Cherat Cement Company Limited has announced its intention to acquire up to 75.69% of the shares in Rafhan Maize Products Company Limited, marking a significant move in the company’s expansion strategy.
According to a public announcement filed with the Pakistan Stock Exchange (PSX) on Thursday, the deal involves a joint acquisition alongside Shirazi Investments (Private) Limited.
The offer will be managed by Topline Securities Limited, which has been appointed as the Manager to the Offer.
“We would like to inform that Topline Securities Limited, Manager to the Offer, has submitted the public announcement of intention to acquire up to 75.69% shares and joint control of Rafhan Maize Products Company Limited, held by Ingredion Inc., on behalf of the Cherat Cement Company Limited and Shirazi Investments (Private) Limited as Acquirers,” read the notice sent to the PSX.
The acquisition is set to grant Cherat Cement joint control over Rafhan Maize, a leading player in the maize and corn-based products market.
On May 2, 2025, Rafhan Maize Products Company announced that Ingredient Inc. has received several non-binding offers regarding the potential sale of part of its equity stake in the company.
Ingredion Incorporated Chicago. U.S.A., holds the majority shares of Rafhan Maize Products Company. Rafhan uses maize as the basic raw material to manufacture and sell a number of industrial products, principal ones being industrial starches, liquid glucose, dextrose, dextrin and gluten meals.
