Pakistan: Maple Leaf Cement has launched a public offer to buy shares representing up to 11.7% in Pioneer Cement. The action is intended to be part of a process that gives it control of the target company. Maple Leaf Cement currently has a combined shareholding of 18.53% in Pioneer Cement, via its direct shares, those of a subsidiary and through one of its directors. It is currently in the process of acquiring 69.75% of the shares in Pioneer Cement from a group of major shareholders, most notably including Vision Holdings Middle East. Once completed, the combined local market share of the two cement companies is expected to be 15.5%. It should become the third largest cement producer in the country.
