Karachi June 21 2023: Attock Cement Limited under the Agreement for sale of entire shareholding of the Company in its subsidiary ‘Saqr Al Keetan for Cement Production Company Limited’ (SAKCPCL), has received a sum of US$ 11,700,000/-(US $ Eleven Million Seven Hundred Thousand only) as consideration against sale of 9,000,000 shares.
The company has sold the entire shareholding for consideration USD 23.4 million to be received in three tranches.
The Company is now initiating the process of transfer of 9,000,000 shares to one of the buyers as per the Share Purchase Agreement under the prevailing laws of Islamic Republic of Iraq.
The company has 60% investment in Subsidiary Company – Saqr Al Keetan for Cement Production Company Limited (SAKCPCL) in Basra, Iraq. SAKCPCL was incorporated under Iraqi law on November 3, 2014. Its main business activity is manufacturing and sale of cement and the principal place of business is in Iraq. In 2019, SAKCPCL had started its trial production with locally available clinker. In the same year, SAKCPCL obtained the license for import of clinker as required by local laws and commenced commercial production from September 1, 2019 after satisfactory completion of performance test.
