Maple Leaf Cement Factory Ltd and one of Pakistan’s largest banks, Habib Bank, have jointly announced in a public statement that HBL is leading Maple Leaf Cement Factory’s PKR75bn (US$268.3bn) acquisition of Pioneer Cement Ltd. In summary, it states that, as part of a significant consolidation in Pakistan’s industrial sector, Maple Leaf Cement Factory Ltd has successfully completed the acquisition of Pioneer Cement Ltd in a landmark deal valued at PKR75bn.
Additionally, as the exclusive buy-side financial advisor and lead arranger, HBL played a key role in structuring the transaction through a large Shariah-compliant Islamic Syndicated Musharakah facility.
This strategic move, which follows a public offer concluded in February 2026, allows the Kohinoor Maple Leaf Group to secure a dominant 88.28 per cent stake in Pioneer Cement, effectively elevating the combined entity to the position of the third-largest cement producer in the country. With a total production capacity now exceeding 13.4Mta and a market share of approximately 15.5 per cent, the acquisition is expected to drive significant operational synergies and cost efficiencies across the northern region’s construction supply chain.
This transaction shows a growing appetite for large-scale mergers in the manufacturing sector and highlights Islamic finance’s ability to support mega-scale corporate acquisitions in Pakistan’s evolving economy.
According to APCMA, Maple Leaf Cement Factory Ltd at Daudkhel in Punjab has a capacity of 8.19Mt, and Pioneer Cement Ltd - Khushab in Punjab has a capacity of 5.45Mt of cement.
By Abdul Rab Siddiqi, Pakistan
