⏸️ ACPL: HOLD Signal (5/10) – Addendum to the Public Announcement of Intention

📌 Key Takeaways

• 🚨 ACPL received an addendum to the public announcement of intention on November 7, 2025.
• 🤝 Fauji Cement Company Limited (FFCL) will now replace Fauji Foundation as an acquirer.
• 💼 FFCL and Kot Addu Power Company Limited (KAPCO) are the new acquirers.
• 🎯 The acquisition targets up to 84.06% of ACPL’s shares and joint control.
• 📅 Original announcement was made on June 3, 2025, by Kot Addu and Fauji Foundation.
• 📜 The acquisition is governed by the Securities Act, 2015 and Takeover Regulations, 2017.
• 📰 The addendum will be published in ‘The Nation’ and ‘Nawa-i-Waqt’ on November 6, 2025.
• 🏢 Integrated Equities Limited is the Manager to the Offer.
• 🏦 Fauji Foundation holds 61.65% shares of Fauji Cement Company Limited.
• ⚡ KAPCO’s major shareholder is WAPDA with 40.25% holding.
• 🏭 Fauji Cement’s primary business is manufacturing and selling cement and tile bond.
• 💡 KAPCO operates a multi-fuel fired power station with 1,600 MW capacity.
• ✔️ The acquisition is subject to regulatory approvals.
• 🤝 The consummation depends on finalization of terms, due diligence, and execution of agreements.
• ℹ️ Minimum acceptance levels will be specified in the public offer.

🎯 Investment Thesis

Given the limited financial information and the nature of the announcement focusing on changes in acquirers, a HOLD recommendation is appropriate. Investors should await further details on the offer price, strategic plans, and regulatory approvals before making an investment decision. The potential for synergies and strategic benefits exists, but it is too early to quantify. The price target will depend on the offer price and the long-term growth prospects of ACPL under the new ownership.