Nishat Group, Mansha family express intention to buy Rafhan Maize

A consortium of Nishat Group companies and associated individuals has announced its intention to acquire up to 75.10% of the shares and control of Rafhan Maize Products Company Limited, according to a notice submitted to the Pakistan Stock Exchange.

Next Capital Limited, acting as manager to the offer, filed the public announcement of intention on behalf of Nishat Hotels and Properties Limited, D.G. Khan Cement Company Limited, Nishat Mills Limited, Nishat Power Limited, Nishat Chunian Power Limited, Lalpir Power Limited and Pakgen Power Limited. The filing also named individuals Naz Mansha, Raza Mansha, Umer Mansha and Hassan Mansha as part of the consortium.

The proposed acquisition is being made under the Securities Act, 2015 and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017.

The announcement follows the withdrawal earlier this week by Nishat Hotels and Properties Limited of its previous public announcement of intention to acquire up to 75.69% of Rafhan Maize. The company cited delays in obtaining required statutory clearances for the withdrawal.

According to the latest filing, the intended acquisition through agreements covers up to 6,936,558 shares, representing as much as 75.10% of Rafhan Maize. The final size of the public offer will be determined in accordance with takeover regulations at the time of the offer.

The acquirers currently do not directly hold any shares in Rafhan Maize Products Company Limited. However, persons deemed to be acting in concert include MCB Bank Limited, which holds 1% of the company, and Adamjee Insurance Company Limited, which holds 0.78%.

Rafhan Maize has 9,236,428 ordinary shares of 10 Pakistani rupees each. Its largest shareholder is Ingredion Incorporated of Chicago, which owns 6,561,117 shares, or 71.04% of the paid-up capital.

Rafhan Maize shares closed at 9,914.67 rupees on Feb. 10, 2026, one day before the public announcement of intention. The weighted average share price over the preceding 28 days, from January 14 to February. 10, stood at 9,975.52 rupees per share.

The consortium said any offer would be subject to customary conditions, including completion of due diligence, finalization of acquisition terms, execution of agreements, receipt of regulatory and corporate approvals and compliance with applicable laws.

Next Capital confirmed its appointment as manager to the offer and said inquiries related to the proposed acquisition should be submitted to it in writing.