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November 14, 2025
Maple Leaf Cement Factory Limited (MLCF) has signaled its intention to acquire Pioneer Cement, a move expected to raise its production capacity from the current eight million tons to more than 13 million tons. Market watchers suggest the acquisition could significantly strengthen MLCF’s foothold in Pakistan’s northern cement market.
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In a filing to the Pakistan Stock Exchange, MLCF confirmed that together with its investment arm, Maple Leaf Capital, it already holds 18.6% of Pioneer Cement’s shares. The majority stake, around 58%, is owned by the Habibullah group, while the remainder is held by public investors.
Analysts view the potential deal as a game-changer. “If the acquisition proceeds, MLCF’s total capacity and market position will be significantly enhanced to 13.02 million tons from the current eight million tons, as PIOC has the capacity of 5.2 million tons,” explained Rabia Yousuf of Topline Research. She noted that MLCF’s market share in the northern region could climb from 12% to 19%.
The proposed acquisition highlights MLCF’s strategy to consolidate operations and gain economies of scale in a competitive industry. The company has not yet shared a timeline for the transaction.
