MLCF secures 88% stake in PIOC

February 23, 2026 (MLN): Maple Leaf Cement Factory Limited (PSX: MLCF) has completed its public offer and related share acquisition of Pioneer Cement Limited (PSX: PIOC), raising its collective stake to 88.28% and obtaining control of the company.

The public offer covered up to 26,623,096 ordinary shares, representing 11.72% of PIOC’s shareholding, according to the company's statement issued today.

The Manager to the Offer, Next Capital Limited, issued a certification on February 19, 2026, confirming fulfillment of obligations by the acquirer in relation to the offer.

Under the Share Purchase Agreement dated December 17, 2025, MLCF also acquired 131,820,554 ordinary shares, constituting 58.03% of PIOC’s shareholding, on February 20, 2026. MLCF already held 42,082,047 shares (18.53%) along with its group associates.

Following these transactions, MLCF and its associates’ collective shareholding stands at 88.28% in PIOC, rendering Pioneer Cement a subsidiary of Maple Leaf Cement Factory Limited.

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