Karachi: Cherat Cement Company Limited has announced a significant development in its acquisition plans, aiming to secure a majority stake in Rafhan Maize Products Company Limited. This acquisition involves up to 6.99 million shares, which represent a substantial 75.69% shareholding interest, along with joint control of the company.

The announcement was made with the issuance of a corrigendum to the initial Public Announcement of Intention dated May 08, 2025. This move is expected to consolidate Cherat Cement's influence within the market, aligning with its strategic objectives.

According to information available from the Pakistan Stock Exchange (PSX), the acquisition process is being managed by Topline Securities Limited, acting as the Manager to the Offer. This transaction is set to impact the designated market category, reflecting a very large or significant move in the shareholding dynamics of Rafhan Maize Products.

The public announcement and subsequent corrigendum have been shared with the TRE Certificate Holders of the Exchange, indicating the formal procedural steps being undertaken by Cherat Cement in this acquisition process. The transaction underscores a noteworthy shift in the control and ownership structure of Rafhan Maize Products, with potential implications for the company's operational and strategic direction.