Maple Leaf Cement to acquire majority stake in Pioneer Cement for $270.5mn

Maple Leaf Cement Factory Limited (MLCF) has launched a public offer to acquire up to 11.72% of Pioneer Cement Limited (PIOC) at Rs478.43 per share, following a prior agreement to purchase a 58.03% stake at the same rate. The combined transaction, representing 69.75% of PIOC’s shares, amounts to Rs75.8 billion ($270.5 million), according to filings submitted to the Pakistan Stock Exchange (PSX) on Thursday. The move will give MLCF management control of Pioneer Cement. “MLCF currently owns 17,321,046 shares constituting 7.63% of the issued and paid-up ordinary shares capital of PIOC of the face value of Rs10 each. “Maple Leaf Capital Limited (MLCL), an associated company of MLCF, currently owns 24,609,001 shares constituting 10.83% of the issued and paid-up ordinary shares capital of PIOC of the face value of Rs. 10 each. Waleed Tariq Saigol, a director in MLCF, currently owns 152,000, constituting 0.07% of the issued and paid-up ordinary shares capital of PIOC of the face value of Rs. 10 each.