Attock Cement Announces Major Board Reshuffle Following Change in Control -

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Attock Cement Pakistan Limited has announced a major reconstitution of its board and top management following a change in control of the company after the acquisition of majority shareholding by Fauji Cement Company Limited and Kot Addu Power Company Limited.

According to a material information notice submitted to the Pakistan Stock Exchange, the company’s Board of Directors, in an emergent meeting held on April 28, 2026, approved the resignation of seven directors, including Laith G. Pharaon, Wael G. Pharaon, Shuaib Anwar Malik, Abdus Sattar, Shamim Ahmad Khan, Agha Sher Shah and Mohammad Haroon, with immediate effect.

The board placed on record its appreciation for the outgoing directors for their valuable services and contributions to the management of the company.

To fill the vacancies, the board appointed seven new directors with immediate effect to serve until the next election of directors. The newly appointed board members include Lt. Gen. Anwar Ali Hyder (Retd.), Lt. Gen. Muhammad Saeed (Retd.), Majid Munir, Muhammad Masood, Shabnam Faqir Mohammad, Aamir Malik and Mudassir Khan.

The board also appointed Lt. Gen. Anwar Ali Hyder (Retd.) as the new Chairman of the company with immediate effect, following the resignation of Chairman Shuaib Anwar Malik. He will serve for the remainder of the outgoing chairman’s term.

In another significant development, following the resignation of Chief Executive Babar Bashir Nawaz, the board appointed Omer Ashraf as Acting Chief Executive Officer, effective May 2, 2026.

The changes mark a major transition in the governance structure of the cement manufacturer and come in the wake of the acquisition-led shift in management control by Fauji Cement and KAPCO.

Market observers view the development as a significant corporate restructuring in Pakistan’s cement sector, with the new ownership expected to steer the company’s future strategic direction. – ER News Desk

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