RIAA advises PIGL on Attock Cement Pakistan proposed stake sale

RIAA Barker Gillette is representing Pharaon Investment Group Limited Holding S.A.L., a leading Lebanese conglomerate, as sole legal counsel in the proposed sale of its 84.06% stake in Attock Cement Pakistan Limited. Negotiations are underway with Fauji Cement Company Limited (FCCL) and Kot Addu Power Company Limited (KAPCO), which have jointly submitted binding offers to acquire the stake.

Attock Cement operates one of southern Pakistan’s major cement production facilities, with a 3-million-tonne annual capacity plant in Hub, Balochistan, and significant export operations across the Middle East and Africa.

RIAA has managed the complete sell-side advisory process for Pharaon Investment Group Limited Holding S.A.L., including facilitating due diligence for multiple prospective buyers. The firm coordinated a competitive sale process that attracted interest from major strategic players including Cherat Cement, Bestway Group and Alpha Cement.

Following submission of binding offers by the FCCL-KAPCO consortium in August 2025, RIAA has been steering negotiations toward completion. The firm drafted the Share Purchase Agreement and continues to advise on structuring the Attock Cement sale. The proposed transaction remains subject to execution of definitive agreements, clearance from the Competition Commission of Pakistan, and other customary closing conditions.

Standard Chartered Bank’s Investment Banking Division in Dubai has served as financial advisor to Pharaon Investment Group Limited Holding S.A.L. throughout the divestment process.

The proposed Attock Cement sale would strengthen the acquirers’ position in Pakistan’s recovering cement market, particularly in the strategic southern region. The potential acquisition aligns with renewed consolidation activity in Pakistan’s cement sector, driven by improving macroeconomic conditions and export growth through Karachi port.

“This mandate demonstrates RIAA’s capability to manage complex cross-border M&A transactions as sole legal counsel,” said Bilal Shaukat, Managing Partner at RIAA Barker Gillette. “Our comprehensive sell-side advisory, from initial structuring through competitive bidding process and due diligence facilitation, positions us as Pakistan’s premier law firm for sophisticated M&A transactions.”

RIAA’s expertise in cross-border M&A transactions has enabled the firm to successfully manage this complex divestment process involving multiple stakeholders across jurisdictions. The firm continues to act as sole legal counsel without foreign law firm involvement, demonstrating its capability to handle complex mandates independently.

Our team advising on this transaction is led by Bilal Shaukat (Managing Partner – Pakistan) and Rohaan Nasir (Senior Associate).

For advice on mergers and acquisitions in Pakistan’s industrial sector, contact Bilal Shaukat today.

This article is not legal advice; it provides information of general interest about current legal issues.

…

RIAA Barker Gillette is Pakistan’s premier law firm, with an on-the-ground presence in three major cities in Pakistan: Karachi, Islamabad and Lahore, and affiliated offices in Dubai (DIFC) and London. 

The firm practices in all areas of corporate, commercial and dispute resolution law. Leading international legal directories consistently recognise the firm as a top-tier law firm in Pakistan.

RIAA Barker Gillette is the exclusive member firm in Pakistan for Lex Mundi, the world’s leading network of independent law firms with in-depth experience in over 125 countries worldwide.