Karachi: Maple Leaf Cement Factory Limited (MLCF) has initiated a public offer to acquire a substantial stake in Pioneer Cement Limited (PIOC), according to a submission made by Next Capital Limited. The proposed acquisition, which was originally announced in newspapers on December 22, 2025, involves purchasing 26,623,096 voting ordinary shares, representing 11.72% of the paid-up capital of Pioneer Cement. This move is in compliance with the Securities Act, 2015, and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017.
The offer price set for the acquisition is PKR 478.43 per share, and the offer is valid until February 14, 2026. Shareholders of Pioneer Cement can accept the offer between February 8 and February 14, 2026. The offer details stipulate that shareholders holding shares in electronic form can transfer their shares to the Central Depository Company (CDC) account of the Manager to the Offer, Next Capital Limited, during the acceptance period. Those with physical shares must submit the necessary documents and share certificates to the Manager’s office in Karachi.
According to information available from the Pakistan Stock Exchange (PSX), the acquisition will be subject to specific terms and conditions outlined in the Public Announcement of Offer (PAO). The transaction aims to consolidate MLCF’s position in the cement sector, expanding its influence and operational capabilities.
Payments for shares accepted by MLCF will be processed electronically or via pay order within ten days following the closure of the acceptance period. In the event of an excess of shares tendered beyond the desired 26,623,096 shares, MLCF will acquire them on a proportional basis as per the regulations, ensuring that no acquisition falls below the minimum marketable lot.
The public offer is open to all shareholders whose names appear on the shareholding list as of January 26, 2026. This acquisition strategy, facilitated by Next Capital Limited, represents a significant move in the cement industry, potentially impacting market dynamics in the designated market category.