Karachi: Next Capital Limited has formally submitted a Public Announcement of Intention on behalf of Nishat Hotels and Properties Limited to acquire up to 75.69% of shares and control over Rafhan Maize Products Company Limited. This move is made under the Securities Act, 2015, and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017.

The announcement, which is scheduled for publication in both an English and an Urdu newspaper on May 16, 2025, marks a significant development in the designated market category of acquisitions and mergers. Notably, Next Capital Limited has been appointed as the Manager to the Offer, adhering to regulation 6(1) of the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017.

According to information available from the Pakistan Stock Exchange (PSX), this acquisition intends to secure a substantial controlling interest in Rafhan Maize Products Company Limited, effectively altering the corporate landscape for the involved entities. The precise financial implications and strategic motivations behind this acquisition have not been disclosed as part of the initial announcement.

Next Capital Limited has assured that a copy of the published announcement will be submitted to the relevant office, ensuring compliance with regulatory requirements. Stakeholders and investors are advised to contact Next Capital Limited for further information regarding the acquisition process.