Maple Leaf Cement

Maple Leaf Cement was founded in 1956 by the West Pakistan Industrial Development Corporation in a collaboration with the Government of Canada.[7][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]

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]

In 2005, Maple Leaf Cement increased its production capacity from 100 to 600 tons per day.[14] The company also optimized its dry process plant, increasing its capacity from 3,300 to 4,000 tons per day.[14] Additionally, an expansion project was initiated to increase grey cement production by 6,700 tons per day.[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]