Lahore: Rafhan Maize Products Company Limited has received a formal announcement from a consortium of companies and individuals, collectively known as the Acquirers, expressing their intention to acquire up to 6,936,558 voting shares, which represent 75.10% of the company’s paid-up capital. This disclosure follows the notification issued to the company’s board of directors on February 11, 2026, under the Securities Act, 2015.

The group of Acquirers comprises Nishat Hotels and Properties Limited, D. G. Khan Cement Company Limited, Nishat Mills Limited, Nishat Power Limited, Nishat Chunian Power Limited, Lalpir Power Limited, Pakgen Power Limited, along with individuals Mrs. Naz Mansha, Mr. Raza Mansha, Mr. Umer Mansha, and Mr. Hassan Mansha. Next Capital Limited has been appointed as the Manager to the Offer, ensuring compliance with the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017.

According to information available from the Pakistan Stock Exchange (PSX), the acquisition is poised to significantly impact the market dynamics within the designated market category. The Public Announcement of Intention is scheduled to be published in both an English and an Urdu newspaper on February 13, 2026. This announcement will mark the formal entry of the Acquirers into the acquisition process.

The Acquirers represent a diverse portfolio of businesses, ranging from power generation to textiles, and are part of the Nishat Group, one of Pakistan’s largest conglomerates. This strategic move is expected to enhance the operational capabilities and market reach of Rafhan Maize Products, aligning with the Acquirers’ broader corporate strategies.

The primary activities of the involved companies include operating power stations, manufacturing cement, engaging in the textile industry, and providing hospitality services, among others. The acquisition is anticipated to leverage these diverse competencies, potentially transforming Rafhan Maize Products’ market position and operational efficiency.

The intention to acquire shares beyond the threshold set by Section 111 of the Securities Act, 2015, signifies a substantial commitment by the Acquirers to assume control and drive future growth for Rafhan Maize Products. The acquisition process will proceed in accordance with relevant regulatory guidelines, ensuring transparency and fairness for all stakeholders involved.