Dubai Islamic Bank Pakistan Limited (DIBPL) has successfully spearheaded a major shift in Pakistan’s industrial landscape by arranging $76 million in financing for a landmark acquisition. A consortium comprising Fauji Cement Company Limited (FCCL) and Kot Addu Power Company Limited (KAPCO) has acquired an 84.06% majority stake in Attock Cement Pakistan Limited (ACPL), marking a significant transition of a strategic industrial asset from foreign to local ownership.
DIBPL played a multifaceted role in the deal, serving as the largest financier, lead advisor, and Shariah advisor. The transaction was structured as a fully Shariah-compliant financing solution, ensuring that the acquisition met both the strategic needs of the buyers and the ethical requirements of Islamic finance. Mohsin Tayebaly & Co served as the legal counsel for the transaction. The purchasers acquired the initial 84.06% stake from Pharaon Investment Group Limited Holding S.A.L. and subsequently increased their holdings through a mandatory tender offer concluded on April 16, 2026. As a result, the consortium now holds approximately 92.03% of the company’s share capital.
Muhammad Ali Gulfaraz, President of DIBPL, highlighted that the bank’s involvement reflects its growing capability in facilitating complex, large-scale corporate restructurings. By coordinating closely with the management teams and sponsors of both FCCL and KAPCO, DIBPL demonstrated its expertise in providing structured financial solutions for Pakistan’s major corporate players. The bank stated that its support for such transactions contributes to robust economic activity across the country.
The completion of this deal, which was officially communicated to the Pakistan Stock Exchange on April 27, comes at a time when the cement industry is showing a strong recovery. Recent data indicates that cement dispatches grew by 9.8% in the current fiscal year, with domestic demand reaching 31.6 million tonnes. By bringing Attock Cement under the joint control of FCCL and KAPCO, the acquisition consolidates the market power of two of Pakistan’s most prominent industrial entities. This move is expected to streamline operations and create synergies across the cement and power sectors, potentially leading to more efficient production and a stronger competitive edge in both domestic and export markets.
For the modern banking sector, this $76 million deal serves as a benchmark for how Shariah-compliant institutions can effectively lead high-value mergers and acquisitions activity, offering viable and competitive alternatives to conventional financing for the nation’s largest industrial transactions.
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