Karachi: Cherat Cement Company Limited and Shirazi Investments (Private) Limited have issued a corrigendum to their initial public announcement of intention regarding the acquisition of a significant stake in Rafhan Maize Products Company Limited. The amendment, released on July 11, 2025, relates to their plan to acquire up to 75.69% of Rafhan Maize's issued and paid-up capital, as well as joint control of the company.

The initial announcement, made on May 8, 2025, was facilitated by Topline Securities Limited, acting as the Manager to the Offer. It was subsequently published in the Business Recorder and Nawa-i-Waqt newspapers on May 12, 2025. The proposed acquisition encompasses a total of 6,991,052 shares, reflecting 75.69% of Rafhan Maize’s shareholding interest.

The corrigendum introduces amendments to specific sections of the original public announcement. These amendments pertain to Paragraph 1(b) and Paragraph 1(g)(iv) of Part B, as well as Paragraph 2(f) of Part C of the initial document. The details of these amendments were not disclosed but are expected to clarify and possibly modify certain terms of the acquisition plan.

According to information available from the Pakistan Stock Exchange (PSX), this acquisition represents a very large or significant move in the market. The corrigendum is scheduled to be published again in the Business Recorder and Nawa-i-Waqt newspapers on July 12, 2025, ensuring that stakeholders are informed of the latest developments in this transaction.

The acquisition by Cherat Cement and Shirazi Investments is seen as a strategic move in the designated market category, potentially impacting the dynamic within the industry. The developments in this acquisition process are being closely monitored by market analysts and stakeholders for further implications.