Maple Leaf Cement acquires additional stake in Pioneer Cement

Maple Leaf Cement Factory Limited (MLCF) has increased its stake in Pioneer Cement Limited (PIOC), acquiring an additional 26,623,096 shares, according to a disclosure by the cementmaker at the Pakistan Stock Exchange (PSX) on Friday.

The acquisition, in accordance with the Securities Act, 2015, and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017, brings MLCF's total holding in PIOC to 43,944,142 shares, or 19.35% of the total ordinary shares.

This acquisition is part of MLCF’s strategic expansion and investment in the cement sector. The company, along with its group associates, now holds a collective stake of 30.25% in PIOC. 

The move is expected to strengthen MLCF's position in the cement industry, as the company continues to increase its market share.

MLCF's acquisition was in addition to the 17,321,046 shares it had already held in Pioneer Cement. The company has requested the Pakistan Stock Exchange (PSX) to inform TRE Certificate Holders about this development.

On Thursday, MLCF announced that it had 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 PSX. 

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 also 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.