Karachi: Cherat Cement Company Limited has publicly announced its intention to acquire up to 75.69% of the shares and joint control of Rafhan Maize Products Company Limited. This move is being made in conjunction with Shirazi Investments (Private) Limited. The shares targeted in this acquisition are currently held by Ingredion Inc. The announcement was made in compliance with Sections 96 and 131 of the Securities Act, 2015, and Clause 5.6.1 of the Rule Book of Pakistan Stock Exchange Limited.

Topline Securities Limited, acting as the Manager to the Offer, has officially submitted this public announcement of intention. According to information available from the Pakistan Stock Exchange (PSX), the acquisition bid aligns with the requirements outlined in the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017.

The intention to acquire a substantial stake in Rafhan Maize Products will be formally announced in both English and Urdu newspapers. This step serves as a procedural requirement to inform TRE Certificate Holders of the Exchange, ensuring transparency and compliance with regulatory standards.

Rafhan Maize Products Company Limited, a key player in the designated market category, is expected to see significant changes in its shareholding structure following this acquisition bid. The development is poised to have notable implications for both companies involved, as well as the wider market.