Cherat Cement and Shirazi Investments intend to acquire majority stake in Rafhan Maize

Cherat Cement Company and Shirazi Investments Pvt. Ltd. have jointly announced their intention to acquire a controlling stake of up to 75.69% in Rafhan Maize Products Company Ltd., signaling a significant transaction in Pakistan’s corporate sector.

Under the proposed acquisition plan, each firm seeks to obtain 37.845% of Rafhan Maize’s shares. The company, currently 71.04% owned by U.S.-based Ingredion Inc., reported strong financial performance in the first quarter of 2025, with a net profit of PKR 1.95 billion (EPS: 211.67) and net sales of PKR 19.06 billion during the period.

Cherat Cement, listed on the Pakistan Stock Exchange, is a leading manufacturer and exporter in Pakistan’s cement industry, boasting an annual production capacity of 4.5 million tons. The company maintains a strong presence in northern Pakistan and actively exports to Afghanistan, contributing to the country’s trade balance.

Shirazi Investments, the investment arm of Atlas Group, is known for its diversified holdings across engineering, power, finance, and trading sectors, with a reputation for strategic governance and investment acumen.

The announcement comes amid early signs of macroeconomic stabilization in Pakistan, fueled by monetary easing and IMF-backed reforms that have pushed inflation below 1%.

While record remittances and a current account surplus have strengthened foreign exchange reserves, investors remain cautious due to political and security concerns, industrial contraction, and pending structural reforms in the taxation and energy sectors.