Karachi: Rafhan Maize Products Company Limited has received a firm intention from Cherat Cement Company Limited and Shirazi Investments (Pvt) Limited to acquire up to 6,991,052 voting shares, representing 75.69% of the company's paid-up capital. This acquisition intention surpasses the thresholds set under section 111 of the Securities Act, 2015, and was formally communicated to the board of directors of Rafhan Maize on May 8, 2025.

The designated market category for this transaction falls under the regulations concerning takeover bids. The announcement was made in accordance with the prescribed regulatory framework, which mandates the immediate disclosure of such intentions to the shareholders of the Target Company. The securities exchange has been requested to disseminate this information by placing it on the notice board, notifying through the automated information system, and making a formal announcement at the exchange.

According to information available from the Pakistan Stock Exchange (PSX), the acquisition plan by Cherat Cement and Shirazi Investments marks a significant move in the market, potentially influencing the dynamics of shareholding within Rafhan Maize. The intention to acquire a substantial portion of the voting shares indicates a strategic investment approach by the acquirers.

The board of directors of Rafhan Maize is expected to assess the implications of this acquisition proposal, considering the interests of the shareholders and compliance with the relevant takeover regulations. The outcome of this proposed acquisition will be closely monitored by market participants and stakeholders.