Maple Leaf Cement Factory Limited (MLCF) has informed the Pakistan Stock Exchange (PSX) that its shareholders approved the proposed merger of Pioneer Cement Limited into MLCF through a scheme of arrangement under the Companies Act, 2017.

According to information submitted to the PSX following an Extraordinary General Meeting (EGM) held on 19 October 2026, shareholders passed a special resolution approving the amalgamation of Pioneer Cement Limited's entire undertaking with Maple Leaf Cement Factory Limited, along with all ancillary matters related to the transaction.

The company stated that it will carry out the merger in accordance with the Scheme of Arrangement dated 2 September, 2026, which MLCF's Board of Directors had earlier approved.

"The Scheme of Arrangement between Maple Leaf Cement Factory Limited and its members and Pioneer Cement Limited and its members for the merger/amalgamation of the entire undertaking of Pioneer Cement Limited with and into Maple Leaf Cement Factory Limited has been agreed, approved and adopted," the company informed the PSX.

MLCF added that the resolution remains subject to any modifications the Lahore High Court may require.

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The shareholders also authorised the company's Chief Executive Officer and/or Company Secretary to take all necessary steps to implement and complete the Scheme of Arrangement.

The approval marks a key milestone in Maple Leaf Cement's proposed consolidation of Pioneer Cement's operations under a single corporate structure, subject to regulatory and court approvals.

by Abdul R Siddiqi, Pakistan