RIAA Barker Gillette represented Pharaon Investment Group Limited Holding S.A.L. (“PIGL”), a leading international conglomerate based in Lebanon, as sole legal counsel on the Attock Cement sale. PIGL divested its 84.06% controlling stake in Attock Cement Pakistan Limited to Fauji Cement Company Limited and Kot Addu Power Company Limited (“KAPCO”) after a months-long, multi-bidder contest. Both parties executed the Share Purchase Agreement (“SPA”) on 30 January 2026.
Attock Cement operates a major production facility in Hub, Balochistan, with an annual capacity of 3 million tonnes and significant export operations across the Middle East and Africa. The Attock Cement sale therefore represents one of the largest recent transactions in Pakistan’s cement sector and marks a strategic exit for PIGL as part of a broader refocus on its energy business.
RIAA managed the complete sell-side legal advisory from initial structuring through SPA execution. Standard Chartered Bank’s Investment Banking Division in Dubai served as financial advisor to PIGL throughout the process. In the first phase, the firm assisted Standard Chartered in finalising process letters and the transaction framework for potential investors. RIAA also provided detailed advice on Pakistan’s regulatory landscape, including listed company share transfer requirements and applicable takeover laws.
The firm subsequently drafted and negotiated the SPA while leading negotiations with multiple bidders. The competitive sale process attracted interest from major strategic players, including Cherat Cement, Bestway Group, and Alpha Cement, before PIGL selected the Fauji Cement–KAPCO consortium as preferred bidders.
Completion of the Attock Cement sale remains subject to a mandatory public offer under the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, pre-merger clearance from the Competition Commission of Pakistan, and shareholder approval at KAPCO.
“We are honoured that PIGL placed its trust in our firm to lead this complex and high-stakes transaction,” said Bilal Shaukat, Managing Partner at RIAA Barker Gillette. “Acting as sole legal advisors without foreign counsel involvement reflects PIGL’s confidence in RIAA’s capability to deliver on major cross-border mandates.”
The transaction aligns with renewed consolidation activity in Pakistan’s cement sector, driven by improving macroeconomic conditions and growing export demand through Karachi port. For Fauji Cement and KAPCO, the acquisition strengthens their position in the strategic southern region of Pakistan’s cement market.
RIAA’s team on this transaction was led by Bilal Shaukat (Managing Partner – Pakistan) and also included Rohaan Nasir (Senior Associate), and Manaal Sabzwari (Junior Associate).
For advice on mergers and acquisitions in Pakistan, contact Bilal Shaukat today.
This article is not legal advice; it provides information of general interest about current legal issues.
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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.
