Major Cement Players Circle Attock Cement as Pharaon Investment Group Considers Strategic Exit
Pharaon Investment Group Ltd. (PIGL), a Lebanon-based holding company, is actively pursuing a strategic sale of its stake in Attock Cement Pakistan Ltd. (ACPL), drawing early interest from prominent names in Pakistan’s cement and energy sectors.
Multiple Bidders Show Interest
According to a Bloomberg report, companies including Cherat Cement and Bestway Group—two of Pakistan’s leading cement producers—are weighing potential bids. Additionally, Kot Addu Power Company (KAPCO), a key player in the energy space, has also shown interest. KAPCO is reportedly considering a joint offer in collaboration with a local cement manufacturer such as Fauji Cement.
The transaction, if it materializes, could reshape the competitive landscape of the cement sector in Pakistan, where consolidation and vertical integration remain key strategic themes.
Strategic Advisor and Next Steps
Pharaon Investment Group, the parent company of ACPL, has appointed Standard Chartered Bank as the financial advisor for the potential divestment. In a formal communication to stakeholders, PIGL confirmed that prospective investors have expressed interest and are expected to submit binding offers in the coming phase of the transaction process.
This move comes on the heels of earlier reports in 2024 that PIGL was reviewing strategic options to streamline its holdings, particularly its exposure to Pakistan’s cement market.
Background: Attock Cement Pakistan Limited
Attock Cement Pakistan Ltd. was incorporated on October 14, 1981, as a public limited company and has been listed on the Pakistan Stock Exchange. The company operates as a subsidiary of Pharaon Investment Group Limited Holding S.A.L, Lebanon, and is engaged in the manufacturing, marketing, and sale of cement.
ACPL’s brand, Falcon Cement, is widely recognized in the southern market of Pakistan and also has a presence in export markets.
Sectoral Context and Strategic Implications
The interest from top-tier cement manufacturers and energy players signals the strategic value of ACPL’s assets, market share, and export potential. The potential sale would not only alter ownership dynamics within the sector but may also accelerate vertical integration strategies for the winning bidder.
For firms like Cherat Cement or Bestway, acquiring ACPL could provide a stronger foothold in the southern region. For energy companies like KAPCO, this represents an opportunity to diversify into building materials—a common trend in emerging markets where energy and infrastructure businesses converge.
If successful, the transaction could mark one of the most significant M&A deals in Pakistan’s industrial sector in 2025, and will be closely watched by investors and regulators alike.