A consortium of Nishat Group companies and associated individuals has announced its intention to acquire up to 75.10 percent shares and control of Rafhan Maize Products Company Limited under the Securities Act, 2015 and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017.
In a notice to the PSX, Next Capital Limited, acting as manager to the offer, submitted the public announcement of intention on behalf of Nishat Hotels and Properties Limited, D.G. Khan Cement Company Limited, Nishat Mills Limited, Nishat Power Limited, Nishat Chunian Power Limited, Lalpir Power Limited, Pakgen Power Limited, and individuals including Mrs. Naz Mansha, Mr. Raza Mansha, Mr. Umer Mansha and Mr. Hassan Mansha.
This notice comes after Nishat Hotels and Properties Limited had formally withdrawn its Public Announcement of Intention (PAI) to acquire up to a 75.69 percent stake in Rafhan Maize on Monday due to the delays in obtaining the necessary statutory clearances.
According to the document, the intended acquisition through agreements covers up to 6,936,558 shares, representing up to 75.10 percent of the target company. The public offer size will be determined in accordance with takeover regulations at the time of the offer.
The acquirers currently do not hold any shares directly in Rafhan Maize Products Company Limited. However, persons deemed to be acting in concert include MCB Bank Limited, which holds 1.00 percent, and Adamjee Insurance Company Limited, which holds 0.78 percent of the target company.
Rafhan Maize Products Company Limited has 9,236,428 ordinary shares of PKR 10 each. Its major shareholder is Ingredion Incorporated, Chicago, USA, which holds 6,561,117 shares representing 71.04 percent of the paid-up capital.
The share price of Rafhan Maize closed at PKR 9,914.67 per share on February 10, 2026, one day prior to the public announcement of intention. The weighted average share price over the preceding 28 days from January 14, 2026 to February 10, 2026 stood at PKR 9,975.52 per share.
The acquirers stated that the offer, if made, will be subject to normal conditions including completion of due diligence, finalisation of acquisition terms, execution of agreements, receipt of regulatory and corporate approvals, and compliance with applicable laws.
Next Capital Limited confirmed its appointment as manager to the offer and said any queries relating to the offer should be addressed to it in writing.
The post Nishat Group entities announce intention to acquire up to 75.10% stake in Rafhan Maize appeared first on Profit by Pakistan Today.