Nishat-linked consortium eyes 75% control of RMPL

February 12, 2026 (MLN): A consortium comprising Nishat Hotels and Properties Limited, D.G. Khan Cement Company Limited, Nishat Mills Limited and other associated companies and individuals has expressed its intention to acquire up to 75.10% of the shares and control of Rafhan Maize Products Company Limited (PSX: RMPL), according to a filing submitted to the Pakistan Stock Exchange (PSX).

Next Capital Limited, acting as Manager to the Offer, disclosed that the proposed acquisition will be undertaken in accordance with the Securities Act, 2015 and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017.

The named acquirers include Nishat Hotels and Properties Limited, D.G. Khan Cement Co. Limited, Nishat Mills Limited, Nishat Power Limited, Nishat Chunian Power Limited, Lalpir Power Limited, Pakgen Power Limited, along with Mrs. Naz Mansha, Mr. Raza Mansha, Mr. Umer Mansha and Mr. Hassan Mansha.

In its notice dated February 11, 2026, Next Capital stated that the Public Announcement of Intention will be published in one English and one Urdu newspaper on February 13, 2026, with copies to be furnished to the relevant authorities thereafter.

The proposed transaction seeks acquisition of up to 75.10% voting shares and control of Rafhan Maize, a listed corn refining and food ingredient manufacturer.

Details regarding the offer price, minimum acceptance level, and transaction timeline are expected to be disclosed in subsequent filings as part of the formal takeover process.

The announcement represented the formal first step in Pakistan’s takeover process.

Under the regulations, the acquirers are required to subsequently issue a detailed Public Announcement of Offer, which will outline the offer price, minimum acceptance threshold, funding arrangements, and settlement mechanism.

Rafhan Maize, one of Pakistan’s leading corn refining and food ingredient manufacturers, is a prominent listed company with strong margins and multinational linkages, making the proposed acquisition a significant potential control transaction in the country’s consumer and industrial ingredients space.

Further disclosures are expected as the takeover process progresses.

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