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Maple Leaf Cement Factory Limited (MLCF) is making a massive move to dominate the industrial sector. Today, December 18, 2025, filings at the Pakistan Stock Exchange (PSX) confirmed a multi-billion rupee acquisition. MLCF has launched a public offer to acquire up to 11.72% of Pioneer Cement Limited (PIOC). This follows a prior agreement to purchase a 58.03% stake.
The transaction prices both offers at Rs. 478.43 per share. Consequently, the combined deal represents 69.75% of PIOC’s shares. The total investment reaches a staggering Rs. 75.8 billion, or approximately $270.5 million. This acquisition grants MLCF full management control of Pioneer Cement.
The Financials of the $270.5 Million Takeover
Maple Leaf Cement is not starting from zero. Currently, MLCF owns 7.63% of PIOC. Additionally, its associate company, Maple Leaf Capital Limited (MLCL), holds 10.83%. Director Waleed Tariq Saigol also owns a 0.07% stake. Together, the group currently controls 18.53% of Pioneer Cement.
Once the acquisition concludes, MLCF’s total shareholding in PIOC will jump to 88.28%. Furthermore, PIOC will continue to operate as a listed entity on the stock exchange. This deal effectively consolidates the Kohinoor Maple Leaf Group’s footprint in the national market.
Maple Leaf Cement Rising to the Top Three
This acquisition reshapes the hierarchy of Pakistan’s cement industry. Specifically, the combined market share of MLCF and PIOC will reach approximately 15.5%. This puts the group in the position of the third-largest player in the sector.
MLCF expects the move to generate significant strategic and economic efficiencies. The group aims to utilise operational synergies and cost optimisation to improve its market presence. Therefore, the enhanced scale will allow the company to provide products to a much broader customer base.
Operational Powerhouse & Synergies
Maple Leaf Cement currently operates Pakistan’s largest single-site cement facility. It features four grey-cement production lines and one white-cement line. Its total clinker capacity stands at 7.8 million tons per annum.
Meanwhile, Pioneer Cement brings its own established infrastructure to the table. Founded in 1986, PIOC operates three production lines in Punjab. The company has also invested heavily in energy, operating a 12MW Waste Heat Recovery Power Plant and a 24MW coal power plant. By absorbing these assets, MLCF strengthens its production capabilities and energy self-sufficiency.
