Maple Leaf Cement secures 88.28% stake in Pioneer Cement, makes it subsidiary

Maple Leaf Cement Factory Limited (MLCF) has completed its acquisition of Pioneer Cement Limited (PIOC), taking its collective shareholding to 88.28% and formally making PIOC its subsidiary, according to a disclosure submitted to the Pakistan Stock Exchange on Monday.

Maple Leaf Cement stated that it had fulfilled all obligations under the Securities Act, 2015 and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017 in relation to its public offer for up to 26,623,096 ordinary shares, representing 11.72% of PIOC’s shareholding.

Next Capital Limited, acting as manager to the offer, issued a certification on February 19, 2026, confirming that the acquirer had met all regulatory requirements linked to the public offer.

In addition to the public offer, MLCF acquired 131,820,554 ordinary shares — constituting 58.03% of PIOC’s shareholding — on February 20, 2026, under a Share Purchase Agreement which was signed on December 17, 2025.

Prior to these transactions, MLCF and its group associates already held 42,082,047 shares, representing 18.53% of PIOC. 

Following the latest acquisitions, Maple Leaf Cement’s total collective stake has risen to 88.28%, giving it effective control and rendering Pioneer Cement a subsidiary of Maple Leaf Cement Factory Limited.

Meanwhile, Pioneer Cement Limited has appointed Tariq Sayeed Saigol as chairman of the board and chief executive officer. The company stated that both positions were assigned with effect from February 20, 2026.

In a separate decision, Sohail Sadiq has been appointed as chief operating officer, also effective from February 20, 2026.