KARACHI — Cherat Cement Company Limited and Shirazi Investments (Private) Limited have issued a corrigendum to their earlier Public Announcement of Intention (PAI) dated May 8, 2025, concerning the proposed acquisition of a 75.69% stake in Rafhan Maize Products Company Limited.
According to a notice sent to the Pakistan Stock Exchange (PSX), the corrigendum was published in national dailies and includes amendments to specific clauses of the original PAI, issued via Topline Securities Limited as the Manager to the Offer. The original announcement, published on May 12, 2025, outlined the plan to acquire up to 6,991,052 shares and assume joint control of the target company.
The corrigendum includes updated disclosures relating to the identities of ultimate controlling shareholders and beneficial owners. Specifically, it clarifies that the controlling shareholders behind Shirazi Investments are Mr. Aamir H. Shirazi, Mr. Saquib H. Shirazi, Mr. Ali H. Shirazi, and the Iftikhar Shirazi Family Trust. The document also provides additional information on related offshore and local companies associated with the acquirers, including SF Global Holdings Limited, an unlisted private limited liability company engaged in investment and real estate.
The corrigendum confirms that no changes have been made to the broader details or disclosures of the acquisition as stated in the original announcement, and the acquisition plan remains intact.
For Cherat Cement, the notice reiterated that no ultimate acquirers or controlling shareholders exist in the case of its shareholding structure, and thus certain disclosures were deemed inapplicable.
The transaction marks a significant potential shift in control of Rafhan Maize, one of Pakistan’s major agro-industrial firms, subject to regulatory approvals and the offer process as stipulated by takeover laws.
