Maple Leaf Cement Factory Limited has approved a plan to merge Pioneer Cement Limited into the company, bringing both cement businesses under Maple Leaf Cement.

The merger scheme was approved by Maple Leaf Cement’s board on September 2 and is subject to shareholder approval, Lahore High Court approval and other regulatory requirements.

Under the proposed arrangement, eligible Pioneer Cement shareholders will receive 136.17 million Maple Leaf Cement shares. The swap ratio has been set at 2.65 Maple Leaf Cement shares for every one Pioneer Cement share.

Once completed, Pioneer Cement will be dissolved without winding up, while its assets, liabilities, rights and obligations will transfer to Maple Leaf Cement. All Pioneer Cement shares will also be cancelled.

The companies will file a joint petition with the Lahore High Court for approval of the scheme. The proposed effective date of the merger is July 1, 2026.

The transaction will only take effect after all required shareholder, court and regulatory approvals are secured.