This significant development was disclosed by Attock Cement in a formal notice to the Pakistan Stock Exchange (PSX) on Wednesday.

In the notice, Attock Cement informed stakeholders that it has received a letter from Pharaon Investment Group detailing their intention to reassess long-term strategic options, which may include a potential sale of their cement operations in the country. The company emphasized the importance of this reevaluation given the current market dynamics and investment landscape.

The letter from Pharaon Investment Group stated, “On behalf of Pharaon Investment Group Limited (Holding), Lebanon, the parent company of Attock Cement Pakistan Limited, I am writing to inform you that the majority shareholders have decided to re-evaluate their long-term strategic options, including a potential sale, in relation to our investment in the cement business in Pakistan.”

Attock Cement clarified that, at this stage, no formal decision has been made regarding the sale. “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,” the letter continued.

Pharaon Investment Group appointed Standard Chartered Bank as its international financial advisor.

The letter reassured stakeholders that once a thorough analysis of available options is completed, a final decision will be communicated, taking into account all relevant factors involved in the process. “We will keep you fully informed of any significant developments as we move along in this process,” the letter added, emphasizing transparency throughout the evaluation.

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Attock Cement Pakistan Ltd was incorporated in Pakistan on October 14, 1981, and operates as a public limited company. The firm is primarily engaged in the manufacturing and sale of cement, making it a key player in the local construction industry.

Following the announcement of the strategic review, ACPL’s share price experienced a notable surge, reaching Rs259.27. The stock hit its upper lock after increasing by Rs23.57, or 10%, indicating strong investor interest and confidence in the company’s future prospects amid this potential transition.