Maple Leaf Cement acquires 88.28% stake in Pioneer Cement, gains control

Maple Leaf Cement Factory Limited (MLCF) has acquired control of Pioneer Cement Limited (PIOC) after completing a public offer and additional share purchases, raising its collective shareholding to 88.28%, rendering PIOC its subsidiary. MLCF disclosed the development in a notice to the Pakistan Stock Exchange (PSX) on Monday. “MLCF hereby submit that we have fulfilled all obligations as stipulated under the Securities Act, 2015 and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017 in relation to the public offer for the acquisition of up to 26,623,096 ordinary shares (constituting 11.72% of the shareholding interest) and control of PIOC,” read the notice. MLCF further shared that following a Share Purchase Agreement dated December 17, 2025, the cement maker has also acquired 131,820,554 ordinary shares, i.e. 58.03% of the shareholding interest of PIOC on February 20, 2026.