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May 1, 2026
DIBPL backs $76M Attock Cement acquisition by FCCL and KAPCO, marking a major shift to local ownership and boosting Pakistan’s M&A momentum.
Dubai Islamic Bank Pakistan Limited has arranged $76 million in Shariah-compliant financing to support the acquisition of a majority stake in Attock Cement Pakistan Limited by a consortium led by Fauji Cement Company Limited and Kot Addu Power Company Limited.
The bank acted as lead financier, advisor, and Shariah structuring partner in the transaction, which marks a significant shift of ownership from foreign to local stakeholders. Legal advisory services were provided by Mohsin Tayebaly & Co.
DIBPL President Muhammad Ali Gulfaraz said the bank’s involvement highlights its capability in managing complex financial deals, adding that it supported the acquisition through both funding and advisory expertise.
The acquisition was completed in April 2026, following an earlier agreement with Pharaon Investment Group Limited Holding S.A.L.. The consortium initially secured an 84.06% stake and later increased its holding to over 92% through a mandatory tender offer conducted under regulatory requirements.
The deal signals growing momentum in Pakistan’s mergers and acquisitions landscape, with local firms expanding control over key industrial assets.
