Lahore: Pioneer Cement Limited has announced a significant corporate move with the approval of a merger with Maple Leaf Cement Factory Limited (MLCFL), as revealed in a disclosure of material information. The announcement was made following a board meeting held on September 2, 2026, where the Scheme of Arrangement was approved, pending the necessary approvals from shareholders and the Lahore High Court.

The merger proposal outlines the amalgamation of Pioneer Cement Limited's entire undertaking, including all assets, liabilities, and business operations, into MLCFL. As per the Scheme, shareholders of Pioneer Cement will receive 2.65 ordinary shares of MLCFL for every 1 ordinary share they hold. This exchange will result in the issuance of 136,167,857 ordinary shares of MLCFL to Pioneer Cement's shareholders, excluding MLCFL itself.

According to information available from the Pakistan Stock Exchange (PSX), the effective date of the merger is set for July 1, 2026. The merger will result in the dissolution of Pioneer Cement Limited without the process of winding up, and all shares of Pioneer Cement, including those held by MLCFL, will be cancelled.

The proposed merger is subject to any modifications required by the Lahore High Court, where a joint petition will be filed in due course. The Scheme will be circulated to the Pakistan Stock Exchange Limited and the shareholders, adhering to the court's directives. This development is set to have a notable impact on the designated market category of the cement industry in Pakistan.