Maple Leaf Cement acquires 61.64% of Pioneer Cement shares 

Maple Leaf Cement Factory Limited (MLCF) has successfully completed its public offer to acquire 26,623,096 ordinary shares of Pioneer Cement Limited (PIOC), securing 61.64% of the total offer size on pro-rata basis, according to a filing by Next Capital Limited, the manager to the offer, at the Pakistan Stock Exchange (PSX) on Thursday.

The offer, published on December 22, 2025, was open from February 8 to February 14, 2026, and received eligible applications for a total of 43,189,598 shares.

According to the terms set out in the offer, the shares were accepted on a pro-rata basis, at a rate of 61.64%, with appropriate rounding applied to avoid fractional entitlements. 

The MLCF has now confirmed that all payments for the eligible and accepted shares were duly made by February 17, 2026, via bank transfers to the IBANs provided in the list of eligible shareholders, as per Pioneer Cement's share registrar. In cases where the IBAN was unavailable or the transfer could not be completed, pay orders were issued and dispatched to the respective shareholders.

Next Capital Limited, acting as the MTO, also confirmed that any ineligible shares, as determined according to the eligible shareholders’ list dated January 26, 2026, were transferred back to the CDC accounts of the respective shareholders as of February 17, 2026. Shareholders will be informed via email to collect their excess share certificates from the office of the MTO.

In compliance with the relevant regulations, MLCF has met all obligations related to the public offer under Section 119(3) of the Securities Act, 2015. Additionally, as per Regulation 16(1)(a) of the Regulations, the security furnished by the Acquirer has been released.

The Next Capital has also stated that further details regarding the offer and the completion of the share allocation process will be communicated to the relevant stakeholders, ensuring that all procedural requirements are met.