Maple Leaf Cement Factory Limited has completed its public offer to acquire shares and control of Pioneer Cement Limited, with all obligations fulfilled following a significantly oversubscribed response from shareholders.
The offer received applications for 43.1 million shares against the offered 26.6 million shares, making it oversubscribed by around 62 percent and reflecting strong investor participation.
The acceptance period for the offer concluded on February 14, 2026. Due to the higher demand, shares were accepted on a pro rata basis at 61.64 percent, in line with regulatory procedures.
The transaction marks a key development in the consolidation of Pakistan’s cement sector, with Maple Leaf Cement strengthening its position through the acquisition. The public offer was initially announced in December 2025 under the relevant provisions of the Securities Act and takeover regulations.
According to the disclosure on page 1, all payments to eligible shareholders were completed by February 17, 2026, through bank transfers and pay orders where required.
In addition, excess shares were returned to shareholders’ accounts, while physical share adjustments were processed through the company’s registrar.
The Manager to the Offer confirmed that all regulatory requirements have been met, and the acquirer has fulfilled its obligations under applicable laws. Following this, the security deposited for the transaction has also been released, formally closing the acquisition process.
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