Lahore: On December 18, 2025, Nishat Hotels and Properties Limited (NHPL) issued an addendum to its original Public Announcement of Intention (PAI) detailing the acquisition of up to 75.69% shares and control of Rafhan Maize Products Company Limited. This addendum, which amends Part B of the PAI, follows a corrigendum dated July 28, 2025. The original PAI was released on May 14, 2025, and subsequently published in the Business Recorder and Nawa-e-Waqt.
The addendum seeks to update information related to the acquirers involved in the transaction. NHPL, along with affiliated companies including D. G. Khan Cement Company Limited, Nishat Mills Limited, and Nishat Power Limited, are identified as key acquirers. Additionally, individual stakeholders such as Mrs. Naz Mansha, Mr. Raza Mansha, Mr. Umer Mansha, and Mr. Hassan Mansha are listed among the ultimate controlling shareholders.
According to information available from the Pakistan Stock Exchange (PSX), the power and cement sectors are pivotal to the group’s acquisition strategy. The designated market category for this acquisition falls under the consumer goods sector, given Rafhan Maize Products’ involvement in food ingredients and related industries.
NHPL, a part of the expansive Nishat Group, has expressed its commitment to maintaining the strategic direction outlined in the original PAI. The group, known for its significant influence across various sectors in Pakistan, aims to leverage its experience in large-scale operations to manage the acquisition effectively. The addendum reiterates that except for the updates provided, all other terms and information in the original PAI remain unchanged.