Pakistan-based Maple Leaf Cement Factory Ltd (MLCF) has completed its public offer to acquire 26,623,096 ordinary shares of Pioneer Cement Ltd, securing 61.64 per cent of the total offer size on a pro-rata basis, according to a filing at the Pakistan Stock Exchange (PSX).
The offer, originally published on 22 December 2025, was open from 8–14 February 2026 and received applications for 43,189,598 shares. In line with the terms of the offer, shares were accepted on a pro-rata basis at 61.64 per cent, with rounding applied to avoid fractional entitlements.
MLCF confirmed that it has fulfilled all regulatory requirements relating to the public offer under Section 119(3) of the Securities Act, 2015. In accordance with Regulation 16(1)(a), the security furnished by the acquirer has been released.
The transaction strengthens Maple Leaf Cement’s position in Pakistan’s cement sector, consolidating its stake in Pioneer Cement, which operates the 5.2Mta Khushab plant, and reinforcing its footprint in the domestic market.
