Maple Leaf Cement, Pioneer Cement shareholders approve merger, await court clearance

Shareholders of Maple Leaf Cement Factory (MLCF) and Pioneer Cement (PIOC) approved the proposed merger at extraordinary general meetings on October 19, the companies said in Pakistan Stock Exchange disclosures dated October 20. The arrangement would transfer Pioneer Cement’s entire undertaking to Maple Leaf Cement, along with related matters.

The companies said their boards had approved the scheme on September 2, and shareholders subsequently adopted special resolutions under the Companies Act, 2017. The transaction still requires Lahore High Court clearance and could be modified by the court; the filings do not give a completion date, financial terms or expected operational changes. Both companies authorised their chief executives and company secretaries to take steps to implement the scheme.