Maple Leaf Cement Approves Merger Wiith Pioneer Cement

Maple Leaf Cement Factory Limited (PSX: MLCF) has approved a scheme to merge Pioneer Cement Limited (PSX: PIOC) into the firm, subject to shareholder approval and the required permissions from the Lahore High Court and other authorities.

Key points

• The MLCF board approved the scheme at its session on September 2 under Sections 279 to 283 and other applicable provisions of the Businesses Act, 2017.
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• Under the proposed arrangement, Pioneer Cement shareholders will receive an aggregate 136.17 million ordinary shares of Maple Leaf Cement.
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• The proposed merger will involve the transfer of Pioneer Cement's entire undertaking, including its assets, liabilities, rights and obligations, to Maple Leaf Cement.

Meanwhile, the MLCF board approved the scheme at its session on September 2 under Sections 279 to 283 and other applicable provisions of the Businesses Act, 2017.

For context, the proposed merger will involve the transfer of Pioneer Cement's entire undertaking, including its assets, liabilities, rights and obligations, to Maple Leaf Cement.

Under the proposed arrangement, Pioneer Cement shareholders will receive an aggregate 136.17 million ordinary shares of Maple Leaf Cement. The shares will be issued at a swap ratio of 2.65 Maple Leaf Cement shares for every one ordinary share of Pioneer Cement held by eligible Pioneer Cement shareholders.

After completion of the merger, Pioneer Cement will be dissolved without winding up. All Pioneer Cement shares, including those held by Maple Leaf Cement as a shareholder of Pioneer Cement, will additionally be cancelled.

Notably, the firm stated a joint petition for the proposed scheme will be filed with the Lahore High Court in due course. The scheme is stated to have an effective date of July 1, 2026. Stay Connected with ProPakistani.

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For now, maple Leaf Cement Approves Merger Wiith Pioneer Cement remains the part of the story worth watching, and further updates are likely as more details are confirmed.