- September 2, 2026
- Posted by: Tresmark
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Maple Leaf Cement Factory Limited (MLCF) has approved a Scheme of Arrangement for the merger and amalgamation of Pioneer Cement Limited (PIOC) into the Company, subject to shareholder approval, regulatory permissions and the sanction of the Lahore High Court.
According to the company’s disclosure, the Board of Directors approved the proposed scheme in its meeting held on September 2, 2026. Under the arrangement, the entire undertaking of PIOC, including its assets, liabilities, rights and obligations, will merge into MLCF.
As part of the proposed share swap arrangement, MLCF will issue and allot 136,167,857 ordinary shares to eligible PIOC shareholders, excluding shares held by MLCF itself. PIOC shareholders will receive 2.65 ordinary shares of MLCF for every 1 ordinary share of PIOC held.
Following the merger, Pioneer Cement Limited will stand dissolved without winding up, while its shares, including those held by MLCF, will be cancelled.
