Karachi: Cherat Cement Company Limited and Shirazi Investments (Private) Limited have announced their intention to acquire up to 75.69% of the issued and paid-up capital, along with joint control, of Rafhan Maize Products Company Limited. This acquisition move, facilitated by Topline Securities Limited as the Manager to the Offer, is subject to regulatory and other necessary approvals.

The acquisition is being pursued under the framework of the Securities Act 2015 and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations of 2017. Topline Securities has been appointed to manage this offer process on behalf of the acquirers. The regulatory process will involve the publication of the Public Announcement of Intention in both an English and an Urdu language newspaper within two working days from the announcement date.

According to information available from the Pakistan Stock Exchange (PSX), this acquisition, once completed, would grant Cherat Cement and Shirazi Investments substantial control over Rafhan Maize, a prominent entity within the designated market category. The acquisition is a strategic move that requires due diligence and is contingent on obtaining requisite approvals from regulatory bodies.

The move for acquisition has been officially dated May 8, 2025, and further inquiries or requests for clarification can be directed to the designated contacts at Topline Securities. The intention to acquire a significant stake in Rafhan Maize marks a noteworthy development in the business landscape, pending regulatory clearance and the fulfillment of other conditions.