Fauji Cement, KAPCO Get CCP’s Permission to Acquire Attock Cement

The Competition Commission of Pakistan (CCP) has approved the proposed acquisition of Attock Cement Pakistan Limited (PSX: ACPL) by Fauji Cement Company Limited (PSX: FCC) and Kot Addu Power Company Limited (PSX: KAPCO) following a Phase-I competition review under the Competition Act, 2010.

On February 3, 2026, Fauji Cement and Kot Addu Power filed a pre-merger application to acquire a controlling interest in Attock Cement from Pharaon Investment Group Limited, in line with a Scheme of Compromises, Arrangement, and Reconstruction Agreement dated January 30, 2026.

Upon completion, Fauji Cement and Kot Addu Power will jointly gain control of Attock Cement Pakistan.

Fauji Cement, a subsidiary of Fauji Foundation, is a publicly listed company engaged in cement manufacturing and related products. Kot Addu Power is a listed energy company specializing in power generation, while Attock Cement is a publicly traded cement manufacturer. The seller, Pharaon Investment Group, is a Lebanon-based international investment holding company.

The CCP analysis noted that although there is a horizontal overlap between Fauji Cement and Attock Cement, the post-merger market share will remain below the statutory dominance threshold, and the sector continues to host multiple strong competitors. The Commission concluded that the acquisition is unlikely to create or strengthen a dominant position or materially reduce competition in Pakistan’s cement market.

The approval is limited to CCP’s review under Section 11 of the Competition Act, 2010, and does not affect any ongoing inquiries, proceedings, or cases before the Commission, the Competition Appellate Tribunal, or any other authority.

Officials said the transaction reflects continued investment activity in Pakistan’s cement sector, a critical contributor to infrastructure development and economic growth, while ensuring market competition is preserved.