# Maple Leaf Cement acquires 88.28% stake in Pioneer Cement

Maple Leaf Cement Factory Limited (MLCF) acquired an 88.28% stake in Pioneer Cement Limited (PIOC), making PIOC its subsidiary. The acquisition included a public offer and share purchases under a Share Purchase Agreement dated December 17, 2025, completed on February 20, 2026.

- Type: Acquisition
- Announced: 2026-02-23
- Where: Pakistan
- Status: completed
- Products: cement
- Sectors: [Construction Materials](https://endata.com/sectors/construction-materials.md)

## Companies

- [Maple Leaf Cement Factory](https://endata.com/companies/33082.md) (acquirer)
- [Pioneer Cement](https://endata.com/companies/42585.md) (target)

## Sources

- [brecorder.com](https://www.brecorder.com/news/40408546), 2026-02-23: "MLCF already holds 42,082,047 (18.53%) along with its group associates, and together with the aforementioned acquisition, MLCF and its associates’ collective stake now stands at 88.28% in the ordinary shares and control of PIOC, thereby rendering PIOC a subsidiary of Maple Leaf Cement Factory Limite"
- [profit.pakistantoday.com.pk](https://profit.pakistantoday.com.pk/2026/02/23/maple-leaf-cement-secures-88-28-stake-in-pioneer-cement-makes-it-subsidiary), 2026-02-23: "Maple Leaf Cement stated that it had fulfilled all obligations under the Securities Act, 2015 and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017 in relation to its public offer for up to 26,623,096 ordinary shares, representing 11.72% of PIOC’s shareh"

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.