Maple Leaf Cement Factory Limited (MLCF) has begun evaluating a potential acquisition of shares in Pioneer Cement Limited, according to a disclosure submitted to the Pakistan Stock Exchange (PSX) on Thursday.
The company said its Board of Directors, in a meeting held on November 13, considered the planned transaction, which remains subject to multiple stages of corporate and regulatory clearance.
In its notice, MLCF stated that the acquisition would depend on the “finalization and negotiation of commercial terms, completion of due diligence, execution of definitive agreements, undertaking a public offer and receipt of regulatory approvals.”
As part of the process, the company appointed Next Capital Limited as Manager to the Offer.
The cement manufacturer added that it would keep the exchange informed as developments occur. “MLCF will keep the Exchange apprised of material developments as the transaction progresses,” the notice said.
