Rafhan Maize gets takeover addendum

December 19, 2025 (MLN): Rafhan Maize Products Company Limited (PSX: RMPL) has received an addendum to the Public Announcement of Intention (PAI) issued by Nishat Hotels and Properties Limited in relation to the proposed acquisition of shares and control of the company.

The addendum follows the original PAI dated May 14, 2025, and a subsequent corrigendum issued on July 28, 2025.

The latest disclosure updates Part B of the PAI, which contains detailed information regarding the acquirers involved in the transaction.

According to the notice, the addendum has been submitted by the Manager to the Offer on behalf of Nishat Hotels and Properties Limited to ensure that disclosures relating to the acquirers remain accurate, updated, and fully compliant with the regulatory framework governing takeovers and public offers in Pakistan

Nishat Hotels and Properties Limited is part of the Nishat Group, one of Pakistan’s largest and most diversified business conglomerates, with interests spanning cement, banking, power generation, textiles, insurance, hospitality, and real estate.

The group’s listed portfolio includes major companies such as DG Khan Cement Company Limited, Maple Leaf Cement Factory Limited, Nishat Mills Limited, Nishat Chunian Limited, MCB Bank Limited, and Pakgen Power Limited, among others.

DG Khan Cement and Maple Leaf Cement, in particular, represent the group’s dominant footprint in the cement sector.

At the same time, its presence in financial services through MCB Bank and in power generation underscores its vertically diversified structure.

This proposed acquisition of Rafhan Maize is a potential strategic expansion into the food and agribusiness segment, complementing the group’s existing industrial and consumer-linked operations.

Rafhan Maize Products Company Limited, which operates manufacturing facilities in Faisalabad, remains the target company in the proposed transaction.

Shareholders and investors have been advised to review the updated public disclosures to better assess the proposed acquisition and its potential implications for Rafhan Maize and the broader market. 

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