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1Scan for outdated or missing drivers - takes under a minute2Clear out junk files and repair common Windows errors3Fix the driver behind crashes, sound loss and screen glitchesFauji Cement Company Limited (FCCL) and Kot Addu Power Company Limited (KAPCO) completed an acquisition of control of Attock Cement Pakistan Limited (ACPL) during the fiscal year ended 30 June 2026, according to FCCL’s FY2026 annual report. The often-cited 84.06% figure was the announced controlling-stake purchase from the seller, with 42.03% proposed for each buyer; it is not FCCL’s reported final stake. FCCL says it acquired 46.02% of ACPL’s ordinary shares. The buyers also made a separate public offer for minority shares.
Who bought Attock Cement?
The joint buyers were FCCL, a cement producer, and KAPCO, a power company. A November 2025 addendum named FCCL in place of Fauji Foundation as the cement-company acquirer, while KAPCO remained a co-acquirer. The target, ACPL, is a Pakistani listed cement manufacturer. The transaction was structured to give the buyers joint control.
The original announcement described an acquisition of up to 84.06% from Pharaon Investment Group Limited Holding S.A.L. Under the proposed share purchase agreement, FCCL and KAPCO were each to receive 42.03%. Those were announced allocations, not a statement of the final ownership split.
What does the 84.06% figure mean?
It refers to the announced purchase of the controlling stake from the existing seller. It should not be read as FCCL’s individual ownership, nor as a verified final combined holding after every transaction step.
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A distinct public offer sought additional shares from ACPL’s minority shareholders. The offer was for up to 10,950,306 shares, approximately 7.97% of ACPL’s paid-up ordinary share capital. Its acceptance period was 6–12 April 2026. The offer’s maximum size does not establish how many shares shareholders tendered or what final combined ownership resulted.
| Transaction figure | What it describes |
|---|---|
| 84.06% | Announced controlling-stake acquisition from the seller, with joint control proposed. |
| 42.03% each | Proposed allocation under the share purchase agreement to FCCL and KAPCO. |
| Up to 10,950,306 shares, approximately 7.97% | Separate public offer to ACPL minority shareholders. |
| 46.02% | FCCL’s ACPL ordinary-share stake reported in its FY2026 annual report. |
What is the reported status of the acquisition?
FCCL’s FY2026 annual report says FCCL and KAPCO completed the acquisition of a controlling stake during the fiscal year ended 30 June 2026. It reports FCCL’s acquired stake as 46.02% of ACPL ordinary shares and describes the deal as extending FCCL’s cement footprint into southern Pakistan.
The cited materials do not establish the exact completion date or KAPCO’s final ownership percentage. Nor do they confirm the final combined holding after the public offer. The completion statement and FCCL’s reported stake should therefore be kept distinct from the original 84.06% announced purchase and the offer’s maximum 7.97%.
How did Pakistan’s competition regulator assess the deal?
On 26 February 2026, the Competition Commission of Pakistan (CCP) approved the proposed acquisition after a Phase-I review. The regulator noted horizontal overlap because both FCCL and ACPL make cement. It said the post-transaction market share would remain below the statutory dominance threshold and that the sector had multiple established competitors. CCP concluded that the deal was not likely to create or strengthen dominance, substantially lessen competition, or harm the market’s competitive structure.
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The authorization concerned review under Section 11 of Pakistan’s Competition Act, 2010. CCP said its decision did not affect other ongoing enquiries or proceedings. It is a competition-law assessment, not a guarantee about future cement prices, the companies’ performance, or shareholder returns.
Key dates in the transaction
- 4 June 2025: An initial public announcement of intention named KAPCO and Fauji Foundation as proposed buyers for up to 84.06% and joint control.
- 4 November 2025: An addendum replaced Fauji Foundation with FCCL as co-acquirer; the proposed 84.06% transaction and joint-control structure remained.
- 30 January 2026: The date of the Scheme of Compromises, Arrangement, and Reconstruction Agreement later identified by CCP.
- 3 February 2026: FCCL and KAPCO filed their pre-merger application, according to CCP.
- 17 February 2026: The public offer for up to 10,950,306 shares was announced.
- 26 February 2026: CCP issued its Phase-I approval.
- 6–12 April 2026: The stated acceptance period for the minority-shareholder offer.
- By 30 June 2026: FCCL’s annual report says the controlling-stake acquisition was completed during FY2026.
What the deal means for shareholders and the market
For ACPL minority shareholders, the public offer was a separate route to tender shares after the announced control purchase. The offer notice specified its maximum share count and acceptance dates; it does not, by itself, show how much was accepted or the resulting ownership split.
For FCCL, the reported 46.02% stake and the annual report’s description of a southern Pakistan expansion show the strategic footprint change. The available ownership figures do not support a precise claim about KAPCO’s final stake or the buyers’ final combined holding. No competing bid is documented in the cited transaction materials.
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Sources
- Competition Commission of Pakistan, Phase-I approval, 26 February 2026
- Integrated Equities Limited transaction announcement and addendum, hosted by the Pakistan Stock Exchange
- Integrated Equities Limited public-offer notice, hosted by the Pakistan Stock Exchange
- Fauji Cement Company Limited FY2026 annual report
- Pakistan Stock Exchange FCCL company page
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