Karachi: Rafhan Maize Products Company Limited has announced a public offer to its shareholders for the acquisition of shares by a consortium of prominent companies and individuals. This announcement marks a significant step towards potential changes in the ownership structure of the company.

According to a letter received on March 31, 2026, from Next Capital Limited, acting as the Manager to the Offer, Rafhan Maize Products Company Limited has submitted a proposed offer letter to the Pakistan Stock Exchange (PSX). The letter details an offer to acquire 298,759 shares, representing 3.23% of the company’s paid-up capital. This proposal is made by a group of acquirers, including Nishat Hotels and Properties Limited, D. G. Khan Cement Co. Limited, and several other associated entities and individuals.

The public announcement of the offer was initially made on March 27, 2026, and was disseminated through various newspapers, including Nawa-e-Waqt and Business Recorder. The offer follows the regulations set forth by the Securities Act, 2015, and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017. The offer price has been set at PKR 9,800 per share.

Eligible shareholders have been notified that they can accept the offer during the acceptance period from May 14, 2026, to May 20, 2026. For those holding shares in electronic form, the transfer can be facilitated through the Central Depository Company (CDC) account managed by Next Capital Limited. Shareholders with physical certificates are required to submit the necessary documents by the closing date.

According to information available from the Pakistan Stock Exchange (PSX), the acquisition aims to provide the acquirers with a substantial stake in Rafhan Maize Products Company Limited, enabling them to exert greater control over the company’s operations. The move is seen as a strategic decision by the acquirers to strengthen their portfolio in the food sector.

The acquirers have assured that all necessary procedures and regulations will be adhered to throughout the process. The offer to purchase shares remains irrevocable once accepted by the shareholders, marking a pivotal moment for the future governance of Rafhan Maize Products Company Limited.