Maple Leaf Cement Factory Limited (PSX: MLCF) has approved a scheme to merge Pioneer Cement Limited (PSX: PIOC) into the company, subject to shareholder approval and the required permissions from the Lahore High Court and other authorities.
The MLCF board approved the scheme at its meeting on September 2 under Sections 279 to 283 and other applicable provisions of the Companies Act, 2017.
The proposed merger will involve the transfer of Pioneer Cement’s entire undertaking, including its assets, liabilities, rights and obligations, to Maple Leaf Cement.
Under the proposed arrangement, Pioneer Cement shareholders will receive an aggregate 136.17 million ordinary shares of Maple Leaf Cement. The shares will be issued at a swap ratio of 2.65 Maple Leaf Cement shares for every one ordinary share of Pioneer Cement held by eligible Pioneer Cement shareholders.
Following completion of the merger, Pioneer Cement will be dissolved without winding up. All Pioneer Cement shares, including those held by Maple Leaf Cement as a shareholder of Pioneer Cement, will also be cancelled.
The company said a joint petition for the proposed scheme will be filed with the Lahore High Court in due course. The scheme is stated to have an effective date of July 1, 2026.
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