NEXT concludes Rafhan Maize public offer

May 22, 2026 (MLN): Next Capital Limited has completed the acceptance period for the public offer to acquire 298,759 ordinary shares and control of Rafhan Maize Products Company Limited.

The public offer was made by Nishat Hotels and Properties Limited, D. G. Khan Cement Co. Limited, Nishat Mills Limited, Nishat Power Limited, Nishat Chunian Power Limited, Lalpir Power Limited, and Pakgen Power Limited.

The offer was also backed by Naz Mansha, Raza Mansha, Umer Mansha, and Hassan Mansha.

The acceptance period commenced on May 14, 2026 and concluded on May 20, 2026, during which applications were received for 218,123 ordinary shares against the offer size of 298,759 ordinary shares.

All eligible shares tendered under the offer were accepted.

Payments against the accepted shares were completed by the acquirers on May 22, 2026 through bank transfers to the IBANs provided in the list of eligible shareholders supplied by the target company, according to the company's statement issued today.

Next Capital Limited, acting as the manager to the offer, certified that the acquirers fulfilled all obligations related to the public offer, following which the security furnished by the acquirers was released.

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