initiating the process of transfer of further 4,500,000 shares to one of the buyers as per the Share Purchase Agreement under the prevailing laws of Islamic Republic of Iraq, the notice said further. Back in April 2023, the company announced that it has entered into an arrangement for the sale of its investment in a cement grinding facility in Iraq. At the time, the company said the determined sale consideration of US$ 23.4 million will be paid in three tranches. The first tranche of $11.7 million will be paid within three months of signing the agreement, the second tranche of $5.85 million will be paid within 15 months of the first tranche, and the final tranche of $5.85 million will be paid within 3 months of the second tranche. ACPL is a subsidiary of Pharaon Investment Group Limited Holding S.A.L, Lebanon. Its main business activity is manufacturing and sale of cement.