| Maple Leaf Cement | |
| Type: | Public |
| Traded As: | KSE 100 component KSE 30 component |
| Location: | Lahore, Pakistan |
| Key People: | Sayeed Tariq Saigol (CEO) Tariq Sayeed Saigol (chairman) |
| Industry: | Cement |
| Revenue Year: | 2023 |
| Income Year: | 2023 |
| Net Income Year: | 2023 |
| Assets Year: | 2023 |
| Equity Year: | 2023 |
| Owner: | Kohinoor Textile Mills (56.50%) |
| Parent: | Kohinoor Textile Mills |
| Subsid: | Maple Leaf Power Limited Maple Leaf Industries Limited |
| Footnotes: | Financials [1] |
Maple Leaf Cement (ur|میپل لیف سیمنٹ) is a Pakistani cement manufacturer based in Lahore.[2] [3] It is the fifth-largest cement manufacturer in Pakistan after Lucky Cement, Bestway Cement, Fauji Cement, and DG Cement.[4] [5] [6]
Maple Leaf Cement was founded in 1956 by the West Pakistan Industrial Development Corporation in a collaboration with the Government of Canada.[7] [8] The initial production capacity was 120,000 tons per annum (tpa) of ordinary Portland cement, which increased by an additional 180,000 tpa in 1960.[8]
In 1967, White Cement Industries Limited was founded at the same location which was the first white cement manufacturing plant in Pakistan.[8] Initially, it had a capacity of 15,000 tpa which was later expanded to 30,000 tpa.[8]
In 1974, under the West Pakistan Industrial Development Corporation Ordinance of 1974, Maple Leaf Cement and White Cement Industries were merged into the State Cement Corporation of Pakistan, a holding company established by the Government of Pakistan to manage nationalized cement companies.[8]
In 1983, Pak Cement Company Limited was established at the same site with a clinker production capacity of 180,000 tons under a technical and economic assistance program with National Complete Plant Export Corporation of China.[8]
In January 1992, Maple Leaf Cement was acquired for Rs 486 million by Nishat Mills under the privatization scheme of the Government of Pakistan.[9] Later, it was transferred to Saigol Group in a swap scheme in which Nishat Group acquired DG Cement from Saigol Group.[10] Saigol family also acquired Pak Cement and White Cement Industries during the privatization scheme which were merged into Maple Leaf Cement Factory Limited on July 1, 1992.[8]
In April 1994, Maple Leaf Cement began a project to expand its cement production capacity of annual grey portland cement from 0.6 million tons to 1.6 million tons.[11] The project had a total cost of US$160.8 million.[11] The International Finance Corporation (IFC) contributed US$45.2 million in financing to the project, which was part of a larger US$160 million investment program.[11] The financing provided by the IFC consisted of a US$5.2 million equity investment, a US$30 million loan for IFC's own account, and an additional US$10 million loan.[11] The remaining financing was raised by listing the company on the Karachi Stock Exchange on August 17, 1994.[12] The financing was used to acquire a new cement plant from FLSmidth.[11] [13] The plant became operational in April 1998.[8]
In 2004, Maple Leaf Cement initiated a process conversion project, transitioning a wet process plant with a clinker capacity of 600 tons per day (tpd) for grey cement to a dry process plant with a clinker capacity of 500 tpd for white cement.[8] The project was completed, and commercial production commenced on April 1, 2006.[8] Following the conversion, white cement production capacity increased from 30,000 tpa to 180,000 tpa.[8] The total cost of the project was PKR 3,280 million.[8] [14]
In November 2022, Maple Leaf Cement commissioned a new grey clinker production line at its brownfield site in Iskanderabad, Punjab, Pakistan.[15] The production line was supplied by Chengdu Design & Research Institute of China and increased the site's production capacity by 7000 tons per day.[15] The total cost of the project was PKR 20 billion (approximately US$90.2 million at the time).[15] The project was financed with a debt-to-equity ratio of 70:30, with funding obtained through the Long Term Financing Facility (LTFF) and Temporary Economic Refinance Facility (TERF) offered by the State Bank of Pakistan.[15] [16]