Pioneer Cement Limited (PIOC) was incorporated as a public listed company in 1986 and is principally in the business of production and sales of cement. The company was established as part of the Noon Group of Companies, a prominent business group with subsidiaries including Nurpur Foods, Noon Sugar Mills and Noon Pakistan. The PIOC plant is located in Chenki district Khushab on the banks of Jhelum River near Sargodha catering to the northern block. The company commissioned its first production line in 1992 and started off with a production capacity of 2,000 tons of clinker per day which was later brought up to 2,350 tons per day in 2005. The facility started using coal fired system replacing furnace oil. In 2006 a second production line was introduced with a capacity of 4,300 tons of clinker per day.

Company's holdings

The majority stake of the company was held by Noon Group but in 2009, 24.6 percent (49.1 million shares) of the company's shares were bought by Vision Holdings Middle East Limited (VHMEL) registered in British Virgin Island. Until the outgoing FY15, VHMEL held 47 percent (106 million shares) of the company's shares whereas 5 percent were held by Banks, 13.4 percent by mutual funds, 17.8 percent by local public and 7 percent by other foreign companies. The total foreign stake in PIOC currently stands at 54 percent.