Attock Cement Receives Final $5.8 Million Payment for Sale of Stake in Subsidiary

Attock Cement Pakistan Limited (ACPL) has received a payment of US$ 5.85 million (Rs. 11.83/share) for the sale of its remaining 4.5 million shares in its subsidiary, Saqr Al Keetan for Cement Production Company Limited (SAKCPCL), as per a notice shared on PSX today. ACPL, which held a 60 percent stake in SAKCPCL, is now initiating the transfer of these shares, JS GLobal told ProPakistani. The total sale consideration of US$ 23.4 million was agreed to be paid in three tranches, with this payment being the final tranche. The first tranche was received during 4QFY23, whereas the second tranche was received during 4QFY24. The gain pertaining to this sale also includes exchange difference, non-competing fee and consideration for loss of majority control as per the terms of the sale agreement. ACPL’s board believes that this sale will provide additional liquidity to the company for utilization in other profitable ventures.