Lahore: In a significant development for the cement industry, Pioneer Cement Limited has announced that its shareholders unanimously approved the merger with Maple Leaf Cement Factory Limited. The decision was made during an extraordinary general meeting held on October 19, 2026, marking a pivotal moment in the consolidation of the two companies.

The meeting, convened to address special business, saw the passage of a resolution concerning the merger by way of amalgamation of the entire undertaking of Pioneer Cement Limited with Maple Leaf Cement Factory Limited. This move follows the Scheme of Arrangement dated September 2, 2026, which had previously received approval from the Board of Directors of Pioneer Cement Limited.

The resolution outlined the merger in accordance with sections 279 to 283 and other enabling provisions of the Companies Act, 2017. It was agreed that the merger would proceed, subject to any modifications required by the Honorable Lahore High Court, Lahore.

According to information available from the Pakistan Stock Exchange (PSX), the merger between the two cement giants is expected to bring significant changes to the market dynamics. The completion of this merger will see the entire undertaking of Pioneer Cement Limited absorbed into Maple Leaf Cement Factory Limited, streamlining operations and potentially enhancing market share.

The shareholders further resolved that the Chief Executive and Company Secretary of Pioneer Cement Limited are authorized to undertake necessary measures for the successful implementation and completion of the merger scheme. The approval signals a strategic consolidation aiming to leverage resources and capabilities within the cement sector.