Nishat Hotels withdraws stake acquisition offer for Rafhan Maize

Nishat Hotels and Properties Limited has formally withdrawn its Public Announcement of Intention (PAI) to acquire up to a 75.69 percent stake and control of Rafhan Maize Products Company Limited, effective February 10, 2026, the Pakistan Stock Exchange said in a notice on Monday.

The existing PAI, originally published on May 14, 2025, with a corrigendum on July 28, 2025 and an addendum on December 18, 2025, was extended once under the Takeovers Regulations, but the required regulatory approvals and certain conditions precedent remain pending and are not expected to be completed by the expiry date, the notice said.

Due to the delays in obtaining the necessary statutory clearances, Nishat Hotels and Properties Limited notified its withdrawal of the PAI in accordance with Regulation 21(1)(e) of the Takeovers Regulations, read with relevant provisions of the Securities Act, 2015, with effect from the expiry date.

The company said it remains committed to completing the acquisition, subject to securing all regulatory approvals and satisfying conditions tied to the transaction. Once the approvals are obtained, a fresh Public Announcement of Intention will be issued through the Pakistan Stock Exchange and published in newspapers as required by law.