Karachi: Topline Securities Limited, acting on behalf of Cherat Cement Company Limited and Shirazi Investments (Private) Limited, has announced the withdrawal of a Public Announcement of Intention (PAI) to acquire up to 75.69% of Rafhan Maize Products Company Limited. The initial announcement, dated May 08, 2025, aimed to secure joint control of the company from Ingredion Inc., but subsequent negotiations failed to reach a successful conclusion.

According to the statement issued by Topline Securities, the decision to withdraw the PAI follows a comprehensive due diligence process that did not yield favorable terms with the Seller. This development adheres to Regulation 21(1)(b) and Regulation 21(2) of the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017, in alignment with the Securities Act, 2015.

According to information available from the Pakistan Stock Exchange (PSX), the intended acquisition involved up to 6,991,052 shares of Rafhan Maize Products Company Limited. The original PAI was published in Business Recorder and Nawa-i-Waqt on May 12, 2025, with a corrigendum following on July 11, 2025. However, the inability to finalize negotiations has led to the formal withdrawal of the acquisition intent.

Topline Securities has communicated the withdrawal of the PAI to relevant parties, including the Pakistan Stock Exchange Limited and the Securities and Exchange Commission of Pakistan, ensuring compliance with all necessary legal and regulatory procedures. The company has reiterated its commitment to adhere to the legal framework governing substantial acquisition and takeover activities.