Maple Leaf Cement Factory Limited (PSX: MLCF) has approved a proposed scheme to merge Pioneer Cement Limited (PSX: PIOC) into the company, subject to shareholder approval and regulatory clearances.
The Maple Leaf Cement board approved the merger scheme at its meeting held on September 2, 2026, under Sections 279 to 283 and other applicable provisions of the Companies Act, 2017.
Under the proposed arrangement, Pioneer Cement’s entire undertaking, including its assets, liabilities, rights and obligations, will be transferred to Maple Leaf Cement.
As part of the merger, eligible Pioneer Cement shareholders will collectively receive 136.17 million ordinary shares of Maple Leaf Cement.
The proposed share exchange ratio has been set at 2.65 Maple Leaf Cement shares for every one Pioneer Cement ordinary share held by eligible shareholders.
Following completion of the transaction, Pioneer Cement will be dissolved without winding up. All Pioneer Cement shares, including those held by Maple Leaf Cement, will also be cancelled.
The proposed merger remains subject to the required approvals, including shareholder approval and permission from the Lahore High Court and other relevant authorities.
Maple Leaf Cement said a joint petition concerning the scheme will be filed before the Lahore High Court in due course.
The proposed scheme has an effective date of July 1, 2026, subject to completion of all required legal and regulatory procedures.
