Pakistan’s cement industry is going through a major development phase. Now Maple Leaf Cement Factory Limited (MLCF) has officially acquired 88.28% stake in Pioneer Cement, which means it is securing full control of the company and making it a subsidiary.
MLCF revealed the acquisition in a formal notice submitted to the Pakistan Stock Exchange (PSX) on Monday. The company made sure that it fulfilled all regulatory requirements under the Securities Act, 2015, and the Listed Companies (Massive Acquisition of Voting Shares and Takeovers) Regulations, 2017.
This acquisition is actually reshaping the competitive landscape of Pakistan’s cement sector.
How Maple Leaf Cement Gained Control of Pioneer Cement
MLCF completed the transaction in multiple steps. First, under a public offer, it acquired up to 26,623,096 ordinary shares, representing 11.72% shareholding interest in Pioneer Cement Limited (PIOC).
Earlier, through a Share Purchase Agreement dated December 17, 2025, MLCF also purchased 131,820,554 ordinary shares, equal to 58.03% stake, on February 20, 2026.
Before this deal, MLCF and its group associates already held 18.53% shares in PIOC. With the latest acquisition, their combined shareholding now stands at 88.28%, effectively transferring control of Pioneer Cement to Maple Leaf Cement.
Strengthening Market Position
This strategic move strengthens MLCF’s footprint in the cement industry. Following the acquisition, the combined market share of Maple Leaf Cement and Pioneer Cement is expected to reach approximately 15.5%, making the group the third-largest player in Pakistan’s cement sector.
MLCF operates as the flagship company of the Kohinoor Maple Leaf Group. It runs Pakistan’s largest single-site cement facility with four grey cement production lines and one white cement line, offering a total installed clinker capacity of 7.8 million tons per annum.
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Meanwhile, Pioneer Cement, established in 1986, operates three production lines in Punjab. The company also invested in a 12MW Waste Heat Recovery Power Plant and a 24MW coal power plant. Due to this, it is strengthening its operational efficiency.
New Leadership at Pioneer Cement
Following the acquisition, Pioneer Cement made an announcement of the major leadership changes. Tariq Sayeed Saigol now serves as Chairman of the Board, while Sayeed Tariq Saigol has taken charge as Chief Executive Officer. Additionally, Sohail Sadiq has been appointed as Chief Operating Officer.
With this acquisition, Maple Leaf Cement is busy expanding its capacity, which is also signaling strong consolidation in Pakistan’s cement industry.