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.
Maple Leaf Cement to acquire majority stake in Pioneer Cement for $270.5mn
“MLCF already holds 42,082,047 (18.53%) along with its group associates, and together with the aforementioned acquisition, MLCF and its associates’ collective stake now stands at 88.28% in the ordinary shares and control of PIOC, thereby rendering PIOC a subsidiary of Maple Leaf Cement Factory Limited,” it added.
MLCF is a flagship company of the Kohinoor Maple Leaf Group, a well-established Pakistani conglomerate with interests in textiles, cement, capital markets, and healthcare. MLCF operates Pakistan’s largest single-site cement facility, comprising four grey-cement production lines and one white-cement line, with a total installed clinker capacity of 7.8 million tons per annum.
Meanwhile, Pioneer Cement Limited was set up as a public limited company in 1986. With its plants located in Punjab, the company has three production lines where it manufactures and sells cement. It began its production operation with a capacity of 2000 tons per day. The company also made investments in a 12MW Waste Heat Recovery Power Plant and a 24MW coal power plant.
Upon completion of the acquisition, the combined market share of MLCF and PIOC is projected to be approximately 15.5%, positioning the group as the third largest player in Pakistan’s cement sector.
Meanwhile, PIOC, in a separate notice, informed that Tariq Sayeed Saigol has been appointed as Chairman of the Board of Directors, while Sayeed Tariq Saigol was appointed as Chief Executive Officer of the company w.e.f. February 20, 2026.
The company further informed that Sohail Sadiq was appointed as Chief Operating Officer of PIOC w.e.f. February 20, 2026.
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