Pharaon Investment Group Ltd’s potential sale of Attock Cement Pakistan Ltd is attracting initial interest from rivals including Cherat Cement Co and Bestway Group, people with knowledge of the matter said, according to Bloomberg.

Cherat and Bestway are among suitors considering bids for the business, the people said, asking not to be identified because the information is private. Kot Addu Power Co has also been evaluating Attock and may explore a joint offer with a local building materials producer like Fauji Cement, the people said.

In a stock exchange filing sent by Attock on Thursday, Pharaon said it has received interest for its stake in the cement producer. Certain prospective investors have indicated an intention to submit binding offers following the completion of a due diligence exercise, Pharaon said, without naming them.

Deliberations are ongoing and there’s no certainty the potential bidders will proceed with offers, the people said. None of the companies responded to requests for comment.Demand for cement in Pakistan has weakened as economic growth slowed to 2.5 per cent last year and forecast to be about 2.7 per cent this fiscal year through June.

Lebanon-based Pharaon said in December it was reassessing strategic options, including a potential sale of Attock Cement Pakistan. The company hired Standard Chartered Plc as a financial adviser.

With a presence in the Middle East, Europe and Africa, Pharaon is also involved in sectors such as health-care, home appliances and insurance, its website shows. The group’s Pakistan investments include Attock Petroleum Ltd, Attock Refinery Ltd and Pakistan Oilfields Ltd.