Nishat Group takes control of Rafhan Maize

June 30, 2026(MLN): Nishat group companies and affiliates have acquired 4,713,831 shares representing 51.04% shareholding in Rafhan Maize Products Company Limited (RMPL), pursuant to a Share Purchase Agreement dated 25 September 2025 (as amended on 29 December 2025), from Ingredion Incorporated USA, a substantial shareholder of RMPL.

According to a notice issued by Lalpir Limited (formerly Lalpir Power Limited) to the Pakistan Stock Exchange under Rule 5.6.4 of the PSX Rule Book, the acquisition was made by the Company along with its affiliates, collectively referred to as the "Purchasers."

The breakdown of shares acquired is as follows: Nishat Hotels and Properties Limited 103,280 shares, D.G. Khan Cement Company Limited 287,0000 shares, Nishat Chunian Power Limited 137,622 shares,

Nishat Power Limited 1,108,377 shares, Mr. Hassan Mansha 123,638 shares, Mr. Umer Mansha 123,638 shares, Mr. Raza Mansha 123,638 shares, and Mrs. Naz Mansha 123,638 shares, taking the total to 4,713,831 shares.

The shares were sold by Ingredion Incorporated at a price of Rs9,800/- per share, in electronic form.

In connection with the broader transaction contemplated under the SPA, the Purchasers have also undertaken to acquire additional ordinary shares of the Company from Mr. Zulfikar Monnoo,

Mr. Wisal A. Monnoo and Mr. Mian M. Adil Monnoo pursuant to the Monnoo SPA, and from certain Monnoo family shareholders pursuant to the Monnoo Family Shareholders SPAs, aggregating to 1,900,441 ordinary shares (the "Monnoo Shares").

These shares were acquired by Pakgen Limited (previously Pakgen Power Limited) 618,294 shares, Nishat Mills Limited 305,906 shares, Nishat Chunian Power Limited 568,574 shares, and Lalpir Limited (previously Lalpir Power Limited) 407,667 shares.

The sellers of the Monnoo Shares, all at a price of PKR 9,800/- per share in electronic form, included Mr. Wisal Monnoo (223,478 shares), Mr. Mohammad Adil Monnoo (156,553 shares), Mr. Zulfikar Monnoo (238,263 shares), Mr. Shahid Rashid Siddiqui (100,311 shares), Ms. Nasreen Mahmud Kasuri (62,467 shares),

M. Ali Mahmud Kasuri (4,680 shares), Mr. Kasim Mahmud Kasuri (4,680 shares), Mr. Nasir Mahmud Kasuri (4,680 shares), Mr. Muhammad Irfan Monnoo (18,239 shares), Mr. Azam Aslam (78,280 shares), Ms. Humaira Monnoo (17,500 shares), Dr. Farzana Firoz (103,535 shares), Mr. Jahangir Firoz (3,400 shares),

Aurangzeb Firoz (9,895 shares), Samira Saigal (127,863 shares), Haroon Monnoo (1,180 shares), Zareen Moeen (142,433 shares), Sarwat Zulfiqar (9,370 shares), Nadir Zulfiqar Monnoo (12,560 shares), Amna Monnoo (12,500 shares), Zeeshan Sikander (52,186 shares), Zainab Salahuddin (12,500 shares),

Taimoor Moeen Salahuddin (12,500 shares), Sehar Khurram (26,094 shares), Kamal Monnoo (215,603 shares), Halima Begum (125,225 shares), Farzana Aslam (72,206 shares) and Fauzia Ali Khan (52,260 shares), taking the total to 1,900,441 shares.

It was further notified that pursuant to a Public Offer dated 27 March 2026, Nishat Power Limited acquired 218,123 shares representing 2.36% shareholding of RMPL from the public shareholders of RMPL.

Following these acquisitions, the complete shareholding of the acquirers in RMPL stands at: Begum Naz Mansha 123,638 shares (1.34%), Mr. Raza Mansha 123,638 shares (1.34%), Mr. Umer Mansha 123,638 shares (1.34%),

Mr. Hassan Mansha 123,638 shares (1.34%), D.G. Khan Cement Co. Ltd. 2,870,000 shares (31.07%), Nishat Power Ltd. 1,326,500 shares (14.36%), Nishat Chunian Power Ltd. 706,196 shares (7.65%),

Pakgen Limited (formerly Pakgen Power Limited) 618,294 shares (6.69%), Lalpir Limited (formerly Lalpir Power Limited) 407,667 shares (4.41%),

Nishat Mills Limited 305,906 shares (3.31%), and Nishat Hotels and Properties Limited 103,280 shares (1.12%), bringing the total acquired shareholding to 6,832,395 shares, representing 73.97%.

The Nishat group entities and individuals involved as acquirers across the transaction include: Nishat Hotels and Properties Limited, D.G. Khan Cement Company Limited,

Nishat Chunian Power Limited, Nishat Power Limited, Pakgen Limited (formerly Pakgen Power Limited), Nishat Mills Limited, Lalpir Limited (formerly Lalpir Power Limited), Mr. Hassan Mansha, Mr. Umer Mansha, Mr. Raza Mansha and Mrs. Naz Mansha.

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