Attock Cement sells Iraqi unit for US$11.7m

Attock Cement Ltd of Pakistan has updated Pakistan Stock Exchange (PSX) about selling its 60 per cent share in its Iraqi grinding plant on 21 June 2023. Company Secretary, Irfan Amanullah, has informed PSX that the agreement for the sale of the entire shareholding of the company in its subsidiary ‘Saqr Al Keetan for Cement Production Co Ltd’  reached, and the company has received a sum of US$11.700m as a consideration against the sale of 9m shares.

The company will be sold to two buyers ie, Abdul Lateef Mohsin Al Geetan, an Iraqi national, and Lamassu Babylon General Trading Co, a company incorporated under the laws of Dubai, UAE. The notice adds that the company is now transferring 9m shares to one of the buyers as per the Share Purchase Agreement under the prevailing laws of the Islamic Republic of Iraq. Set up in 2019, the grinding plant has a cement capacity of 540,000tpa.