The Pakistan Credit Rating Agency Limited
05-Jun-26
Analyst
Anam Waqas Ghayour
anam.waqas@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
- Methodology | Corporate Rating | Jul-25
- Methodology | Rating Modifiers | Apr-26
- Methodology | Correlation Between Long-term & Short-term Rating Scales | Apr-26
Related Research
This press release is being transmitted for the sole purpose of dissemination through print/electronic media. The press release may be used in full or in part without changing the meaning or context thereof with due credit to PACRA
PACRA Suspends Entity Ratings of Pioneer Cement Limited
| Rating Type | Entity | |
|
Current (05-Jun-26 ) |
Previous (05-Jun-25 ) |
|
| Action | Suspended | Upgrade |
| Long Term | - | A+ |
| Short Term | - | A1 |
| Outlook | Stable | |
| Rating Watch | - | - |
Pakistan Credit Rating Agency Limited (PACRA) hereby notifies that it has suspended the Entity Ratings of Pioneer Cement Limited with immediate effect, due to the non-availability of requisite information necessary for the conduct of the rating review and non-renewal of the rating mandate by the entity.
In case the management intends to reinstate the ratings, PACRA shall update the same upon renewal of the mandate, receipt of the requisite information, and completion of the applicable formalities and rating process.
About
the Entity
.Pioneer Cement Limited is a publicly listed cement manufacturing company in Pakistan, with its head office located at 64-B/1, Gulberg-III, Lahore, and its manufacturing facility situated at P.B. No. 50, Jauharabad, District Khushab.
The Company is now under the majority ownership of Maple Leaf Cement Factory Limited, which holds approximately 58.03% shareholding, thereby serving as the controlling shareholder following the acquisition of a majority stake.
Post-acquisition, the governance structure comprises Mr. Tariq Sayeed Saigol as Chairman of the Board. Mr. Sayeed Tariq Saigol has been appointed as Chief Executive Officer, while Mr. Sohail Sadiq serves as Chief Operating Officer, effective February 20, 2026. The senior management team is further supported by Mr. Waqar Naeem, Chartered Accountant, who serves as Chief Financial Officer and is responsible for overseeing the Company’s financial strategy and reporting functions.
Previously, the Company was associated with the Mega Group, where approximately 47% shareholding was held through Vision Holding Middle East Limited, led by Mr. M. Habibullah Khan, Chairman of the Group, representing the former controlling shareholder prior to the change in ownership.