Nishat withdraws PAI for Rafhan Maize acquisition

February 09, 2026 (MLN): Nishat Hotels and Properties Limited has withdrawn its Public Announcement of Intention (PAI) to acquire up to 75.69% shares and control of Rafhan Maize Products Company Limited (PSX: RMPL), with effect from February 10, 2026.

The withdrawal follows pending regulatory approvals and certain conditions precedent that remain unfulfilled

The withdrawal relates to the original PAI dated May 14, 2025, along with the corrigendum issued on July 28, 2025, and the addendum dated December 18, 2025, which were published in newspaper on their respective dates.

The proposed transaction involved the acquisition of a controlling stake in Rafhan Maize Products Company Limited by Nishat Hotels and Properties Limited along with its associated entities, according to the company's statement issued today.

The acquirer had earlier exercised its right to extend the timeline for making the Public Announcement of Offer under the Takeovers Regulations. The extended deadline expires on February 10, 2026.

As the required regulatory approvals and certain other transaction-related conditions are still under process and are not expected to be completed by the expiry date, the PAI has been withdrawn in accordance with applicable takeover regulations.

Despite the withdrawal, the acquirer continues to pursue completion of the transaction, subject to the receipt of all necessary regulatory approvals and fulfillment of the relevant conditions.

The withdrawal and planned re-issuance of the PAI form part of the process to ensure regulatory compliance for the completion of the proposed acquisition of Rafhan Maize Products Company Limited.

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