Maple Leaf Cement Factory Limited (MLCF) has taken control of Pioneer Cement Limited (PIOC), raising its collective stake to 88.28% and officially making PIOC a subsidiary, the company said in a notice to the Pakistan Stock Exchange on Monday.
The acquisition follows MLCF’s public offer and additional share purchases. Under a Share Purchase Agreement dated December 17, 2025, MLCF acquired 131.8 million ordinary shares, representing 58.03% of PIOC’s shareholding, while the company and its group associates already held 42.08 million shares, or 18.53%.
The combined stake now exceeds 88% of ordinary shares, giving MLCF full control of Pioneer Cement.
The deal values the acquisition at roughly $270.5 million and positions the Kohinoor Maple Leaf Group as a major player in Pakistan’s cement sector. Upon completion, the combined market share of MLCF and PIOC is projected at about 15.5%, making the group the country’s third-largest cement producer.
MLCF operates Pakistan’s largest single-site cement facility, with four grey-cement lines and one white-cement line, boasting a total clinker capacity of 7.8 million tons per year. Pioneer Cement, established in 1986, operates three production lines in Punjab where it manufactures and sells cement.
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