SELL

⚡ Flash Summary

Arif Habib Limited, acting as the Manager to the Offer, announced the withdrawal of the Public Announcement of Intention (PAI) by Alpha Cement Company Limited to acquire 84.06% of the ordinary shares of Attock Cement Pakistan Limited. The initial announcement for the potential acquisition was made on June 3rd, 2025, but the acquirer has now decided not to proceed with the transaction. This withdrawal is in compliance with Regulation 21(1) of the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017. The notification of the withdrawal has been published in Business Recorder and Nawa-i-Waqt.

📌 Key Takeaways

• ❌ Alpha Cement withdraws intention to acquire 84.06% of Attock Cement.
• 📅 Initial PAI was announced on June 3rd, 2025.
• 🏢 Arif Habib Limited acted as the Manager to the Offer.
• 📜 Withdrawal complies with Regulation 21(1) of takeover regulations.
• 📰 Withdrawal notice published in Business Recorder and Nawa-i-Waqt.
• 📉 Attock Cement’s share price likely to experience downward pressure.
• 🤝 Potential acquisition uncertainty removed.
• 🔍 No specific reason provided for the withdrawal.
• 💼 Arif Habib fulfilled regulatory requirements for withdrawal.
• 🚫 No immediate change in Attock Cement’s operations.
• ❓ Future acquisition attempts remain uncertain.

🎯 Investment Thesis

SELL. The withdrawal of the acquisition offer removes a key catalyst for Attock Cement’s share price appreciation. Without the acquisition premium, the company’s valuation is likely to revert to its standalone financial metrics. Given the potential for downward price adjustment, a SELL recommendation is appropriate. Price Target: Based on a conservative estimate of peer valuations, a price target reflecting a 10-15% discount from the pre-announcement price is reasonable. Time Horizon: Short-term (1-3 months) to capture the price adjustment.

⚡ Flash Summary

Arif Habib Limited announced the withdrawal of the Public Announcement of Intention (PAI) by Alpha Cement Company Limited to acquire 84.06% of the ordinary shares of Attock Cement Pakistan Limited. The initial PAI was made on June 3rd, 2025, and published in Business Recorder and Nawa-i-Waqt on June 5th, 2025. The acquirer decided not to pursue the proposed acquisition as required under Regulation 21(1) of the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017. The withdrawal announcement will be published in Business Recorder and Nawa-i-Waqt on October 10, 2025.

📌 Key Takeaways

• ❌ Alpha Cement Company withdraws intention to acquire 84.06% of Attock Cement.
• 📅 Initial Public Announcement of Intention (PAI) was made on June 3rd, 2025.
• 📰 PAI was published in Business Recorder and Nawa-i-Waqt on June 5th, 2025.
• 🚫 Acquirer decided not to proceed with the proposed acquisition.
• 📜 Withdrawal is under Regulation 21(1) of takeover regulations, 2017.
• 💼 Arif Habib Limited is the manager to the offer on behalf of the acquirers.
• 📢 Withdrawal announcement will be published on October 10, 2025.
• 📄 Compliance with the law is the reason for the withdrawal process.
• ❓ Contact Arif Habib Limited for additional information or clarification.
• 📉 Uncertainty regarding Attock Cement’s future ownership.
• 🏢 Target Company: Attock Cement Pakistan Limited.
• cement Sector growth will be affected negatively.

🎯 Investment Thesis

Given the withdrawal of the acquisition offer and the resulting uncertainty, a SELL recommendation is appropriate. The stock price is likely to correct downwards as the acquisition premium disappears. We expect a price target reflecting the standalone valuation of Attock Cement, with a short-term horizon to account for immediate market reaction.