Maple Leaf Cement Completes Pioneer Acquisition Offer

Maple Leaf Cement Factory Limited (MLCF) has formally concluded its public offer for the acquisition of 26,623,096 ordinary shares of Pioneer Cement Limited (PIOC), securing 61.64% of the total offer size on a pro-rata allocation basis. The development was disclosed through a statutory filing submitted by Next Capital Limited, acting as Manager to the Offer (MTO), to the Pakistan Stock Exchange (PSX).

The public offer, originally published on December 22, 2025, remained open from February 8 to February 14, 2026, during which eligible applications aggregating 43,189,598 shares were received—exceeding the offered quantity. In accordance with the disclosed terms, acceptance of shares was carried out strictly on a pro-rata basis at a ratio of 61.64%, with necessary rounding adjustments implemented to eliminate fractional entitlements.

MLCF has confirmed that full consideration for all validly tendered and accepted shares was remitted by February 17, 2026, through electronic bank transfers to the IBANs provided in the register of eligible shareholders maintained by PIOC’s share registrar. Where IBAN details were unavailable or transactions could not be processed, pay orders were issued and dispatched to the concerned shareholders to ensure timely settlement.

Next Capital Limited, in its capacity as MTO, further affirmed that shares deemed ineligible—pursuant to the eligible shareholders’ list dated January 26, 2026—were re-credited to the respective shareholders’ CDC accounts as of February 17, 2026. Affected shareholders will be notified via email regarding the collection of excess share certificates from the MTO’s office.

The acquirer has confirmed compliance with all statutory and procedural requirements governing the transaction, including obligations stipulated under Section 119(3) of the Securities Act, 2015. Moreover, in accordance with Regulation 16(1)(a) of the applicable takeover regulations, the security furnished by the acquirer has been duly released.

Next Capital Limited has indicated that comprehensive details relating to the offer’s completion and the share allocation process will be communicated to relevant stakeholders to ensure transparency and regulatory conformity at every stage.