CCP Approves Maple Leaf Cement’s Acquisition of Pioneer Cement

The Competition Commission of Pakistan (CCP) has cleared Maple Leaf Cement Factory Limited’s proposed acquisition of additional shares in Pioneer Cement Limited, concluding that the transaction will not create or strengthen a dominant position in the national cement market. According to the CCP’s order, Maple Leaf Cement submitted a pre-merger application on November 19, 2025, seeking approval to acquire additional shareholding in Pioneer Cement from several sellers, including Vision Holdings Middle East Limited and other entities, through the Pakistan Stock Exchange. The transaction was reviewed under the Competition Act, 2010 and the Merger Control Regulations, 2016. Both Maple Leaf Cement and Pioneer Cement are publicly listed companies engaged in the manufacturing and sale of cement and allied products. The CCP’s assessment determined that the relevant market for the transaction is the production and sale of grey cement in Pakistan. The Commission’s Phase-I review found that, although the acquisition is horizontal in nature—meaning both companies operate at the same level of the supply chain—the combined market share of the merged entity would remain moderate. The CCP noted that several other major cement producers would continue to exert strong competitive pressure, preventing the merged firm from acting independently of market forces. The order further stated that the transaction is unlikely to result in a substantial lessening of competition, as multiple sizeable competitors will remain in the market. The CCP authorized the transaction under Section 31 of the Competition Act, 2010. The Commission emphasized that any matters outside its jurisdiction remain subject to other applicable laws and regulatory oversight.