Nishat Hotels and Properties intends to acquire majority stake in Rafhan Maize Products

Nishat Hotels and Properties Limited has expressed a firm intention to acquire a majority stake in Rafhan Maize Products Company Limited, aiming to purchase up to 6,991,052 voting shares, which represent 75.69% of the target company’s paid-up capital. 

This move exceeds the acquisition thresholds set under Section 111 of the Securities Act, 2015. Rafhan Maize Products Co Ltd disclosed this development to the Pakistan Stock Exchange (PSX) on Thursday. 

The intention was formally notified to Rafhan Maize’s board of directors on May 14, 2025. The Pakistan Stock Exchange has been requested to promptly disclose this information to shareholders through appropriate channels, including posting on the notice board and automated information systems, alongside making an official announcement.

Earlier, 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.

Earlier, a week after US ingredient giant Ingredion Inc. officially invited bids for its 71% stake in Rafhan Maize Products Company Ltd, two major contenders have emerged: Cherat Cement Company Ltd. (CCCL) and Shirazi Investments (Pvt.) Ltd. (SIL), the investment arm of the Atlas Group. In a notice submitted to the PSX on May 8, both companies declared their joint public intention to acquire up to 75.69% (6.99 million shares) and gain joint control of the Faisalabad-based starch producer.

The partners plan to acquire the shares equally, each holding 50%, through a Share Purchase Agreement with Ingredion. If mandated by takeover regulations, they will subsequently launch a public tender offer for the remaining shares. 

The transaction is contingent on regulatory approval, with Topline Securities appointed as the offer manager. Upon completion, voting control will be jointly held by the partners.