Islamabad December 18 2024: Pharaon Investment Group Limited, a Lebanon based company, decided to sell its cement operations in Pakistan and appoints Standard Chartered Bank as international financial advisor, according to Attock Cement filing at Pakistan Stock Exchange.
“On behalf of M/s. Pharaon Investment Group Limited (Holding) S.A.L, 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 cement business in Pakistan” states the letter.
“Please be advised that no formal decision has been taken at this point. 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 added.
“We have appointed Standard Chartered Bank as our international financial advisor to assist us in this strategic assessment” states company.
Please be assured that once we have completed a thorough analysis of our options, a final decision will be made considering all the factors involved. We will keep you fully informed of any significant development as we move along in this process.
