Attock Cement Pakistan Limited (PSX: ACPL) has received the first tranche of $11.7 million against the sale of 9 million shares in its subsidiary in Iraq, the company informed the Pakistan Stock Exchange on Wednesday.
“Further to our intimation dated April 28, 2023, regarding the Agreement for sale of entire shareholding of the Company in its subsidiary ‘Saqr Al Keetan for Cement Production Company Limited’ (SAKCPCL), we are now pleased to announce that the Company has received a sum of US$ 11,700,000/- (US $ Eleven Million Seven Hundred Thousand only) as consideration against sale of 9,000,000 shares,” the filing stated.
Deputy Head of Research at JS Global Waqas Ghani told ProPakistani, “The determined sale consideration of US$ 23.4 million will be paid in three tranches. The first tranche of $11.7 million has been paid as promised within 3 months of the announcement of the SPA. The second $5.85 million tranche will be paid within 15 months of the first tranche, while the final tranche of $5.85 million will be paid within 3 months of the second tranche”.
“ACPL’s board believes that the sale will provide additional liquidity to the company for the utilization in other profitable ventures,” he added.
As per the filing, ACPL is now initiating the process of transfer of 9,000,000 shares to one of the buyers as per the Share Purchase Agreement under the prevailing laws of the Islamic Republic of Iraq.
