Attock Cement's acquisition approved

On completion of deal, Fauji Cement, Kot Addu Power will acquire controlling interest

ISLAMABAD:

The Competition Commission of Pakistan (CCP) has approved the proposed acquisition of Attock Cement by Fauji Cement Company and Kot Addu Power Company, following a phase-I competition assessment conducted under the Competition Act, 2010.

On February 3, 2026, Fauji Cement and Kot Addu Power filed a pre-merger application for the acquisition of controlling interest in Attock Cement from Pharaon Investment Group Limited. The proposed acquisition is pursuant to the Scheme of Compromises, Arrangement, and Reconstruction agreement dated January 30, 2026. Upon completion of transaction, Fauji Cement and Kot Addu Power will acquire control of Attock Cement.

Fauji Cement, a subsidiary of Fauji Foundation, is a publicly listed company engaged in the manufacture and sale of cement and related products. Kot Addu Power is a publicly listed energy company engaged in power generation. Attock Cement is a publicly listed cement manufacturer. The seller, Pharaon Investment Group, is an international investment holding company based in Lebanon. CCP's analysis noted that while there was a horizontal overlap between Fauji Cement and Attock Cement, the post-transaction market share would remain below the statutory dominance threshold, and the cement sector in Pakistan continues to have multiple established competitors.

CCP concluded that the proposed transaction was neither likely to create or strengthen a dominant position nor substantially lessen competition or adversely affect the competitive structure of the market. Accordingly, the transaction has been authorised in accordance with the provisions of the Competition Act, 2010. The authorisation is limited to CCP's assessment of the transaction under Section 11 of the Competition Act and does not affect any ongoing enquiries, proceedings or matters pending before the commission, the Competition Appellate Tribunal or any other competent forum.